Sonoco has signed a definitive agreement to acquire Peninsula Packaging Company for approximately $230 million in cash. Peninsula, which is owned by a fund managed by Odyssey Investment Partners, LLC, is a leading manufacturer of thermoformed packaging for fresh fruit and vegetables found in the fast-growing perimeter of retail supermarkets. The transaction is subject to normal regulatory review and is expected to close by the 2Q 2017.

“Our goal has been to strategically expand our consumer packaging portfolio to grow our offerings in both the center of the store and the fast growing perimeter,” said Jack Sanders, Sonoco President and CEO. “With the addition of Peninsula, Sonoco will nearly double its thermoforming packaging capabilities and occupy a strong packaging position serving the perimeter in fresh food products, combined with our existing offerings in the center of the store, including those serving a range of frozen and shelf-stable foods.”

William Blair served as financial advisor to Sonoco. Peninsula was advised by BMO Capital Markets and Lazard Middle Market.

Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.

 

Source:lesprom.com

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