Olympus Partners Completes $1.35B Sale of Waddington Group
August 04, 2015
Olympus Partners has completed the sale of its portfolio company The Waddington Group to Jarden (NYSE: JAH) in a transaction valued at $1.35 billion, subject to working capital and other adjustments. As part of the acquisition financing, Jarden closed on $900 million of senior secured term loans comprised of a $300 million increase to its B-1 facility, which matures in 2020, and a new B-2 facility tranche with a $600 million principal amount, which matures in 2022. Jarden funded the remainder of the acquisition through a new common stock offering. Backed by Olympus in 2012, Waddington is a manufacturer and marketer of disposable tableware for commercial foodservice and retail markets. Barclays acted as administrative agent on the debt financing for the deal; Greenberg Traurig acted as legal advisor.