Sonoco Signed Definitive Agreement to Sell Thermosafe Business Unit
Based in Arlington Heights, IL, Thermosafe is a leading provider of temperature-controlled packaging solutions.
SEATTLE (Scrap Monster): Sonoco Products Company declared that it has finalised a deal to sell its ThermoSafe division to Arsenal Capital Partners, a renowned private equity investment firm. The deal is anticipated to be finalised by the end of this year and is subject to standard closing conditions, such as regulatory scrutiny.
Up to $725 million is the total purchase price, which includes $650 million that is payable at closing cash-free and debt-free as well as an additional $75 million that is contingent upon meeting specific performance goals in 2025. The net revenues from the sale will be used by Sonoco to pay down its current debt.
Thermosafe, a top supplier of temperature-controlled packaging solutions, is headquartered in Arlington Heights, Illinois. Over $240 million in sales and over $50 million in proforma adjusted EBITDA were produced by the company in the previous year. It has about 900 employees in locations throughout Asia, EMEA, and the Americas.
The next phase of Sonoco's portfolio reform, which aims to simplify its operations to core global business sectors, is the sale of Thermosafe.
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