Wayzata Investment Partners Sells Anchor Glass for $880M

Buyer Ardagh Group says the glass container maker’s annual sales total about $800 million and it employs roughly 2,700.

Wayzata Investment Partners, LLC, has sold Anchor Glass Container Corporation in a cash deal that’s valued at $880 million.

The buyer, Luxembourg-based Ardagh Group, announced its acquisition on Tuesday.

Tampa, Florida-based Anchor makes glass containers for beer, liquor, wine, various other beverages, and food—and it serves the North American market.

Wayzata Investment Partners, which has a second office in Boston, bought Anchor in 2006. The Wayzata-based firm now has more than $7 billion in assets under management, and it was formed in May 2004 as a spinoff of Wayzata-based agribusiness giant Cargill, Inc.

Anchor has reportedly been through three bankruptcies since 1996. According to Ardagh, its annual sales now total about $800 million and it employs roughly 2,700.

“Operating as part of Ardagh will allow Anchor to accelerate its growth plans and offer a global capability to our customers,” Anchor Chairman Eugene Davis said in a prepared statement. “Wayzata Investment Partners led Anchor through its restructuring, turnaround, and a period of record earnings growth, but the majority of the credit goes to the outstanding team at Anchor.”

Ardagh claims that Anchor is the third-largest glass container manufacturer in the nation and produces approximately 5.6 billion containers annually from its eight glass-manufacturing facilities, one of which is in Shakopee.

“The acquisition of Anchor will increase the size of our glass business by almost 50 percent and is a very significant step in developing our operations in the U.S.,” Ardagh Chairman Paul Coulson said in a prepared statement.

In a statement, Ardagh CEO Niall Wall added that the acquisition of Anchor places Ardagh in a leading position in the U.S. glass industry, boosting its market share to roughly 23 percent.

The transaction is subject to regulatory approval and other customary closing conditions, and it is expected to close at the end of August.