You'll soon be able to grab your favourite party favours at your neighbourhood Canadian Tire, because the company just purchased 65 Party City stores across Canada for $174.4 million in cash. 

The national retailer expects the move to improve its relationship with millennial shoppers and for it to "cement Canadian Tire as 'Canada's Fun Store.'"

The Toronto-based company currently operates multiple retail banners including Canadian Tire, SportChek, Mark’s and Helly Hansen.

Canadian Tire Corp. says all of this, along with the acquisition of Party City, gives it a high-margin retail category.

It plans to sell Party City products across 500 Canadian Tire retail stores as well as online, in addition to opening new brick and mortar Party City stores. 

Canadian Tire is such a classic Canadian experience. Try describing it to someone from another country ("Well, it has tires, of course, and, uh, camping gear, and hockey sticks. And kitchen stuff.") And now, it's bought Party City. Now, if I can just find someone to help me.....

— Ian Hanomansing (@cbcian) August 8, 2019

The company says it's in a position to double Party City's Canadian retail sales to $280 million by 2021.

Canadian Tire Corp. also entered into a long-term supply agreement with Party City’s wholesale business. With an initial term of 10 years, Party City’s wholesale business, Amscan Inc., will provide Canadian Tire with consumer products.

In a statement, Party City said they anticipate that the supply agreement will effectively double Amscan’s average annual wholesale shipments into the Canadian marketplace during the term of the agreement. 

"We are extremely excited to enter into this transaction with Canadian Tire, which is widely recognized as a premier retailer in Canada,” said James M. Harrison, Chief Executive Officer of Party City Holdco Inc. 

Although conditions aren't currently ideal for retail stores, Canadian Tire Corp. has managed to keep its head above water largely due to diversification. 

The news of the purchase was announced along with Canadian Tire Corp.'s second quarter results, which revealed the company's $177.4-million profit this quarter was up from $156 million last year.

Pretty soon Canadian Tire money will be more valuable than the Loonie.

— Nina P. (@TBayFinn) August 8, 2019

The results also show Canadian Tire Corp. had a 14 per cent increase in net income due to shareholders.

"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," CTC executive vice-president Allan MacDonald said 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."