Anchor Glass Completes Successful Recapitalization
KPS Capital Partners, LP recently announced that its portfolio company Anchor Glass Container Corp. has completed a successful recapitalization. Anchor Glass raised $465 million of financing through a new term loan. The proceeds of the recapitalization were used to refinance outstanding debt, to fund a $150 million cash distribution to stockholders and to support the company’s continued growth.
Following the recapitalization, Anchor Glass remains conservatively capitalized with the continued support of its controlling shareholder, KPS, a private equity firm with approximately $5.9 billion of assets under management. KPS, co-investors and Anchor Glass management continue to own 100% of Anchor Glass’ common stock following the recapitalization.
“In our first year under KPS’ ownership, Anchor Glass’ performance has exceeded our expectations,” said Jim Fredlake, CEO of Anchor Glass. “Anchor Glass is now a fully independent company focused on manufacturing excellence and providing best-in-class product quality, product innovation, and the highest levels of service and support to our customers. This recapitalization validates the successful transformation Anchor Glass has made under KPS’ ownership, and we are pleased to return capital to our stockholders. Our conservative capital structure and the financial support of our stockholders provide us with the resources to support our customers and further expand Anchor Glass, both organically and through acquisitions. We thank our customers, suppliers and employees for their contributions to our remarkable success.”
For more information, visit www.anchorglass.com.