Olympus Partners has signed an agreement to sell The Waddington Group to Jarden Corporation for$1.35 billion. The transaction is expected to close in the third quarter of 2015. Olympus Partners acquired The Waddington Group from Seven Mile Capital Partners in October 2012.
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 operates through four divisions: US-based WNA; Canadian-based PolarPak; UK-based Waddington Europe; and Boulder-based ECO Products. The company’s brands include Classicware, Masterpiece, Reflections, and CaterLine. The Waddington Group is based in Covington, KY (www.wna.biz) (www.thewaddingtongroup.com).
“Olympus has been a great partner to The Waddington Group by supporting our expansion into new markets and new geographies through aggressive growth capital and strategic and targeted acquisitions,” said Mike Evans, CEO of The Waddington Group. “With Olympus’ support, we have been able to grow the business nearly 300% over the past three years and we are well positioned to continue our growth and momentum.”
Olympus Partners, with $5.5 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include restaurants, consumer products, healthcare services, financial services and business services. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).
“We have been fortunate to partner with a very talented and experienced management team led by Mike Evans to help them drive the growth of the business and to further solidify their strengths and broaden their product offerings to the marketplace. The Waddington Group is extremely well positioned to continue its stellar growth,” said Manu Bettegowda, a partner at Olympus.
Other members of Olympus Partners that worked on the Waddington transaction were Mike Horgan and Jackie Bereiter.
The buyer of The Waddington Group, Jarden Corporation, is a publicly traded (NYSE: JAH) consumer products company with annual revenues of about $8 billion. Jarden is based in Boca Raton (www.jarden.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-14-15