Jarden Corporation has completed its acquisition of Waddington Group, a manufacturer and marketer of premium disposable tableware for commercial, food service and retail markets, from an investment fund managed by Olympus Partners, a private equity firm, and other stockholders for approximately $1.35 billion, subject to working capital and other adjustments.
As part of the acquisition financing, on July 30, Jarden closed on $900 million of senior secured term loans comprised of a $300 million add-on to its B-1 facility, which matures in 2020, and a new B-2 facility tranche with a principal amount of $600 million, which matures in 2022. Jarden noted that it funded the acquisition with the proceeds from its recently completed common stock offering and proceeds from the term loan financings.
Martin Franklin, Jarden’s founder and executive chairman, said, “We are pleased to have closed on our acquisition of Waddington on a timely basis with the strong support of the equity and term loan financing markets. Waddington offers a solid platform for us to leverage our proven, time-tested approach to driving organic growth and creating additional value through continued investments in product development and innovation.”
James Lillie, Jarden CEO, added, “Waddington has compelling growth opportunities while additionally providing Jarden cross-platform opportunities across products, channels, and geographies, as well as immediate financial benefits. Waddington is expected to enhance our segment earnings margin and cash flow profile while providing accretion to our adjusted earnings per share, pre synergies.”