Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring, announced 19 November …
Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring, announced 19 November 2007 that it has acquired Indiana Glass Company and E.O. Brody Company from Lancaster Colony Corporation. Monomoy will merge the two firms into The Anchor Hocking Company, the USD 220 million glassware manufacturer that Monomoy acquired out of Chapter 11 earlier in 2007. Terms of the transaction were not disclosed. Indiana Glass makes tabletop and decorative glassware containers for the retail, private label, candle and floral markets while E.O. Brody markets and distributes vases made by Indiana Glass to wholesale florists, large floral buying groups and flower shops. Indiana Glass“ customers include large retailers such as Wal-Mart, specialty retailers, and candle makers. E.O. Brody supplies the nationwide floral industry, including FTD, 1-800-FLOWERS, and more than 1,200 independent retail florists. The companies employ approximately 450 people at facilities located in Sapulpa, Oklahoma; Tulsa, Oklahoma; Dunkirk, Indiana; and Cincinnati, Ohio. Anchor operates facilities in Lancaster, Ohio and Monaca, Pennsylvania. and supplies a wide range of glassware products to mass-market retailers, consumer products companies, candle makers, specialty retailers and the lodging and food service industries. “We are extremely excited to welcome Indiana Glass and E.O. Brody to the Anchor family,” said Mark Eichhorn, the chief executive officer of Anchor. “Their deep experience in the specialty and floral business is a perfect compliment to Anchor“s presence in the retail and food service markets and will enable to us to more effectively serve both our current customers and adjacent sales channels. The addition of these two businesses will greatly accelerate our plans to restore Anchor“s position as the leading North American supplier of glassware products”. Since acquiring Anchor in 2007, Monomoy has instituted a series of business improvement programs at the company that have substantially reduced operating expenses and increased profitability throughout the company. “We are pleased with Anchor“s progress following its emergence from bankruptcy,” said Stephen Presser, a Monomoy principal and chairman of The Anchor Hocking Company Board of Directors. “We have challenged nearly every aspect of the Anchor business model over the past seven months, and the entire employee group has stepped forward to make Anchor a much stronger, much better company”. The Anchor Hocking Company is the leading North American designer, manufacturer and distributor of glassware to the retail, foodservice, candle and specialty markets. Anchor“s product line includes glass beverageware, bakeware and storage containers; glass candle containers; glass products for lighting and other industrial purposes; floral glass; and specialty glass items. Anchor“s customers include Wal-Mart, Target, Proctor & Gamble, specialty retailers, consumer products companies, hotels and restaurants. The company employs more than 2,000 team members at manufacturing and distribution facilities located in Ohio, Pennsylvania and Oklahoma.