Representing Jarden Corp.’s (JAH) largest purchase since buying Yankee Candle a couple years ago, the consumer products giant is shelling out $1.35 billion for plastic tableware maker Waddington Group Inc. The seller is private equity firm Olympus Partners LP. Jarden’s stock was up by more than 4.8% in morning trading, or more than $2.50 per share, in reaction to the news. The Boca Raton, Fla.-based consumer products conglomerate said the acquisition of the Covington, Ky.-based Waddington will immediately add to profit upon the deal’s closing and increase earnings per share by approximately 5%. Jarden also said the deal will likely close by the third quarter of 2015, add about $800 million in revenue in fiscal 2016, and will be financed with a combination of cash, common equity and debt. The acquirer said the target’s attractive attributes include organic growth of 3% to 5% on an annual basis and market leadership in both the premium and eco-friendly disposable tableware categories.
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