Glass Industry Biz News
United Glass Corporation Forms
from 10 Companies
Consolidation Creates Largest Independent Glass Fabricator and Glass Services Company in North America
United Glass Corporation (UGC) announced
today its formation as the largest independent glass fabrication and glass
services company in North America. Jim Bradford, President & CEO of
UGC and Byron Snyder, President of Sterling City Capital announced the
consolidation of ten highly successful glass fabrication and glass
services companies with operations nationwide, effective August 1, 1999.
Jim Bradford, former President of AFG Industries, Inc. since 1992, joins UGC as President & Chief Executive Officer with over 15 years of experience in the glass industry. "I am pleased to join this exciting venture," stated Bradford. "The profitable and well established founding companies provide UGC with a diversified group of glass fabrication and service companies located in major markets across the nation. We believe that UGC is well positioned to capitalize on significant industry trends due to our size, product and geographic diversity and technical competence."
The cash portion of the acquisitions was funded through an $80 million bank credit facility with Bank of America acting as lead administrative agent, Fleet Capital acting as syndication agent and Credit Lyonnais acting as documentation agent. In addition, the financing included a $15 million senior subordinated bridge loan from Fleet Corporate Finance, Inc. Each owner of the acquired companies received a significant portion of their purchase consideration in the form of UGC stock.
Sterling City Capital, LLC served as financial sponsor in the transactions. Sterling City Capital and its principal, C. Byron Snyder, have founded or invested in several public and private companies which are executing industry consolidation strategies, including Integrated Electrical Services, Inc. and Carriage Services, Inc., both New York Stock Exchange companies; American Plumbing and Mechanical, Inc. and Integrated Roofing & Waterproofing, Inc.
"Sterling City Capital is proud to
sponsor the formation of UGC and to financially partner with a dynamic
group of companies," stated Byron Snyder.
The companies joining in the initial consolidation include: the GlassWerks Group of companies headquartered in Los Angeles, California, Perilstein Distributing Corp. of Pittsburgh, Pennsylvania, Pdc Glass of Detroit, Michigan, Hartung Glass Industries and Lami Glass Products of Seattle, Washington, Thad Ziegler Glass, Inc. of San Antonio, Texas, TFC Inc. of Louisville, Kentucky, Tempered Glass Inc. of Atlanta, Georgia, Louisville Plate Glass of Louisville, Kentucky and Mid Ohio Tempering of Columbus, Ohio. UGC operates 37 facilities across the United States and one Canadian province.
The GlassWerks Group was founded in 1979
and is headquartered in Los
Hartung Glass was founded in 1924 as F.L. Hartung Glass Co. Hartung is headquartered in Seattle, Washington and operates additional facilities in Anaheim and Sacramento, California, Pueblo, Colorado, South Bend, Indiana and Vancouver, British Columbia. Hartung's affiliate, Lami Glass Products, operates an additional facility in Vancouver, British Columbia. Hartung and Lami primarily serve the northwestern United States.
Perilstein Distributing was founded in 1898 as H. Perilstein. Perilstein is headquartered in Pittsburgh, Pennsylvania where it operates two facilities. Perilstein affiliate, Pdc Glass of Michigan, was formed in 1997 to operate an additional facility in Detroit, Michigan. Perilstein and Pdc Glass primarily serve markets located in Michigan, Ohio, Pennsylvania and New York.
Thad Ziegler Glass was founded in 1893 and is headquartered in San Antonio, Texas. Thad Ziegler Glass operates seven facilities in the San Antonio area and serves principally central Texas. Thad Ziegler Glass performs contract glazing (installation) services in addition to its fabrication and distribution business.
TFC, Inc. was founded in 1980 and is headquartered in Louisville, Kentucky. TFC operates three facilities in Louisville which manufacture mirror glass elements, primarily for exterior car and truck mirrors. TFC currently supplies mirror glass to Chrysler, Ford, General Motors, Navistar, Nissan, Toyota and Volvo through Tier I automotive suppliers.
Tempered Glass was founded in 1984 and is headquartered in Atlanta, Georgia. Tempered operates a facility in Atlanta which primarily serves Georgia, Alabama, Tennessee, Kentucky and the Carolinas. Tempered is 51% owned by Louisville Plate Glass which is headquartered in Louisville, Kentucky. Louisville Plate Glass was founded in 1968 and its facility in Louisville primarily serves Kentucky, Indiana, Ohio and Tennessee.
Mid Ohio Tempering was founded in 1989 and is headquartered in Columbus, Ohio. Mid Ohio operates a facility in Columbus that primarily serves markets located in Ohio, Michigan, Indiana and Kentucky.
source: United Glass Corporation Press Release