Citicorp Venture buys Waddington North America stake

Nation's Restaurant News, Sept 24, 2007

NEW YORK -- Citicorp Venture Capital has purchased a controlling stake in Covington, Ky.-based Waddington North America. Citicorp acquired the stake in the foodservice disposables manufacturer from Code Hennessy & Simmons, which invested in the company in 2000. Private-equity firm Norwest Equity Partners and WNA management also were involved in the transaction. Financial terms of the deal were not disclosed. WNA designs and manufactures single-serve products for restaurants, caterers and consumers. Its products include dinnerware, drink ware, serving ware, take-out containers and cutlery. The company operates six manufacturing facilities in the United States and Canada.

Citicorp Venture Capital managing partner Joseph Levy said, "WNA differentiates itself as a one-stop shop for its customers with its broad product offering, and with new technologies and proprietary value-added products under development, the company is well-positioned for continued growth."