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

African equity fund invests in Kenya's General Plastics

January 28, 2015 4:24 pm ET

An African investment fund specializing in agriculture has invested in Kenyan packaging firm General Plastics Ltd. to provide funds to expand in the...    More

M&A deals in packaging hit record

January 28, 2015 1:49 pm ET

It's good to be in packaging these days. More precisely, it's good to be in packaging and decide to sell or merge.    More

Image

Sika opens negotiations to acquire Axson Technologies

January 28, 2015 12:17 pm ET

Specialty chemicals maker Sika AG has entered into exclusive negotiations with Axson SAS management and shareholders to acquire its epoxy and...    More

Image

Piovan buys majority stake in Italy's Penta

January 28, 2015 12:04 pm ET

Italian auxiliary equipment company Piovan SpA has acquired a majority stake in the Italian materials handling company Penta srl, based in Poggio...    More

Image

A. Schulman, Citadel continue buying blitz

January 27, 2015 11:32 am ET

A. Schulman Inc. and Citadel Plastics Inc. — two deal-happy materials firms — were at it again in the second half of 2014.    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

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

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

Upcoming Plastics News Events

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

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

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

More Events