Anchor Hocking Recapitalization Completed

Thursday, October 6, 2011

William Blair & Company served as exclusive placement agent and sole lead arranger to Anchor Hocking with respect to securing a $75 million asset-based revolver and a $45 million senior secured term loan. The asset-based revolver was agented by PNC Bank and participants included Fifth Third Bank, General Electric Capital Corporation, and Union Bank. The term loan was agented by Prospect Capital Corporation and participants included LBC Credit Partners, General Electric Capital Corporation, and Union Bank. The proceeds were used to refinance the company’s existing debt and fund a one-time distribution to shareholders.

Anchor Hocking is a leading designer, manufacturer, and marketer of high-quality glass products for the retail, foodservice, and OEM channels. The company has the broadest product offering in the industry, creating unique channel and product stability relative to its peers, and is a leading producer of beverageware, serveware, bakeware, storageware, candle containers, and other products. For more than 100 years, Anchor has been offering innovative products that meet developing customer trends and, as a result, has grown to become one of the largest suppliers of glassware in the United States. Today, the Anchor brand name is synonymous with quality, value, and leading customer service. The company's reputation is proven through its long-standing ability to serve the nation's largest, most demanding retailers, restaurants, hotels, and food products distributors.

The company was purchased in 2007 by Monomoy Capital Partners. With $700 million in assets under management, Monomoy is a private investment firm dedicated to constructive investing and business improvement in the lower middle market. Monomoy invests in companies with $50 million to $500 million in annual revenues, and provides solutions in the most difficult business transactions.

Anchor Hocking engaged William Blair to explore strategic alternatives. After a fulsome evaluation of its options, the company and its shareholders ultimately chose to pursue a dividend recapitalization to retain full ownership of the company. The William Blair team worked closely with management to structure the transaction, prepare various offering materials, conduct the financing process, assist with investor due diligence, and negotiate the terms of the final transaction.

For additional information about how the investment banking professionals at William Blair & Company can help your business or portfolio company, please visit our Web site, www.williamblair.com, or contact us via e-mail at corpfin@williamblair.com.

William Blair & Company's recent Industrial transactions.

News Alerts

Stay connected to your favorite publications and news features.

Subscribe Now