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

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

Canadian mold maker Thibault adding to new operation in Mexico

August 27, 2014 3:19 pm ET

Canadian mold maker I Thibault Inc has purchased an established Mexican company, Tecnimoldes SA de CV, for a seven-figure-dollar-sum and renamed it...    More

Image

Mission Plastics brings new automated work cell on line

August 26, 2014 4:17 pm ET

Custom injection molder Mission Plastics Inc. and a customer have created a $1.5-million automated work cell for a medical diagnostics product.    More

Image

Canadian thermoformer ICI gets new financial backing

August 26, 2014 3:11 pm ET

Innovative Composites International Inc. (ICI) will get a $1.5 million infusion in the form of a loan and equity funding to cover a corporate...    More

Image

Megadyne buying Belt Corp. of America

August 26, 2014 10:35 am ET

In a move aimed at building its specialty belting manufacturing and fabrication operations, Jason Industrial Inc. — Megadyne SpA's wholly owned ...    More

Image

Sonoco buys Germany's Weidenhammer, plans for thin-walled packaging growth

August 25, 2014 1:41 pm ET

Sonoco Products Co.'s acquisition of Weidenhammer Packaging Group GmbH of Germany includes plastic packaging technology that the company is targeting ...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events