The investment firm that bought Anchor Glass Container Corp. just over two years ago is selling the Tampa company for more than $1 billion.
KPS Capital Partners LP signed a deal to sell Anchor to CVC Capital Partners, a private equity firm, and BA Glass BV, a European maker of glass bottles.
Anchor is one of the largest privately owned companies in the Tampa Bay area, with $641 million in revenue in 2015 and about 2,000 employees. Anchor makes glass packaging for blue-chip companies in the beer, liquor, food, beverage, ready-to-drink and consumer end-markets, a press release said.
“KPS was the only investor to recognize the potential value of our business two years ago,” Jim Fredlake, Anchor’s CEO, said in the release. “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.”
Fredlake also said he looked forward to working with the new owners.
New York-based CVC manages capital on behalf of more than 300 institutional, governmental and private investors worldwide and has commitments for more than $71 billion in funds from investors. BA Glass, headquartered in Amsterdam in the Netherlands, reported profit of 86.5 million Euro on revenue of 530.8 million Euro in 2015.
Headquartered in downtown Tampa, Anchor has six manufacturing facilities in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma, in addition to an engineering and spare parts facility in Illinois and a mold design and manufacturing facility in Ohio. The company produces almost 5 billion glass containers annually. About 46 percent of its sales are from customers in the beer industry, according to Moody’s Investors Service.
The company was publicly traded until 2006.