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KPS CAPITAL PARTNERS TO ACQUIRE
ANCHOR GLASS CONTAINER CORPORATION
New York, NY (April 14, 2014) -- KPS Capital Partners, LP (“KPS”) announced
today that, through a newly formed affiliate, it has entered into
definitive agreements to acquire Anchor Glass Container Corporation and
its affiliates (“Anchor Glass” or the “Company”) from Ardagh
Holdings USA Inc. Financial terms
of the transaction were not disclosed.
Anchor Glass is a leading North American manufacturer of premium
glass packaging products for the beer, liquor, food, beverage and
ready-to-drink end markets. The
Company is headquartered in Tampa, Florida and employs approximately
2,000 people, with six manufacturing facilities located in Florida,
Georgia, Indiana, Minnesota, New York and Oklahoma, in addition to an
engineering and spare parts facility in Illinois and a mold manufacturing
facility in Ohio.
Jay Bernstein, a Partner of KPS, said, “Anchor Glass presents a
tremendous investment opportunity.
Anchor Glass is a leading North American manufacturer of premium
glass packaging products with long-standing customer relationships and a widely
recognized reputation for product quality, customer service and product
innovation. The Company is uniquely
positioned to supply the rapidly expanding craft beer and premium liquor
segments of the glass packaging market. Our investment is the first step in
creating a thriving enterprise in the glass packaging industry, and we intend
to aggressively grow the Anchor Glass platform both organically and
through acquisitions on a global scale. We look forward to working with Chief Executive
Officer Jim Fredlake and all of Anchor Glass’
employees to catalyze the next phase of Anchor Glass’ growth.”
Jim Fredlake, Chief Executive Officer of
Anchor Glass, said, “The entire Anchor Glass team enthusiastically
welcomes the opportunity to become an independent company under KPS’
ownership. We are committed to
achieving total customer satisfaction and KPS’ focus on manufacturing excellence
and significant capital resources to support our growth initiatives will
position Anchor Glass for success over the long term. We will continue to provide our
customers with industry-leading product quality, product innovation and
the highest levels of service and support.”
Completion of the transaction is expected during the second or
third quarter of 2014 and is subject to customary closing conditions and
regulatory approvals.
Paul, Weiss, Rifkind, Wharton and
Garrison LLP is serving as legal counsel to KPS. Financing for the transaction will be
provided by a syndicate of banks and institutional investors with UBS Investment
Bank and RBC Capital Markets acting as Lead Arrangers.
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 is headquartered in Tampa,
Florida, and employs approximately 2,000 people, with six manufacturing
facilities located in Florida, Georgia, Indiana, Minnesota, New York and
Oklahoma, in addition to an engineering and spare parts facility in
Illinois and a mold manufacturing facility in Ohio.
About KPS
Capital Partners, LP
KPS is the manager of the KPS Special Situations Funds, a family of
investment funds with over $6.0 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. The KPS investment strategy is based
primarily upon partnering with top management teams and improving the
operations of businesses.
Thereafter, upon achieving stability and profitability, KPS
focuses on growing its businesses, both organically and through strategic
acquisitions. KPS portfolio
companies have aggregate annual revenues of approximately $7.0 billion,
operate 93 manufacturing facilities in 26 countries, and employ over
37,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and
portfolio companies are described in detail at www.kpsfund.com.
