Olympus Partners has acquired Par-Pak Ltd. Financial terms weren’t announced. Covington, Ky.-based Par-Pak makes and markets upscale foodservice tableware. Barclays, RBC Capital Markets, GE Capital and Goldman Sachs provided financing. The Olympus team included Manu Bettegowda, Mike Horgan, Pete Tedesco and Griffin Barstis. News of the Par-Pak sale was reported by peHUB last month.
STAMFORD, Conn., June 7, 2013 /PRNewswire/ — Stamford, Connecticut-based Olympus Partners (“Olympus”), through its portfolio company The Waddington Group, Inc. (“Waddington”), has acquired Par-Pak Ltd. (“Par-Pak”). Waddington, headquartered in Covington, KY, is the leading manufacturer and marketer of upscale foodservice tableware.
Based in Toronto, Ontario, Par-Pak is North America’s leading independent thermoformer of foodservice, bakery and produce packaging. Par-Pak has plants and significant sales in Canada, the United States, and the United Kingdom. The acquisition of Par-Pak Ltd. enables The Waddington Group to continue its growth and expand into new and exciting markets. The two companies offer complementary products and will be able to bring an exciting breadth of products to its customers.
Mike Evans, the President and CEO of Waddington, said “We are pleased to welcome Par-Pak to The Waddington Group. I have known and respected Sajjad Ebrahim and Par-Pak for many years. I am delighted that Par-Pak will now be a part of the Waddington family and that Sajjad will be joining the Waddington Board. Sajjad acquired Par-Pak in 1977 when it was a very small Toronto based thermoformer and has built it over 35 years into a leading international packaging company. Sajjad’s experience and vast knowledge of the industry will be invaluable to the entire Group as we continue to grow organically and via acquisition.”
Sajjad Ebrahim, CEO of Par-Pak Ltd. added, “I have also known and respected Mike Evans and the entire Waddington team for many years. I look forward to working with the entire Group to build an even greater company, with a broader array of products, technologies and expertise serving our customers with best-in-class products to provide all their packaging needs.”
Manu Bettegowda of Olympus Partners commented, “We are excited to add Par-Pak to The Waddington Group and Sajjad Ebrahim to the Board. This acquisition will accelerate the growth of the business and will allow Waddington to better serve its customers through increased geographic and product diversity.”
Par-Pak is the second acquisition Waddington has completed since being acquired by Olympus in October 2012. Waddington acquired Boulder, CO based Eco-Products, the leading supplier of environmentally friendly foodservice products in the United States and Canada, in November 2012.
Founded in 1988, Olympus is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including business services, restaurants, consumer products, healthcare services, and financial services. Olympus manages in excess of $3 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
The Olympus team included Manu Bettegowda, Mike Horgan, Pete Tedesco and Griffin Barstis. Waddington was advised by John Schoenfeld and Rob Kiburz at Kirkland & Ellis. Barclays, RBC Capital Markets, GE Capital and Goldman Sachs led the financing for the transaction.