Brampton, Ontario-based Par-Pak Ltd., a designer and manufacturer of plastic packaging with manufacturing facilities in Canada, the United States and the United Kingdom, has been acquired by U.S. private equity firm Olympus Partners and its portfolio company The Waddington Group Inc. of Covington, Kentucky. While the transaction value was not disclosed, estimates cited by peHUB in May have put it at over US$300 million. Waddington was acquired by Olympus Partners in October 2012.
WNA, the leading manufacturer and marketer of upscale foodservice tableware, today announced a corporate reorganization to accommodate the substantial growth WNA has achieved in recent years and its recent entry into new geographies and through the acquisition of ECO Products into the fast growing “Green” market.
Under the new structure WNA, ECO Products and Polar Plastics will each form divisions of a new entity to be known as The Waddington Group, Inc. WNA with 5 plants in the USA will continue to concentrate on US sales and manufacturing of foodservice and other disposable packaging Polar Plastic with a major facility in Montreal, will continue to concentrate on Canadian manufacturing and sales and ECO Products of Boulder Colorado, will continue to concentrate on “Environmentally Friendly” packaging.
Acquisition of Par-Pak Ltd.
The Waddington Group is also pleased to announce the acquisition of Toronto, Ontario based Par-Pak Ltd, 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.
Par-Pak Ltd and Polar Plastics will continue to operate separate plants in Canada, however the sales groups will come together to form a single selling company under the name PolAR PAK in order to leverage the strength of both groups.
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 the Waddington Group, said “We are delighted to welcome Par-Pak to The Waddington Group. I have known and respected Sajjad Ebrahim and the Par-Pak Company 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 serve all their packaging needs.”
The Waddington Group was acquired by Olympus Partners in October 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.
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