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Thursday, Mar 28, 2024

Clear Future for Glass-Door Maker

When Anthony International changed hands for the second time in as many years last month in a $603 million deal, the motivation was green. But not just for the money. The Sylmar company, which produces specialty glass doors for grocery stores, vending machines and wine storage facilities, was acquired by Illinois manufacturer Dover Corp. for its expertise in energy efficiency, an analyst said. Among the products Anthony makes that reduce energy usage are low-wattage lights, shelf lighting that does not contain mercury or ultraviolet rays and freezer doors with heat-reflective glass coating. They are expected to complement Dover’s Engineered Systems division, which includes Hillphoenix, a manufacturer of display cases, refrigeration and power systems, and walk-in refrigeration units. It should allow Dover to offer refrigeration systems that use less energy and have lower operating costs. “The more pieces Dover puts together as a value proposition for the grocery stores, the more powerful that marketing message,” said Daniel Holland, a senior equity analyst with Morningstar Inc., a Chicago mutual fund research company. Dover, based in suburban Chicago, manufactures a variety of products for the communications, printing, energy and engineering industries, including refrigeration products. Anthony is Dover’s fifth acquisition since January 2011. It is the nature of Dover to refresh its business with new acquisitions and to move out of other markets that do not meet growth profiles, Holland said. “Dover is not a frivolous acquirer,” he added. Anthony did not respond to requests for comment. The company was founded in 1958 by two partners who invented the refrigerator door with a self-closing mechanism. The company was originally located in Glendale and moved to Sylmar in 1965. Anthony generated $271 million in revenue in 2011 and expects to make about $310 million this year. The company has a workforce of more than 1,000 employees. Anthony was sold by New York private equity firm Avista Capital Partners, which had purchased Anthony for an undisclosed amount in June of last year from Aurora Capital Group, a Los Angeles private equity firm. Avista held the company only a short while, but it was the type of investment that Avista likes to make. Anthony is a major competitor in an attractive and growing market with a management team capable of executing a strategic plan for growth, said David Durkin, a partner of Avista, in a release about its sale of Anthony. Avista placed an emphasis on growing Anthony’s international sales. The company has operations in Brantford, Canada; Lucca, Italy; and Shanghai – a strategy that can continue with Dover because the Engineered Systems division has businesses in Europe, Brazil, India and Asia. In a statement, Anthony Chief Executive Jeff Clark said the sale to Dover is a welcome outcome for Anthony’s customers, employees and shareholders. “We look forward to continuing to serve our customers in a partnership with our new owners at Dover with the same commitment to service and innovation,” he said in the statement. Reporter Kelly Goff contributed to this story.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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