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Today’s Transactions:
Dover’s Buying Anthony International Marks Quick Exit for Avista

The refrigerator door manufacturer has grown over the years by acquiring Big Services Inc., Pike Door Products and Trausch Industries.

Dover Corp. (NYSE: DOV) has purchased Anthony International, a maker of commercial glass refrigerator and freezer doors, for $602.5 million.

The deal marks a quick exit for Avista Capital Partners. Anthony had spent just 17 months with the New York-based private equity firm, which acquired the Sylmar, Calif.-based target from Aurora Capital Group in June 2011 for an undisclosed price. American Securities sold Anthony to Aurora in 2004 for roughly $121.4 million.

Under Avista’s ownership, Anthony expanded by purchasing the assets of Big Services Inc., a Crawford, Ga.-based provider of remodeling and equipment installation services in March. Before that, under Aurora, Anthony was more acquisitive, picking up Pike Door Products of Elizabeth, N.J. in 2005 and Trausch Industries, a refurbishment services company formerly backed by the Edgewater Funds, in 2010. It also grew overseas, thanks to the 2007 acquisition of Shanghai-based Flying Glass Co., which serves the Chinese, Japanese, South Korean and Thai markets. In 2009, Anthony also acquired Italian manufacturer VAL SpA.

Weil Gotshal & Manges LLP acted as legal advisor to Anthony in the transaction, while Morgan Stanley managed the auction process.

 

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