The exit marks a swift turnaround for Avista, which bought Anthony from Aurora Capital Group in June last year.
Avista said the company had grown significantly in that time thanks in part to its “close that case” initiative, which aims to help retailers hit their energy efficiency targets by enclosing their existing refrigerated cases with Anthony doors.
David Durkin, a partner at Avista, said, “Anthony exemplifies the type of investment Avista seeks in order to deliver strong returns to our limited partners.
“The company’s competitive position in the attractive and growing commercial refrigeration industry provided a solid foundation for growth.
“At the same time, its dynamic management team, led by CEO Jeff Clark, proved more than capable of executing the strategic plan we established for the business.
“We wish the Anthony team and their new owners well and expect that the company will continue to build on its record of exceptional performance.”
Weil, Gotshal & Manges acted as legal advisor to Anthony, while Morgan Stanley acted as financial advisor to Avista.
Earlier this month it emerged Avista, Thoma Bravo, GTCR, Welsh Carson Anderson & Stowe and Francisco Partners were among buyout firms that met with the management of medical imaging software specialist Merge Healthcare to discuss a possible take-private of the company.
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