S. subsidiary Vitro America. The winning bid was approximately $61 million. Sun Capital must close the sale by June 17, 2011, or Grey Mountain, the back-up bidder, can step back in.
The announcement follows an auction process that began this spring after Vitro SAB subsidiaries Vitro America, Super Sky International, Super Sky Products and VVP Finance Corp. filed for relief under Chapter 11 of the U.S. Bankruptcy Code. At that time, officials also announced they had entered into an agreement to sell substantially all of the assets of Vitro America and Super Sky to an affiliate of Grey Mountain Partners, a private equity firm in Boulder, Colo., for a purchase price of $44 million.
Shortly thereafter, American Glass Enterprises LLC, an affiliate of Sun Capital Partners, expressed interest in purchasing the
subsidiaries as well. Sun Capital Partners is a private investment firm specializing in leveraged buyouts and investments. It purchased Arch Aluminum & Glass, Tamarac, Fla., in February 2010, and more recently acquired United Glass Corp., Louisville, Ky.