Jarden To Acquire Waddington Group; Deal To Be Immediately Accretive

(RTTNews) - Jarden Corp. (JAH) announced a purchase agreement to acquire Waddington Group Inc., a manufacturer and marketer of premium disposable tableware, from an investment fund managed by Olympus Partners, a private equity firm, and other stockholders for approximately $1.35 billion. The company expects the transaction to be funded through a combination of cash on hand, common equity and a mix of bank debt and bonds.

Headquartered in Covington, KY, Waddington Group operates seventeen manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland, and has approximately 2,900 employees. Jarden expects Waddington to contribute approximately $800 million to 2016 revenues. Waddington will be reported as part of Jarden's Branded Consumables segment.

The transaction is expected to be immediately accretive to Jarden's adjusted earnings per share in a small way in 2015 and by approximately 5% in 2016. Jarden expects that there will be meaningful revenue synergies that should start in 2016 and grow over time.