Jarden Reportedly Nears Deal To Buy Waddington Group For $1.35 Bln

( JAH ) announced a purchase agreement to acquire Waddington Group Inc., a manufacturer and marketer of premium disposable tableware, from an investment fund managed by Olympus Partners, a private equity firm, and other stockholders for approximately $1.35 billion.

Based in Covington, Kentucky, Waddington makes synthetic disposables and package for foods assistance sells among the United States, Canada and Europe. Jarden expects Waddington to contribute approximately $800 million to 2016 revenues. Its foodservice products are used in catering, bakery, deli and chain restaurants, produce and confectionary markets. Jarden had sales of $8.29 billion in 2014, according to data compiled by Bloomberg and full financial details for Waddington aren’t publicly available. It then grew the company through acquisitions, including that of plastic container packaging company Par-Pak Ltd in 2013.

Jarden had approached Olympus about buying Waddington more than three months ago, before the private equity owner started an auction.

Jarden is the parent of Town and Country-based Rawlings, a sports equipment maker.

Olympus procured Waddington in 2012 from outlay agency Seven Mile Capital Partners for an confidential volume.

The firm has brands, such as, Ball, Bee, Bernardin, Bicycle, Billy Boy, Crawford, Diamond, Yankee Candle, Marmot and K2 skis under its umbrella.

Jarden’s founder and chairman, Martin Franklin, has a reputation as an ambitious dealmaker.