Bankruptcy Court Approves Purchase of Anchor Hocking by Monomoy Capital Partners.-- Leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Designer, Manufacturer and Distributor of Glassware -- NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Monomoy Capital Partners, L.P., a private equity firm that makes turnaround investments in middle market companies, announced that The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware today approved the acquisition of The Anchor Hocking Anchor Hocking Glass Corportation is a manufacturer of glassware that merged the AnchorCap and Closure Corporations with the Hocking Glass Company in 1937. The first glassware they produced as the Anchor Hocking Glass Company was Royal Ruby in 1939. Company by Monomoy in a sale of assets under Section 363 of the Bankruptcy Code Bankruptcy Code may refer to:
With approximately $200 million in sales, Anchor Hocking is the leading North American designer, manufacturer and distributor of glassware to the retail, foodservice and specialty markets. The Company's product line includes glass beverageware, bakeware, storage containers and barware bar·ware n. The glassware and other items used in preparing alcoholic drinks. ; glass candle containers; glass used for lighting and other industrial purposes; and specialty glass items. Anchor's customers include mass market retailers such as Wal-Mart, K-Mart and Target, specialty retailers and distributors to the lodging and food service industries. The Company operates manufacturing facilities in Lancaster, Ohio Lancaster is a city in Fairfield County, Ohio, in the United States. As of the 2000 census, the city population was 35,335. It is located near the Hocking River, approximately 33 miles (53 km) southeast of Columbus, Ohio. and Monaca, Pennsylvania Monaca is a borough in Beaver County, Pennsylvania, along the Ohio River, 25 miles (40 km) west of Pittsburgh. Fire clay is found in large quantities in the vicinity. Earlier in its history manufacturing was carried on here. , as well as a worldwide distribution center in Lancaster, Ohio. For the past three years, Anchor has operated as a division of Global Home Products, Inc., a $600 million consumer products company that filed for bankruptcy in April of 2006. The Monomoy acquisition will re-establish Anchor as a standalone, focused glassware provider. "Anchor remains the premiere glassware franchise in every market it serves," said Daniel Collin, a Monomoy principal. "The Company has a management team, employee group, and customer list second to none in the industry. Monomoy will provide Anchor with the strategic and management resources necessary to improve operations, explore new sales channels and maintain the highest level of quality and service for its customers." Mark Eichhorn will remain the Chief Executive Officer of Anchor Hocking. Mr. Eichhorn joined Global Home Products as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Anchor division in 2004 and served as president of Rubbermaid Home Products and President of Anchor when both companies were divisions of Newell-Rubbermaid Corp. "This is a great day for Anchor and every one of its employees, suppliers and customers," said Mr. Eichhorn. "Monomoy has been a terrific partner throughout a difficult transaction process, and they will provide us with financial strength and operational expertise to improve every aspect of our business." Anchor's hourly employees are represented by the United Steelworkers Union, and the Monomoy acquisition is contingent on ratification of new labor agreements between Monomoy and the Steelworkers. "We thank the local and national leadership of the Steelworkers for working with Monomoy to position Anchor for new ownership and long-term success," said Stephen Presser, a Monomoy principal. "We could not - and would not - take Anchor out of bankruptcy without the active participation and partnership of the Steelworkers." Monomoy concluded the Anchor transaction, including full due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and extensive negotiations with the sellers, the Steelworkers, lenders, suppliers and customers, in approximately five weeks. Richard Porter, Joshua Kogan and David Agay of Kirkland & Ellis represented Monomoy in the transaction; Conway, MacKenzie & Dunleavy provided financial and accounting diligence. National City Business Credit will provide senior financing for the acquisition, which is expected to close in early April. About Monomoy Capital Partners, L.P. Monomoy Capital Partners, L.P. is a private equity firm based in New York that makes controlling investments in smaller companies that require operational or financial restructuring. The firm, which closed its oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. debut fund at $280 million in January 2007, targets fundamentally sound businesses with revenues of less than $200 million that can be acquired through complex transactions, including bankruptcy, out-of-court restructuring, corporate divestiture and family succession. Anchor is Monomoy's ninth acquisition in 18 months and its eighth active portfolio company. For additional information on Monomoy and its portfolio, visit www.mcpfunds.com. |
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