Liquibox, a portfolio company of Olympus Partners, has completed the acquisition of DS Smith plc’s plastics division. No financial terms were disclosed. The acquired division includes both rigid and flexible packaging businesses. Barclays served as financial advisor to Liquibox while Kirkland & Ellis LLP provided legal counsel.
RICHMOND, Va., Feb. 27, 2020 /PRNewswire/ — Liquibox, a portfolio company of Olympus Partners, has completed the acquisition of DS Smith plc’s Plastics Division. The acquired division includes both rigid and flexible packaging businesses. The combined companies will have 35 manufacturing facilities and a global workforce of nearly 3,000 employees.
The acquired division’s flexible packaging and Worldwide Dispensers businesses will be consolidated into the Liquibox brand. The consolidation brings together two strong management teams and skilled workforces to help the company realize a shared vision and purpose – One Liquibox. As a global leader in liquid packaging and dispensing, Liquibox will be dedicated to servicing customers through a commitment to quality, sustainability, partnership and innovation.
The acquisition of DS Smith’s flexible packaging businesses provides a strong platform to further expand Liquibox’s leading value proposition into emerging growth markets, such as coffee, tea, water and aseptic packaging. In addition, through its Worldwide Dispensers brand of custom engineered fitments, the company will now assume a leading position globally in dispensing technologies for both rigid and flexible packaging.
The acquired division’s rigid businesses for extruded products, injection molded products and foam products will be split into three newly branded and independently operated businesses, which will operate respectively as Corplex, DW Reusables and Engineered Foam Products. Each of these business units stands ready to execute on new growth plans under the new ownership structure.
“We’re excited to complete this transformational acquisition and welcome the DS Smith Plastics employees to our team,” said Ken Swanson, CEO of Liquibox. “The new structure and brand identity of these businesses further supports our strategy and commitment to lead the way with sustainable packaging solutions. Our best-in-class converting and molding equipment, coupled with further advancements in materials and design will be a big benefit to our customers. We’re excited to unlock additional value through an expanded range of film, bag and dispensing fitments, our best-in-class filler solutions and an expanded global reach.”
Manu Bettegowda, Partner at Olympus Partners added: “Liquibox is a core holding for Olympus Partners. The DS Smith Plastics acquisition is an important step in achieving our longer-term plan, and we plan to continue to invest in the business in support of its growth strategy.”
Liquibox has led the way in flexible liquid packaging and dispensing innovation for 60 years. Today, Liquibox is advancing a new era of sustainable performance, with an intensified commitment to minimizing environmental impact without sacrificing quality to deliver solutions that protect products and the world we live in.
Headquartered in Richmond, Virginia, Liquibox is a portfolio company of Olympus Partners with facilities in 23 locations around the world. More at liquibox.com.
About Olympus Partners
Founded in 1988, Olympus Partners 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, food services, consumer products, healthcare services, financial services, industrial services, and manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
Barclays served as financial advisor to Liquibox, and Kirkland & Ellis LLP served as legal counsel.