The Waddington Group, a portfolio company of private equity firm Olympus Partners, has acquired Canadian thermoformer of foodservice, bakery and produce packaging Par-Pak for about $300m, as reported by LBO Wire.
The acquisition of the rigid plastic packaging manufacturer, which has plants in Canada, the US and the UK, will enable the US-based Waddington to continue its growth and expand into new markets.
Offering complementary products, both the companies will be able to bring a breadth of products to customers.
Par-Pak CEO Sajjad Ebrahim, commenting on the acquisition, said, "I look forward to working with the entire Group to build an even greater company, with a broader array of products, technologies and expertise serving our customers with best-in-class products to provide all their packaging needs."
The acquisition is expected to accelerate the growth of the business and through increased geographic and product diversity, will allow Waddington to better serve its customers.
Par-Pak is the second acquisition Waddington has completed since being acquired by Olympus in October 2012.
In November 2012, Waddington acquired US-based supplier of environmentally friendly foodservice products Eco-Products.