Olympus Partners has acquired Waddington North America, a designer, manufacturer and marketer of premium, rigid plastic foodservice disposables and a portfolio company of Seven Mile Capital Partners. The investment in Waddington North America is Olympus’ ninth investment out of its $1.5 billion fifth fund.
Waddington North America (WNA) is a manufacturer of disposable drinkware, dinnerware, servingware, cutlery and custom packaging and serves the catering, institutional, retail, restaurant and food processing sectors. The company’s brands include Classicware®, Masterpiece™, Reflections™, and CaterLine®. WNA is based in Covington, KT (www.wna.biz).
Seven Mile became WNA’s majority owner in 2011 when a majority of Seven Mile’s team spun-out of Citigroup to form a newly created private equity firm and, with the backing of AXA Private Equity, created its first fund: the Seven Mile Capital Partners Founders Fund. Citigroup, together with Norwest Equity Partners and WNA’s management team, had acquired the WNA in 2007.
Seven Mile Capital Partners invests in middle-market companies with EBITDA’s of $5 million to $50 million. Sectors of interest include consumer products, financial services, business outsourcing, renewable energy, cleantech, recycling, healthcare and technology. Seven Mile Capital Partners was formed in 2011 and is based in New York (www.sevenmilecp.com).
Olympus Partners, with $3 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include: business services; transportation and logistics services; healthcare manufacturing and services; financial services; consumer and restaurant; and software and IT services. The firm is based in Stamford, CT (www.olympuspartners.com).
“We are excited to be partnering with Mike Evans, Mike Christopher and the rest of the highly experienced management team at WNA who have a long track record of innovation and superior operating results, and we look forward to working with the team to leverage WNA as a platform for growth and innovation,” said Manu Bettegowda of Olympus Partners.
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-4-12
