Anchor Blue Holding Corp. Announces Its Acquisition of Anchor Blue and Investment by an Affiliate of Sun Capital Partners
ONTARIO, Canada-(Business Wire)-August 26, 2009 - Anchor Blue Holding Corp. today announced it has acquired the Anchor Blue Division of Anchor Blue Retail Group, a specialty retailer of casual apparel and accessories, and the placement of a control investment by an affiliate of Sun Capital Partners, Inc. (“Sun Capital”) following the acquisition. Sun Capital is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in small to mid-sized market-leading companies. Moving forward, the retail chain will be known as Anchor Blue, Inc. (“Anchor Blue”).
Founded in 1972, Anchor Blue operates 113 stores primarily in Southwestern U.S. and offers a wide assortment of well-priced fashion basics with West Coast style in a fun environment.
Anchor Blue Retail Group filed for voluntary protection under Chapter 11 of the Bankruptcy Code in May 2009. A debtor-in-possession loan facility, provided by the company’s lenders, facilitated a smooth restructuring process and allowed for the sale of its ongoing Anchor Blue Division. It also provided operational and financial stability improving the capital structure and helping return the retail business to its long-term growth track. The company’s lenders partnered with an affiliate of Sun Capital to complete the acquisition of Anchor Blue, Inc. and allow the Anchor Blue business to exit from bankruptcy with an affiliate of Sun Capital having a controlling interest.
“We are stronger and more competitive than ever with a lean cost structure and substantial operating leverage, and we look forward to working with our vendors to help us continue to provide our customers with the quality clothing and value they expect from Anchor Blue, Inc.,” said Thomas Sands, President and CEO of Anchor Blue, Inc.
Anthony G. Polazzi, Principal, Sun Capital Partners, added, “We are pleased to support Anchor Blue through its restructuring process and to work with its highly-experienced management team in re-building its retail footprint. We believe that the company is well-positioned to capitalize on the rebound in the U.S. retail economy which has suffered from historic revenue declines in the past two years. This is the third affiliate Sun Capital has successfully guided through a bankruptcy process this year and is indicative of our deep support and operational involvement with our affiliates.”
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 210 companies worldwide since Sun Capital’s inception in 1995 with combined sales in excess of $40 billion. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates with offices in London, Paris, Frankfurt, and Shenzhen and Shanghai, China.
Sun Capital has been one of the most active private investment firms in the U.S., closing 161 transactions from 2002 through 2008, including 30 acquisitions in 2005, 33 transactions in 2006, 39 transactions in 2007, and 26 transactions in 2008 and was the recipient of the M&A Advisor Private Equity Firm of 2009 award. For further information, please visit: www.SunCapPart.com.
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