Liquibox and DS Smith’s Plastics Division join together to create innovative leader in sustainable packaging

March 6, 2019

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.”

Strategic Rationale 
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:

  • 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,” 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.

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.

About Liquibox

Founded in 1961, Liquibox is a global leader in liquid packaging and dispensing—working in partnership with customers to deliver high-quality, innovative solutions that achieve sustainable performance. In February 2020, Liquibox acquired DS Smith’s flexible packaging and Worldwide Dispensers that are now working as one across 20 locations powered by a global workforce of nearly 2,000 employees. The company is headquartered in Richmond, Virginia (USA).

For more information, contact Anastasia Khodakova, Global Marketing Director, at

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