Deal Would Restore Anchor Glass Name At Greendale Factory, Others
By Mike Perleberg
(Greendale, Ind.) – Ardagh Group, the owner of the former Anchor Glass factory on Ridge Avenue in Greendale, may have a buyer for that plant and five others in the U.S.
Last week, Ardagh Group agreed with the Federal Trade Commission to sell the glass production facilities in Indiana, New York, Florida, Georgia, Oklahoma, and Minnesota as a regulatory condition of being allowed to acquire another large glass company, Saint-Gobain Containers Inc.
Ardagh had acquired Anchor Glass Container Corporation and the six plants in 2012. Now, the Anchor Glass name could be coming back to those locations.
On Monday, a news release by KPS Capital Partners, LP announced that the company has entered into a definitive agreement to acquire Anchor Glass and its affiliates from Ardagh Holdings USA Inc.
The transaction is expected to be complete during either the second or third quarter of 2014, if it gains regulatory approval. Financial terms of the agreement were not disclosed in the news release, but The Irish Times reported it to be worth just under $500 million.
“Anchor Glass presents a tremendous investment opportunity,” said Jay Bernstein, a partner of KPS. “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.”
Jim Fredlake, Chief Executive Officer of Anchor Glass, said that the company will 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,” said Fredlake.
Anchor Glass, headquartered in Tampa, Florida, employs approximately 2,000 people. The company is a leading North American manufacturer of premium glass packaging products for the beer, liquor, food, beverage and ready-to-drink end markets.