Liqui-Box, a Richmond, Va.-based portfolio company of Olympus Partners, said it agreed to acquire DS Smith PLC’s plastics division to form a comprehensive and innovative flexible and rigid packaging company.

By combining forces, 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, Liqui-Box said.

“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 combination will be transformational for both companies and an exciting growth story for our employees and customers.”

The combination of Liqui-Box and DS Smith Plastics will have a stronger and more differentiated value proposition for employees and customers, Liqui-Box said, because of its ability to service customers from 35 manufacturing plants across five continents, its converting and molding equipment platform that delivers top quality products at scale, its expanded R&D resources and innovation capabilities with multiple labs and testing facilities, and its advancements to support more environmentally sustainable products.

“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.