The Waddington Group, a manufacturer of foodservice tableware and a portfolio company of Olympus Partners, has acquired Par-Pak Ltd. from its owner Sajjad Ebrahim. Olympus Partners acquired Waddington in October 2012 from Seven Mile Capital Partners.
Par-Pak is a thermoformer of foodservice, bakery and produce packaging products. Sajjad Ebrahim has been owner the company since 1977. Par-Pak is based in Toronto (www.parpak.com).
“We are pleased to welcome Par-Pak to The Waddington Group. I have known and respected Sajjad Ebrahim and Par-Pak for many years. I am delighted that Par-Pak will now be a part of the Waddington family and that Sajjad will be joining the Waddington Board. Sajjad acquired Par-Pak when it was a very small Toronto based thermoformer and has built it over 35 years into a leading international packaging company. Sajjad’s experience and vast knowledge of the industry will be invaluable to the entire Group as we continue to grow organically and via acquisition.”
Barclays, RBC Capital Markets, GE Capital and Goldman Sachs provided financing for the transaction.
The purchase of Par-Pak is the second add-on acquisition completed by Waddington under Olympus Partners ownership. The first add-on was the purchase of Eco-Products in November 2012. Eco-Products is a supplier of cups, containers, plates, bowls and utensils to the foodservice sector. The company is based in Boulder, CO (www.ecoproducts.com).
The Waddington Group 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. The Waddington Group is based in Covington, KY (www.wna.biz).
“We are excited to add Par-Pak to The Waddington Group and Sajjad Ebrahim to the Board. This acquisition will accelerate the growth of the business and will allow Waddington to better serve its customers through increased geographic and product diversity,” said Manu Bettegowda of Olympus Partners.
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, restaurants, consumer products, healthcare services, and financial services. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).
Working on this transaction for Olympus were Partners Manu Bettegowda and Mike Horgan, Vice President Pete Tedesco, and Associate Griffin Barstis.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-10-13