Sonoco has completed the acquisition of Peninsula Packaging Company, a leading manufacturer of thermoformed packaging for fresh fruit and vegetables found in the fast-growing perimeter of retail supermarkets.
Sonoco acquired Peninsula Packaging for approximately $230 million from funds managed by Odyssey Investment Partners, LLC and other shareholders. Sonoco financed the transaction with a combination of cash and a $150 million three-year term loan. Peninsula’s financial results will be added to Sonoco’s Consumer Packaging segment and the business will operate as the Peninsula brand of thermoformed packaging products within Sonoco Plastics division’s global operations.
Founded in 1899, Hartsville, S.C.-based Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.
