Anchor Glass Container (Anchor Glass) has announced the successful completion of its previously announced comprehensive recapitalisation, marking a major milestone in its ongoing transformation and positioning the business for long-term growth.
With the backing of new majority owners – Canyon Capital Advisors, Millstreet Capital, and UBS – the transaction has reduced the Company’s debt by more than 60 percent and provided USD 100 million of new capital to accelerate Anchor Glass’ strategic growth and modernisation and create enhanced value for its customers, employees, communities, suppliers, and investors.
“This transformative moment marks the start of a new era for Anchor Glass,” said Nipesh H. Shah, President and Chief Executive Officer. “We’ve materially strengthened our balance sheet, secured significant new capital, and are now primed for sustained investment in our assets, our people and our customers. This foundation better positions us to execute as One Anchor – advancing safety, delivering a flawless customer experience and building capabilities that reduce industrial cost. Our team looks forward to capitalising on the tremendous strides achieved to date as we enter our next phase of growth.”
The new capital will be strategically deployed toward furnace rebuilds and capacity expansions across the company’s U.S. network, enabling Anchor Glass to better serve customers in the food, beverage, spirits, ready-to-drink and craft beer end markets that depend on sustainable, high-quality glass packaging.
By 2030, Anchor Glass expects to have invested more than USD 1 billion in capital improvements, underscoring its long-term commitment to growth, innovation and supply security for its customers.