Sonoco, one of the largest diversified global packaging companies, announced a definitive agreement to acquire Peninsula Packaging Company, a manufacturer of thermoformed packaging for fresh fruit and vegetables that operates five manufacturing facilities, four in the United States and one in Mexico.
The transaction, valued at approximately US$ 230 million in cash, is subject to normal regulatory review and is expected to close by the second quarter of 2017, according to a press release.
Peninsula, owned by a fund managed by Odyssey Investment Partners, LLC, operates in the fast-growing perimeter of retail supermarkets.
The majority of its business is focused on packaging for a wide range of whole fresh fruits, pre-cut fruits and produce and prepared salad mixes, as well as baked goods. Peninsula’s customer base includes most of the leading household names for fresh fruits and vegetables found at retail.
Peninsula estimates its 2016 proforma sales at US$ 190 million. That includes projected full-year sales from a new operation in El Salto, Jalisco that started in mid-year 2016.