Sonoco, a diversified global packaging company, has signed a definitive agreement to acquire Peninsula Packaging Co. for approximately $230 million.
Peninsula, which is owned by a fund managed by Odyssey Investment Partners LLC, is a manufacturer of thermoformed packaging for fresh fruit and vegetables found in supermarkets.
“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,” Sonoco President and CEO Jack Sanders said.
The transaction is subject to normal regulatory review and is expected to close by the second quarter of 2017, officials said.
"This combination will allow Sonoco to deliver manufacturing and supply chain synergies gained from the connection between thermoformed trays and film lidding stock, which is an important customer differentiator," Rob Tiede Sonoco's executive vice president and chief operating officer, said.