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Sonoco Products Has Agreed to Acquire Peninsula Packaging

Monday, March 6, 2017


William Blair acted as the exclusive buy-side financial advisor to Sonoco Products (NYSE: SON) in connection with its acquisition of Peninsula Packaging for approximately $230 million. The transaction is expected to close by the second quarter of 2017 and builds on William Blair’s expertise in advising leading packaging companies.

Transaction Highlights

  • Deep sector knowledge: William Blair leveraged its deep packaging industry expertise to advise Sonoco; William Blair has completed 14 packaging-related M&A transactions in the past three years and more than 60 transactions overall.
  • Recent, relevant experience: William Blair’s experience as exclusive financial advisor to Mullinix Packages during its sale to Sabert in July 2016 enabled the transaction team to provide deep insights into the thermoforming M&A landscape, the most active acquirers, and key investment benchmarks.
  • Trusted guidance: William Blair’s deal team was involved throughout the transaction, providing guidance and advice on M&A process strategy, valuation, and negotiations.
  • Highly strategic transaction: The acquisition of Peninsula Packaging strengthens Sonoco’s position in the growing fresh and natural food category and broadens its consumer packaging portfolio.

About the Companies

Sonoco Products, based in Hartsville, South Carolina, is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of $4.8 billion, the company has 20,000 employees working in more than 300 operations in 33 countries, serving some of the world’s best-known brands in some 85 nations.

Peninsula Packaging is a provider of thermoformed plastic packaging products serving the fresh produce and bakery markets. Products include hinged containers (e.g., clamshells, produce trays), bases, lids, and domes. Primary markets served include a wide range of berries, packaged salads, and cut vegetables. Extrusion, thermoforming, and labeling are managed from five production facilities located in Exeter, California; Hollister, California; Wilson, North Carolina; Yakima, Washington; and Guadalajara, Mexico, and generated approximately $175 million in revenue in 2016.

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