Sonoco to sell ThermoSafe for up to $725M

  • Sonoco announced Monday that it had reached an agreement to sell ThermoSafe, its temperature-assured packaging business, to private equity firm Arsenal Capital Partners for up to $725 million. 
  • The purchase price consists of $650 million on a cash-free and debt-free basis payable at closing, and an additional consideration of up to $75 million if the business meets certain performance targets for calendar year 2025. 
  • A securities filing says the parties made the agreement Sept. 7, and the transaction is set for completion by the end of this year, pending customary regulatory review. Sonoco plans to use the proceeds to pay down debt, with an estimated net leverage ratio reduction to approximately 3.5x.

Sonoco’s long-anticipated divestiture comes amid nearly two years of change for the company. It announced plans to sell ThermoSafe in June 2024, at the same time it announced plans to acquire Switzerland-based metal packaging company Eviosys from KPS Capital Partners. That $3.8 billion deal closed in December 2024, and the ThermoSafe sale is a way to offset the cost.

Sonoco to sell ThermoSafe for up to $725M | Packaging Dive

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