Ceramic Industry

Anchor Glass Closes Equity Deal with Cerberus

September 16, 2002
Anchor Glass Container Corp. announced recently that it has finalized its plan of reorganization, including the equity investment by Cerberus Capital Management LP, a New York City-based investment management firm. In mid-March, Cerberus agreed to infuse Anchor Glass with $100 million in new capital, of which $80 million is in the form of equity capital. Anchor Glass said the investment will help the company serve its expanding customer base. "We're pleased to have Cerberus aboard as our equity sponsor, validating both the strength of our business and the excellent health of our industry as a whole," said Richard M. Deneau, president of Anchor Glass. "Business continues to be very good and we expect Cerberus' participation in our business to enhance what is already a bright future."