July 12, 2015 / 9:44 PM / 2 years ago

Jarden close to acquiring Waddingon Group for $1.4 billion: source

Martin Franklin, Executive Chairman of Jarden Corp, speaks at the Reuters Consumer and Retail Summit in New York June 27, 2011. REUTERS/Brendan McDermid

(Reuters) - Consumer goods company Jarden Corp JAH.N is close to acquiring disposable tableware maker Waddington Group for around $1.4 billion, according to a source familiar with the matter.

Waddington’s owner, buyout firm Olympus Partners, had been exploring a sale for the manufacturer of plastic plates, cups and cutlery, Reuters reported in March.

Waddington has annual earnings before interest, tax, depreciation and amortization of more than $140 million, Reuters reported previously.

Based in Covington, Kentucky, Waddington makes plastic disposables and packaging for the food service markets in the United States, Canada and Europe. Its products are used by caterers, restaurants and supermarkets.

Olympus acquired Waddington in 2012 from investment firm Seven Mile Capital Partners for an undisclosed sum. It then grew the company through acquisitions, including that of plastic container packaging company Par-Pak Ltd in 2013.

Bloomberg reported earlier on Waddington’s sale to Jarden.

Reporting by Greg Roumeliotis in New York; Editing by Eric Walsh

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