US-based diversified packaging group Sonoco has acquired Peninsula Packaging Company from funds managed by Odyssey Investment Partners and other shareholders for a sum of $230m.
Sonoco is said to have used a $150m loan to help finance the deal, announced last month.
With the completion of the deal, Peninsula will operate under its current brand name within Sonoco Plastics division’s global operations.
Furthermore, Peninsula’s existing leadership, sales and operations team will remain in place.
Sonoco executive vice-president and chief operating officer Rob Tiede said: “Peninsula significantly expands our thermoforming packaging capabilities and we now occupy a strong packaging position serving the perimeter of supermarkets in fresh food products, combined with our existing offerings in the centre of the store, including those serving a range of frozen and shelf-stable foods.
“Combining Peninsula’s product lines with Sonoco’s packaging capabilities positions us extremely well to capture new growth in the rapidly expanding fresh and natural category, while greatly accelerating and enhancing our ability to offer our customers the most diverse consumer packaging formats and solutions in the industry.”
Established in 2001, Peninsula currently operates five manufacturing facilities, which manufacture thermoformed packaging for fresh fruit and vegetables found in the retail supermarkets.
Sonoco currently employs 20,000 people across more than 300 operations in 33 countries worldwide.