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Judge approves sale of Vitro America to Sun Capital

Post Time:Nov 12,2013Classify:Industry NewsView:100

Mexican glass maker Vitro SAB received bankruptcy-court approval to sell Vitro America LLC and three other U.S. units, including Super Sky Products, to Sun Capital Partners affiliate American Glass Enterprises, according to a June 13 report from Dow Jones & Co., Inc.

Sun Capital has said it intends to integrate the U.S. subsidiaries of Mexico's largest glassmaker to Arch Aluminum & Glass LLC, according to the report.

Sun Capital Partners is a private investment firm specializing in leveraged buyouts and investments. It purchased Arch Aluminum & Glass, Tamarac, Fla., in February 2010, and more recently acquired United Glass Corp., Louisville, Ky.

The announcement follows an auction process that began this spring after Vitro SAB subsidiaries Vitro America, Super Sky International, Super Sky Products and VVP Finance Corp. filed for relief under Chapter 11 of the U.S. Bankruptcy Code. At that time, officials also announced they had entered into an agreement to sell substantially all of the assets of Vitro America and Super Sky to an affiliate of Grey Mountain Partners, a private equity firm in Boulder, Colo., for a purchase price of $44 million.

Shortly thereafter, Sun Capital affiliate American Glass Enterprises LLC expressed interest in purchasing the subsidiaries as well. After hours of intense negotiations, and 23 rounds of bidding on June 1, Sun Capital Partners outbid Grey Mountain Partners for the Vitro SAB U.S. subsidiaries.


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Source: http://www.glassmagazine.com/news-item/commercial/judge-approves-sale-vitro-america-sun-capital-118313Author:

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