(Photo by Mike Kelly/Victoria Buzz)

Canadian Tire has entered into an agreement to purchase Party City Canada, according to an announcement made by the national retail giant today.

The purchasing agreement comes at a price tag of $174.4 million, and includes ownership of all 65 Party City locations across Canada.

Besides managing all Party City locations, Canadian Tire will also begin stocking Party City products in their own stores, thereby expanding their range of purchasable items.

See also: New Canadian Tire has opened up in North Saanich (2018)

The new party products are intended to attract millennial customers and families, who tend to celebrate “four parties or celebrations per year,” says the retailer.

“Strengthening our marketplace is at the heart of our growth strategy and we are excited to welcome Party City into the Canadian Tire family of companies,” said Allan MacDonald, executive vice-president of Canadian Tire in a statement.

“We believe the Party City-Canadian Tire partnership will drive more trips, improve our offers in micro seasons, strengthen our connection with millennials and Canadian families and expand the appeal of Triangle Rewards.”

According to their announcement, the national Canadian retailer is so confident in their business acquisition that they expect to more than double Party City Canada’s annual sales by 2021.

The entire purchasing agreement is expected to finalize in fall 2019.

Subscribe to the Victoria Buzz newsletter to receive the latest news, events and more directly to your inbox. Every day.