Sun Capital Completes Vitro Deal

American Glass Enterprises, an affiliate of Florida-based private equity firm Sun Capital Partners, has completed the acquisition of the assets of Vitro America via a 363 bankruptcy sale. Vitro America serves construction and auto replacement markets with architectural glass and aluminum products, and is based in Memphis, Tennessee. Morgan Joseph served as investment banker to Vitro America on the transaction, which also involved raising approximately $35 million in debtor-in-possession financing.

PRESS RELEASE
The investment banking firm of Morgan Joseph TriArtisan LLC (“Morgan Joseph”), announced today that Vitro America, LLC, a leading fabricator, distributor and installer of architectural glass and aluminum products, has completed a sale of substantially all of its assets pursuant to Section 363 of the Bankruptcy Code. The purchaser of the Vitro America assets is American Glass Enterprises, LLC, an affiliate of Sun Capital Partners.

Morgan Joseph’s Financial Restructuring Group served as the exclusive investment banker to Vitro America on the transaction, which also involved raising approximately $35 million in debtor-in-possession financing.

Vitro America, LLC, through its three business units—Vitro America Architectural Products, Binswager Glass, and Super Sky Products— serves more than 4,000 customers in the construction and automotive replacement markets from approximately 100 locations throughout the United States. The company had generated consistent revenue and profit in the 2000’s, but due to an unprecedented downturn in new residential and commercial construction following FY 2008, as well as the dislocation in the credit markets that led to elimination of attractive financing for construction projects, the business contracted precipitously.

Over a very compressed time period, the Morgan Joseph team worked with Vitro America to secure a stalking horse bid from an affiliate of Grey Mountain Partners, a private equity firm based in Boulder, Colorado. Subsequently, Morgan Joseph thoroughly marketed the Vitro America assets, resulting in a very robust auction where the ultimate purchase price offered by American Glass Enterprises was approximately 40 percent higher than the original stalking horse bid.

“With the help of the Morgan Joseph team, we were able to obtain a stalking horse bid by the time the company filed bankruptcy, which was absolutely imperative to operating the business on a reasonably steady basis during the pendency of our bankruptcy case. Morgan Joseph also played a key role in attracting several serious bidders to the auction which allowed us to achieve a much higher price for the company, maximizing value for all stakeholders in this process,” said Ricardo Maiz, Chief Financial Officer of Vitro America.

About Vitro America, LLC
Headquartered in Memphis, Tennessee, Vitro America is a leading fabricator, distributor, and installer of glass in the construction, automotive replacement, and furniture markets. The company serves more than 40,000 customers from more than 100 locations throughout the United States.

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 265 companies worldwide with combined sales in excess of $40 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.

About Morgan Joseph TriArtisan LLC
Morgan Joseph TriArtisan LLC (www.mjta.com) is an investment bank engaged in providing financial advice, capital raising and private equity investing. The firm’s services include mergers, acquisitions and restructuring advice, in addition to private placements and public offerings of equity and debt, as well as research and trading services for institutional clients.

2 Comments

  • [...] Sun Capital Completes Vitro DealPrivate Equity Hub (press release)American Glass Enterprises, an affiliate of Florida-based private equity firm Sun Capital Partners, has completed the acquisition of the assets of Vitro America via a 363 bankruptcy sale. Vitro America serves construction and auto replacement markets …and more » [...]

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