KPS CAPITAL PARTNERS PORTFOLIO COMPANY
ANCHOR GLASS CONTAINER CORPORATION COMPLETES SECOND SUCCESSFUL
New York, NY (May 11, 2016) --
KPS Capital Partners, LP (“KPS”) announced today that its portfolio company
Anchor Glass Container Corporation (“Anchor Glass” or the “Company”) has
completed its second successful recapitalization. Funded by a $140 million upsizing of the
Company’s term loan and cash on the balance sheet, the proceeds of the
recapitalization, were used to fund a $148 million cash distribution to
stockholders and to support the Company’s continued growth.
recapitalization, Anchor Glass remains conservatively capitalized with the
continued support of KPS to pursue organic and strategic growth
initiatives. KPS is a private equity
firm with approximately $5.4 billion of assets under management.
KPS acquired Anchor
Glass, through a newly formed affiliate, from Ardagh
Group S.A. in June 2014.
In July 2015,
Anchor Glass completed its first recapitalization, the proceeds of which
were used to fund a $150 million cash distribution to stockholders. As a result of the
two recapitalizations, Anchor Glass has distributed $298 million of cash to
its stockholders since its creation.
Financing for the
recapitalization was provided by a syndicate of banks with Credit Suisse
Securities (USA) LLC acting as the Lead Arranger and Lead Bookrunner on the term loan.
Rifkind, Wharton & Garrison LLP served as legal counsel to Anchor Glass
with respect to the recapitalization.
About Anchor Glass Container Corporation
Anchor Glass is a
leading North American manufacturer of premium glass packaging
products. Anchor Glass has
long-standing relationships with blue chip companies across the beer,
liquor, food, beverage, ready-to-drink and consumer end-markets. The Company employs approximately 2,000
people and operates six manufacturing facilities located in Florida, Georgia,
Indiana, Minnesota, New York and Oklahoma, an engineering and spare parts
facility in Illinois and a mold manufacturing facility in Ohio. For more information, please visit www.anchorglass.com.
About KPS Capital Partners, LP
KPS is the manager
of the KPS Special Situations Funds, a family of investment funds with
approximately $5.4 billion of assets under management. KPS seeks to realize significant capital
appreciation by making controlling equity investments in companies across a
diverse range of manufacturing industries experiencing a period of
transition or challenged by the need to effect immediate and significant
change. The KPS investment strategy
is based primarily upon partnering with world-class management teams to
effect material and sustainable improvements in the operations of its
businesses. Thereafter, KPS focuses
on growing its businesses, both organically and through strategic
acquisitions. KPS portfolio
companies have aggregate annual revenues of approximately $5.1 billion,
operate 93 manufacturing facilities in 23 countries, and employ
approximately 41,000 associates, directly and through joint ventures
worldwide. The KPS investment
strategy and portfolio companies are described in detail at www.kpsfund.com