July 15, 2015 by Canadian Plastics
A leading global consumer products company is acquiring Waddington Group Inc., a Covington, Ky.-based disposable plastic tablewear maker for close to US$1.35 billion.
Jarden Corporation, of Miami, Fla., is buying Waddington from an investment fund managed by private equity firm Olympus Partners.
Jarden Corp. supplies more than 120 brands such as Ball, Crock-Pot and Yankee Candle; Waddington makes disposable plastic tablewear for commercial, foodservice and retail markets.
“As a fast-growing, well-managed business, Waddington offers a solid platform for us to leverage our proven, time-tested approach to driving organic growth and creating additional value through continued investments in product development and innovation,” said Martin E. Franklin, Jarden’s founder and executive chairman. “Waddington’s entrepreneurial growth culture is a strong cultural fit with Jarden, while offering a compelling financial and strategic value proposition.”
Waddington operates 17 manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland, and has approximately 2,900 employees.
The transaction is expected to close in the third quarter of 2015 and is subject to regulatory approval.