Dallas, Texas 07/13/2015 (Financialstrend) – Jarden Corp (NYSE:JAH) the consumer products company with a global footprint announced its formal conclusion of Definitive Agreement to acquire Waddington Group, Inc, for $1.35 billion.
The latter is a tableware manufacturer and marketer with a premium food service and commercial products. Waddington is currently part of the Olympus Partners managed investment fund, along with other stockholders.
The move to induct a premium brand to the Jarden portfolio brings higher value to the consumer products company. It creates the perfect cross-selling opportunity as well as diversifying the distribution platform within the B2B category. It thereby extends the pool of talent available at Jarden groups’ disposal. Soon Waddington will be part of Jarden Corp (NYSE:JAH) Branded Consumables segment. The company is also expected to bring in revenues in the region of $800 million in 2016.
Founder and Executive Chairman of Jarden, Martin E.Franklin reports that the acquisition will allow the company to continue to make investments towards product development besides innovation.
President and Chief Executive Officer of Waddington Group, Mike Evans reported that the acquisition will be major milestone for Waddington group. The resources and the scale which Jarden Corp (NYSE:JAH) will provide as a platform for Waddington will allow product innovation as well as enhance distribution, leading to bottom and top-line growth, the chief executive added. Jarden Corporation has nearly 120 brands which are retailed over three segments of branded consumables, outdoor solutions as well as Consumer Solutions.
Jarden Corp (NYSE:JAH) hopes to complete the transaction by the third quarter of 2015, following processes as per regulatory requirements. Both the companies are expected to complement each other in terms of their ‘business attractiveness’ as they are market leaders in their ‘core categories.’ Backed by strong management teams and products that are known to generate repeated revenue, the new venture is expected to scale new heights of success.