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

Eriks NV buys two US polymer companies

April 24, 2015 10:38 am ET

Dutch company Eriks NV is expanding its reach in the North American plastics sector with two acquisitions: Dallas-based Seals and Packings Inc. and...    More

Image

Danish packaging firm Faerch buys UK's Anson as part of growth strategy

April 24, 2015 9:37 am ET

Denmark-based packaging company Faerch Plast A/S has acquired Ely, United Kingdom-based Anson Packaging Ltd., a move the company says “should...    More

Image

Reifenhäuser acquires German spinneret company Enka Tecnica

April 17, 2015 9:31 am ET

Germany-based Reifenhäuser GmbH & Co. KG, a major manufacturer of extrusion equipment, has announced that it is acquiring Enka Tecnica GmbH, a German ...    More

Image

Spain's Grupo Antolin to buy Magna's interiors business

April 16, 2015 12:33 pm ET

Spain's Grupo Antolin has reached an agreement to purchase Canadian auto supply giant Magna International Inc.'s interiors unit in a deal valued at...    More

Image

Madison buys Ferry Industries

April 16, 2015 5:22 pm ET

Ferry Industries, the largest manufacturer of rotational molding machinery, was purchased by Madison Industries, a Chicago holding company that is the...    More

Market Reports

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

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

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

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events