The Anchor Hocking Co., a portfolio company of Monomoy Capital Partners, has sold its E.O. Brody division to Syndicate Sales Inc. No financial terms were disclosed. E.O. Brody is a provider of floral glassware to floral wholesalers and retailers. It was acquired by Anchor Hocking via last November's purchase of Indiana Glass Co. from the Lancaster Colony Corp. (Nasdaq: LANC).
PRESS RELEASE
Monomoy Capital Partners, L.P., a New York private equity fund that makes turnaround investments in middle market companies, announced today that it has sold the E.O. Brody Company, a division of The Anchor Hocking Company, to Syndicate Sales, Inc. Terms of the transaction were not disclosed.
Anchor Hocking, a Monomoy portfolio company, acquired E.O. Brody through its purchase of Indiana Glass Co. from the Lancaster Colony Corporation (NASDAQ: LANC) in November of 2007. E.O. Brody designs, markets and distributes floral glassware to floral wholesalers and retailers. Syndicate Sales is the largest full service supplier to the floral industry in North America, with more than 1,500 products ranging from vases to plant food.
As part of the transaction, Syndicate Sales has agreed to purchase floral glassware from Anchor Hocking under a multi-year supply agreement.
“We are pleased to complete our Indiana Glass transaction with the sale of the E.O. Brody name and distribution network to Syndicate Sales,” said Mark Eichhorn, the chief executive officer of Anchor. “Syndicate is a great company and our long-time business partner. This transaction significantly strengthens the Anchor-Syndicate partnership, and we look forward to working with Syndicate chairman Del Demaree and the entire Syndicate team to produce high-quality floral glassware and to grow both businesses for many years to come.”
Anchor Hocking is the largest manufacturer and marketer of floral glassware in North America, supplying Syndicate Sales, mass market retailers such as Wal-Mart, supermarket chains and craft retailers across the country. Anchor will continue to sell floral glassware directly to these mass market retail outlets.
About The Anchor Hocking Company
The Anchor Hocking Company is a leading North American designer, manufacturer and distributor of glassware to the retail, food service, candle and specialty markets. Anchor's product line includes beverageware, bakeware, storage containers, floral glass, candle containers, lighting and industrial products, and specialty glass products. Anchor's customers include Wal-Mart, Target, Proctor & Gamble, Candle-Lite, Syndicate Sales, specialty retailers, consumer products companies, and foodservice distributors to the hotel and restaurant industry. The company employs more than 1750 team members at manufacturing and distribution facilities located in Ohio, Pennsylvania and Oklahoma. For additional information on Anchor and its products, please visit www.anchorhocking.com.
About Monomoy Capital Partners, L.P.
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring. Monomoy targets fundamentally sound businesses with revenues of less than $200 million and acquires businesses through bankruptcy, out-of-court restructurings, corporate divestitures and other complex transactions. The Fund has completed 15 transactions over the past 28 months in the smaller end of the middle market and currently owns 10 companies that collectively employ more than 5,000 people. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
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