Private equity firm Avista Capital Partners has completed the sale of Anthony International, a manufacturer of glass doors and related products serving the commercial refrigeration market, to Dover Corporation for USD602.5m, subject to normal closing adjustments.
Since Avista acquired Anthony in June 2011, the company has achieved significant growth. Anthony’s "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. 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, says: "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, chief executive of Anthony, says: "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."
Weil, Gotshal & Manges acted as legal adviser to Anthony in the transaction. Morgan Stanley acted as financial adviser to Avista.
