Consumer goods group Jarden Corp. is allegedly closing in on acquiring Waddington Group, Inc. through a $1.35 billion deal.
Bloomberg reported that Jarden has made an agreement with Waddington's private equity owner, Olympus Partners, and further announcements about this acquisition may be made on Monday. The Florida-based Jarden won against other competing bidders in the past few days. Bloomberg also reported earlier on this planned acquisition.
This acquisition would add to Jarden's wide array of consumer goods, as it owns a diverse portfolio of products, ranging from household products, clothing and sports equipment. Yankee Candle, Marmot, K2 skis and Ball Jars are among its notable goods.
Waddington's base is in Covington, Kentucky, with an estimated total earnings of $150 million. This figure would come close to $800 million to Jarden's 2016 revenue, according to an insider.
Plastics News said that Waddington does injection molding and thermoforming at plants in the United States, Canada and Europe in manufacturing their products such as disposable and plastic table and kitchenware that are widely used in the food business industry like restaurants, catering and confectionary houses.
Waddington's owner is said to have been considering a selling for the manufacturer of plastic tableware as reported by Reuters in March.
Olympus acquired Waddington in 2012 from Seven Mile Capital Partners. In 2013, Waddington acquired Par-Pak, a company dealing with plastic container packaging.
RTT News said that Jarden had previously made a proposal to Olympus about purchasing Waddington three months ago before the private equity owner held an auction.
Jarden's founding chairman Martin Franklin is said to be an ardent dealmaker. Jarden is valued at $10.1 billion and Franklin also has keen interests frozen foods and specialty chemicals, and he has also thrown his hat into the drink industry, having acquired Breckenridge Distillery. The British-born tycoon is said to be gearing up for more related acquisitions like the whisky and rum market.
