New York – October 3, 2012 – Seven Mile Capital Partners, LLC (“Seven Mile”), a leading middle - market private equity firm, today announced the sale of one of its port
folio companies, Waddington North America, Inc. (“WNA” or the “Company”) to Olympus Partners. Financial terms of the transaction were not disclosed.
Seven Mile became WNA’s majority stakeholder in 2011 when a majority of Seven Mile’s team spun-out of Citi group to form a newly created private equity firm and
,with the backing of AXA Private Equity,created its first fund: the Seven Mile Capital Partners Founders Fund. Citigroup, together with Norwest Equity Partners and WNA’s management team, had acquired
the Company in 2007.
WNA is the leading North American designer, manufacturer and marketer of premium, rigid plastic foodservice disposables. Well known for its product innovation, WNA produces a broad portfolio of tableware, drinkware, servingware and me
talized cutlery products targeting the premium, specialty and everyday segments. Over nearly four decades, WNA has built longstanding relationships with a diverse customer base spanning the catering, institutional, retail, restaurant and food processing sectors. WNA maintains operations in both the United States and in Canada.
Vince Fandozzi, Seven Mile’s Managing Partner commented: “It has been pleasure working closely with Mike Evans and the rest of the management team at WNA. The team has done a terri
fic job of guiding the Company through some turbulent times and has continued to demonstrate their ability to grow the Company in the face of a challenging business environment. We are pleased that they
found a new strong partner in Olympus Partners to help them continue to grow this special company.”
Mike Evans, WNA’s CEO, said, “Seven Mile has partnered with WNA over the past couple of years and
has taken a very active and supportive interest in the business. We are pleased to have been associated with Seven Mile and wish them every success in their future endeavors. We look forward
to working with the team at Olympus to continue to grow our business and be the innovation leader in foodservice tableware.”
Barclays Capital Inc. and Citigroup Global Markets Inc. served as financial advisors to WNA. Kirkland & Ellis, LLP served as WNA’s legal advisors.
About Seven Mile
Seven Mile Capital Partners is a New York City based private equity firm that seeks to acquire either control or substantial influence of both individual companies as well as portfolios of companies. Seven Mile Capital Partners focuses on underappreciated companies and opportunities in the Business Services, Financial Services and Industrial Industries Seven Mile Capital Partners, working in partnership with experienced management teams, focuses on companies where new capital, management alignment and a long-term investment horizon can help achieve superior investment returns.
More information on Seven Mile Capital Partners can be found at www.sevenmilecp.com.
Seven Mile Capital Partners, LP