Olympus Partners buys dinnerware maker Waddington North America

By Frank Esposito
Senior Staff Reporter

Published: October 4, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions Packaging Injection Molding Thermoforming
Companies & Associations

COVINGTON, KY. (Oct. 4, 2:10 p.m. ET) — Waddington North America Inc., a maker of plastic cutlery and dinnerware, has gone from one private equity owner to another.

WNA’s new owner is Olympus Partners of Stamford, Conn. Olympus is buying Covington, Ky.-based WNA from Seven Mile Capital Partners LLC of New York for an undisclosed price.

WNA operates six North American plants — in Covington; Chelmsford, Mass.; City of Industry. Calif.; Lancaster, Texas; Chattanooga, Tenn.; and St. Laurent, Quebec. Industry sources said the firm employs between 1,200 and 1,400 and has annual sales of about $300 million.

Premium rigid plastic food service disposables made and designed by WNA include tableware, drinkware, servingware and metalized cutlery products. The firm’s end markets include catering, institutional, retail, restaurant and food processing.

“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,” Olympus executive Manu Bettegowda said in an Oct. 3 news release.

Seven Mile had owned a majority stake in WNA since last year, when it was spun out of financial giant Citigroup. Citigroup — along with Norwest Equity Partners and WNA management — had bought Waddington in 2007.

“Seven Mile has partnered with WNA over the past couple of years and has taken a very active and supportive interest in the business,” WNA chief executive officer Mike Evans said in the release. “We look forward to working with the team at Olympus to continue to grow our business and be the iinovation leader in food service tableware.”

Evans added in an Oct. 4 phone interview that day-to-day operations at WNA won’t be affected by the deal. “It’s a new day and a new balance sheet,” he said.

In an Oct. 4 phone interview, Seven Mile managing partner Vince Fandozzi said that WNA’s focus on premium products, especially those sold into the catering sector, helped the firm do well during the recession. He added that Seven Mile will look to make more plastics acquisitions, since plastics firms often are “good cash-flowing businesses.”

The deal comes only two months after WNA itself acquired the drink cup division of Winpak Portion Packaging Inc. for an undisclosed price. That purchase expanded WNA’s presence in food service drink cups, retail drink cups and individually wrapped and custom-printed cups and lids. Some Winpak production, packaging and printing equipment will be moved this month to WNA’s plant in Quebec.


Comments

Olympus Partners buys dinnerware maker Waddington North America

By Frank Esposito
Senior Staff Reporter

Published: October 4, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Flextronics launches global injection molding, tooling unit

March 26, 2015 4:29 pm ET

Flextronics International Ltd. (Booth S34125) is officially launching Precision Plastics, a global injection tooling and manufacturing unit, as a...    More

Image

Core Molding buys CPI Binani assets, adds markets, D-LFT capabilities

March 20, 2015 1:20 pm ET

Core Molding Technologies Inc. is expanding its thermoplastics capabilities with the acquisition of substantially all the assets of CPI Binani Inc.,...    More

Image

Proposed Cardia-Stellar merger labeled 'not fair,' but still 'reasonable'

March 20, 2015 10:34 am ET

If the proposed merger of two Australian bioplastics companies goes ahead, the new company will be called Secos Group Ltd. and have annual sales of...    More

Image

Transilwrap buys Clear Focus, expands in advertising films

March 20, 2015 10:03 am ET

Film extruder Transilwrap Company Inc. has bought Clear Focus Imaging, a manufacturer of printable plastic films for large-scale display advertising...    More

Image

Citadel purchase will nearly double A. Schulman's US sales

March 19, 2015 12:06 pm ET

Materials firm A. Schulman Inc. has kept its buying streak alive with its biggest deal yet — acquiring compounder and composites maker Citadel P...    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events