A manufacturing facility in Lawrenceburg is part of a $1 billion buyout agreement. New York-based KPS Capital Partners LP has reached a deal to sell Anchor Glass Container Corp. to private equity firm, CVC Capital Partners and BA Glass B.V. The Dearborn County Economic Development Initiative lists the company as the second-largest manufacturing employer in the county, with more than 300 workers.
The companies did not say if any facilities or jobs would be affected by the pending sale.
KPS acquired Anchor Glass in 2014. "the success of our investment in Anchor Glass demonstrates KPS’ ability to see value where others do not, to buy right and to make businesses better." He says over the last two years, profitability increasing by more than 50 percent and the sale "is a great outcome for our investors and Anchor Glass – its management, employees, customers and suppliers. The investment return generated for our investors in the Anchor Glass transaction is further validation of the KPS investment strategy, which we have successfully executed across decades, economic cycles and many industries. We are very proud to partner with Chief Executive Officer Jim Fredlake, the Company’s senior management team and all the dedicated employees of Anchor Glass."
Fredlake says "KPS was the only investor to recognize the potential value of our business two years ago. Working in partnership with KPS, we invested significantly in our operations and people, focusing on manufacturing excellence and providing best-in-class product quality, product innovation and the highest levels of service and support to our customers. We are very grateful to KPS for its leadership and its commitment to improving and growing our business and positioning it to achieve an even higher level of success under our new ownership."
Anchor Glass employs 2,000 and has facilities in eight states, serving beer, liquor, food, beverage, ready-to-drink and consumer end-markets. The transaction is slated to close by the end of the year.