Consumer products company Jarden is nearing a $1.35bn deal to acquire packaging manufacturer Waddington Group.
As reported in Bloomberg, Jarden reached an agreement with Waddington's private equity owner Olympus Partners.
The company first expressed its interest to acquire Waddington three months ago, prior to when Olympus started an auction to sell Waddington.
The acquisition is expected to add $800m to Jarden's revenues in 2016.
Waddington operates injection moulding, thermoforming, metallising and decorating manufacturing facilities in the US, in addition to manufacturing facilities in Montreal and Toronto, Canada.
It manufactures biodegradable plates and disposable cups for bakery, deli, produce and confectionary markets in the US, Canada and Europe.
With this investment, Jarden will expand its portfolio including household products, clothing and sports equipment under Yankee Candle, Marmot, K2 skis and Ball Jars brands.
Olympus acquired Waddington in 2012 from investment firm Seven Mile Capital Partners.
In May, Waddington's extrusion and thermoforming unit Par-Pak Europe acquired Deltaform and its subsidiary Chiltern Thermoforming to expand its position in the European market.
Deltaform and Chiltern Thermoforming manufacture rigid packaging for the food industry.
Par-Pak and Holfeld Plastics managing director Kevin Ingram previously said: "The acquisition of these two highly successful manufacturers reinforces the Waddington Europe brand, enabling us to achieve even more accelerated growth and expansion into new markets both in the UK and in Europe.
"Deltaform and Chiltern offer a complimentary portfolio and bring to the table an exciting breadth of products to a vastly extended customer base offering shared values, expertise and the widest customer knowledge."
Image: Waddington manufactures biodegradable plates and disposable cups. Photo: courtesy of nuchylee via FreeDigitalPhotos.net.