Avista Capital Partners has completed the sale of Anthony International to Dover Corporation for $602.5 million. Anthony is a global manufacturer of glass doors and related products serving the global commercial refrigeration market.
Avista Capital Partners (“Avista”), a leading global private equity firm based in New York, today announced that it has completed the sale of Anthony International (“Anthony” or “the company”), the world’s largest and most technologically advanced manufacturer of glass doors and related products serving the global commercial refrigeration market, to Dover Corporation (“Dover”) for $602.5 million, subject to normal closing adjustments.
Since Avista acquired Anthony in June of 2011, the company has achieved significant growth. Anthony’s highly successful “close that case” initiative, which allows retailers to deliver on their energy efficiency and sustainability goals by enclosing open refrigerated cases with Anthony doors, has helped to drive the company’s strong performance. In partnership with the Avista team, Anthony has also created meaningful value through international growth and the acquisition of BiG Services, a regional installation services provider.
David Durkin, a Partner of Avista, said, “Anthony exemplifies the type of investment Avista seeks in order to deliver strong returns to our Limited Partners. The company’s competitive position in the attractive and growing commercial refrigeration industry provided a solid foundation for growth. At the same time, its dynamic management team, led by CEO Jeff Clark, proved more than capable of executing the strategic plan we established for the business. We wish the Anthony team and their new owners well and expect that the company will continue to build on its record of exceptional performance.”
Jeff Clark, CEO of Anthony, said, “Our sale to Dover represents a fantastic outcome for Anthony’s customers, employees and shareholders. It is also a testament to our outstanding partnership with Avista, which contributed the critical financial resources and strategic insight that enabled our team to exceed its goals. We look forward to continuing to serve our customers in partnership with our new owners at Dover with the same commitment to service and innovation.”
Allen Yurko, the Chairman of Anthony and an Industry Executive with Avista, said, “It has been a pleasure working with the Anthony team. From the beginning, Anthony management shared our vision and objectives, which meant delivering products with superior technology and capabilities to the marketplace, effectively extending a successful domestic strategy to international markets and capitalizing on industry dynamics associated with energy efficiency and mounting regulatory requirements. I would like to congratulate the Anthony team for their accomplishments and the completion of a fantastic transaction.”
Weil, Gotshal & Manges LLP acted as legal advisor to Anthony in the transaction. Morgan Stanley & Co. acted as financial advisor to Avista.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with over $4 billion under management and offices in New York, Houston and London. Founded in 2005, Avista’s strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, communications & media, industrials, and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses.
Media Contacts for Avista Capital Partners:
James David or Jeffrey Taufield
Kekst and Company