NEW YORK, Nov. 2, 2016 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it signed a definitive agreement, through an affiliate, to sell its portfolio company Anchor Glass Container Corporation ("Anchor Glass" or the "Company") to funds advised by CVC Capital Partners ("CVC"), one of the world's leading private equity and investment advisory firms, and BA Glass B.V. ("BA Glass"), a leading manufacturer of glass bottles in Europe, for over $1 billion. Anchor Glass is a leading North American manufacturer of premium glass packaging products with long-standing customer relationships and a widely recognized reputation for product quality, customer service and innovation. Jay Bernstein, a Partner of KPS, stated, "The success of our investment in Anchor Glass demonstrates KPS' ability to see value where others do not, to buy right and to make businesses better. In 2014, we recognized the tremendous investment opportunity Anchor Glass presented and have successfully executed our strategy to substantially increase the Company's revenue and profitability. KPS worked with management to improve every aspect of Anchor Glass' business, resulting in profitability increasing by more than 50% in just over two years. The sale of Anchor Glass to funds advised by CVC Capital Partners and BA Glass is a great outcome for our investors and Anchor Glass - its management, employees, customers and suppliers. The investment return generated for our investors in the Anchor Glass transaction is further validation of the KPS investment strategy, which we have successfully executed across decades, economic cycles and many industries. We are very proud to partner with Chief Executive Officer Jim Fredlake, the Company's senior management team and all the dedicated employees of Anchor Glass. We also thank the Glass, Molders, Pottery, Plastics & Allied Workers International Union (GMP) and the United Steelworkers (USW) for their critical contributions toward the success of Anchor Glass. We are confident that Anchor Glass will continue to grow and prosper in the future with the help of CVC Capital Partners and BA Glass," Mr. Bernstein concluded. Jim Fredlake added, "KPS was the only investor to recognize the potential value of our business two years ago. Working in partnership with KPS, we invested significantly in our operations and people, focusing on manufacturing excellence and providing best-in-class product quality, product innovation and the highest levels of service and support to our customers. We are very grateful to KPS for its leadership and its commitment to improving and growing our business and positioning it to achieve an even higher level of success under our new ownership." Completion of the transaction, which is expected during the fourth quarter, is subject to customary closing conditions.