Sonoco acquires Peninsula Packaging for $ 230 mn

Sonoco, one of the largest diversified global packaging companies, 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 second quarter of 2017.

Founded in 2001, the California-based Peninsula Packaging has 2016 proforma sales of approximately $190 million and operates five manufacturing facilities, four in the US