KPS Capital Partners signed a definitive agreement to sell its portfolio company Anchor Glass to funds advised by CVC Capital Partners and BA Glass for more than $1 billion.

Credit Suisse Securities and J.P. Morgan Securities served as financial advisors to KPS and Anchor Glass. Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel.

Anchor Glass is a North American manufacturer of glass packaging products.

Jay Bernstein, a partner at KPS, said, “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.”

Completion of the transaction, which is expected during the fourth quarter, is subject to customary closing conditions.