RICHMOND, Virginia, March 6, 2019
RICHMOND, Virginia, March 6, 2019 /PRNewswire/ -- Liqui-Box, a portfolio company of Olympus Partners, has agreed to acquire DS Smith plc's Plastics Division to create a comprehensive and innovative leader in flexible and rigid packaging.
Liqui-Box and DS Smith Plastics, which includes the Rapak and Worldwide Dispenser businesses, will have a global footprint, design capabilities and service platform that will offer customers the most compelling packaging solutions and drive advancements in technology and sustainability.
"The combination with DS Smith Plastics advances our strategic initiative to create the leading innovator of sustainable flexible and rigid packaging solutions," said Ken Swanson, Liqui-Box's CEO. "This business has a significant synergistic fit with Liqui-Box and a product portfolio and manufacturing footprint that are highly complementary. This combination will be transformational for both companies and an exciting growth story for our employees and customers."
After completion of the transaction, the combination of Liqui-Box and DS Smith Plastics will have a stronger and more differentiated value proposition for employees and customers through:
"Olympus Partners has been the majority investor in Liqui-Box since 2015. This additional investment to add the capabilities of DS Smith Plastics further supports our growth plan for the company," said Manu Bettegowda, Olympus Partners.
"We have always had a great deal of respect for the DS Smith team and are excited by the prospect of working together to create a strong management team and skilled workforce with a shared vision and purpose," Swanson concluded.
Barclays served as financial advisor to Liqui-Box, and Kirkland & Ellis LLP served as legal counsel.
Where appropriate, works councils will be consulted and the transaction is subject to customary closing conditions, including regulatory approvals.
Liqui-Box is the leading innovator of sustainable packaging solutions for quick, fresh and cost-efficient delivery of liquid and semi-liquid products. The company manufactures Bag-in-Box flexible packaging, fitments and pouches to serve a wide variety of global industries, including dairy, beverage, food and non-food customers. Liqui-Box also designs, manufactures and services the fastest filling equipment in the industry along with best-in-class bag-making equipment.
About DS Smith Plastics Division:
The Plastics Division consists of sustainable flexible packaging and dispensing solutions, plastics extrusion, injection molded and foam products. Headquartered in Chicago, the Plastics Division employs more than 2,000 people across 26 facilities in North America, Europe and Asia-Pacific.
About Olympus Partners:
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services, and manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.