Private equity firm Olympus Partners, through its portfolio company the Waddington Group, has acquired thermoformed packaging manufacturer Par-Pak.
The purchase value is said to be in excess of $300m, as reported by Dow Jones LBO Wire.
The acquisition of Par-Pak, a Canadian thermoformer of foodservice, bakery and produce packaging with plants and sales in Canada, the US and the UK, will enable Waddington to continue its growth and expand into new markets.
Commenting on the acquisition, Manu BettegoManu Bettegowda of Olympus Partners said; "This acquisition will accelerate the growth of the business and will allow Waddington to better serve its customers through increased geographic and product diversity."
This is the second acquisition by the foodservice tableware manufacturer and marketer Waddington since it was acquired by Olympus in October 2012.
In November 2012, US-based based Eco-Products, the supplier of environmentally friendly foodservice products, was acquired by Waddington.
Par-Pak CEO Sajjad Ebrahim said; "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."
Waddington, which manufactures disposable tableware such as cutlery, as well as injection-moulded plastic food-services products, sells them to the catering, retail, restaurant and food processing industries.
Image: Par-Pak is a Canadian thermoformer of foodservice, bakery and produce packaging. Photo: Courtesy of SOMMAI.