Home » Covington-based disposable plate and cutlery maker sold for $1.3B

Covington-based disposable plate and cutlery maker sold for $1.3B

Covington, Ky. – Jaden Corporation, a global consumer products company, has purchased Covington-based Waddington Group for $1.3 billion.

Waddington Group, based in the RiverCenter towers downtown, is the maker and marketer of disposable dishes and cutlery.

Jarden targeted the acquisition as an opportunity to cross-sell and to broaden its distribution platform in the business to business category. Waddington is expected to contribute approximately $800 million to 2016 revenues, according to a news release.

“We are delighted to announce this acquisition, which is consistent with our fourteen-year track record of success in acquiring businesses with category-leading positions in niche markets,” Martin E. Franklin, Jarden’s Founder and Executive Chairman, said in a news release. “As a fast-growing, well-managed business, 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. Waddington’s entrepreneurial growth culture is a strong cultural fit with Jarden, while offering a compelling financial and strategic value proposition.”

Waddington operates 17 manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland, and has approximately 2,900 employees.

The transaction is expected to close in the third quarter of 2015 and is subject to regulatory approval.