Global Home Products sells Anchor Hocking to Monomoy Capital for $75 million

By Caroline Salls

Pittsburgh, March 26 - Global Home Products, LLC obtained court approval of the sale of its Anchor Hocking Co. debtor to Monomoy Capital Partners, LP, according to a Monomoy news release.

Monomoy purchased Anchor for $75 million in cash, plus the assumption of $20 million in ordinary course liabilities.

According to the release, the Monomoy acquisition will re-establish Anchor as a standalone, focused glassware provider.

"Anchor remains the premiere glassware franchise in every market it serves," Monomoy principal Daniel Collin said in the release.

"Monomoy will provide Anchor with the strategic and management resources necessary to improve operations, explore new sales channels and maintain the highest level of quality and service for its customers."

Mark Eichhorn will keep his position as Anchor Hocking's chief executive officer.

The sale is subject to ratification of new labor agreements between Monomoy and the United Steelworkers union, which represents Anchor's hourly employees.

National City Business Credit will provide senior financing for the acquisition, which Monomoy said is expected to close in early April.

Global Home Products is a Westerville, Ohio-based designer, marketer and manufacturer of branded consumer and specialty products to retail and hospitality customers and original equipment manufacturers. The company filed for bankruptcy on April 10, 2006 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 06-10430.

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