Liqui-Box, a Richmond, Va.-based portfolio company of Olympus Partners, Stamford, Conn., announced plans to acquire DS Smith plc's plastics division to expand on its flexible and rigid packaging solutions. Together, Liqui-Box and DS Smith Plastics, UK, which includes the Rapak and Worldwide Dispenser businesses, will have a global footprint, design capabilities and service platform to 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," says Ken Swanson, chief executive officer of Liqui-Box. "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 comprehensive global footprint with the ability to service customers from 35 manufacturing plants across 5 continents.
- Best-in-class converting and molding equipment platform to deliver top-quality products at scale.
- Expanded R&D resources and innovation capabilities with multiple labs and testing facilities.
- Materials and process advancements to support more environmentally sustainable products.
- Strong management team and skilled workforce with a shared vision and purpose.
"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," says Manu Bettegowda, partner at 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."