According to Glass Reflections, a news publication of the Glass Association of North America, United Glass Corporation (UGC) announced its first formation as the largest independent glass fabrication …
According to Glass Reflections, a news publication of the Glass Association of North America, United Glass Corporation (UGC) announced its first formation as the largest independent glass fabrication and glass services company in North America. Jim Bradford, president and CEO of UGC and Byron Snyder, president of Sterling City Capital announced the consolidation of ten highly successful glass fabrication and glass services companies with operations nationwide, effective 1 August 1999. Jim Bradford, former president of AFG Industries, Inc. since 1992, joins UGC as president and CEO with over 15 years of experience in the glass industry. The cash portion of the acquisitions was funded through an US$ 80 million bank credit facility with Bank of America acting as lead administrative agent. In addition, the financing included a US$ 15 million senior subordinated bridge loan from Fleet Corporate Finance, Inc. Each owner of the acquired companies received a significant portion of their purchase consideration in the form of UGC stock. The companies joining in the initial consolidation include: the GlassWerks Group of companies with headquarters in Los Angeles, California; Perilstein Distributing Corp. of Pittsburgh, Pennsylvania; Pdc Glass of Detroit, Michigan; Hartung Glass Industries and Lami Glass Products of Seattle, Washington; Thad Ziegler Glass, Inc. of San Antonio, Texas; TFC Inc. of Louisville, Kentucky; and Mid Ohio Tempering of Columbus, Ohio. UGC operates 37 facilities across the US and in one Canadian province.