Sonoco, a US-based provider of packaging products and services, has acquired Peninsula Packaging for about $230m.
Peninsula Packaging manufactures thermoformed packaging for fresh fruit and vegetables found in the retail supermarkets.
Sonoco acquired the company from funds managed by Odyssey Investment Partners and other shareholders.
To finance the deal, which was signed in February 2017, Sonoco has used a combination of cash and a $150m three-year term loan.
Sonoco executive vice-president and COO 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 center of the store, including those serving a range of frozen and shelf-stable foods.”
Peninsula Packaging will now operate as the Peninsula brand of thermoformed packaging products within Sonoco Plastics division’s global operations
However, Peninsula’s existing leadership, sales and operations team will continue to remain in place.
Tiede added: “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.”
Founded in 2001, Peninsula Packaging operates five manufacturing facilities including four in the US and one in Mexico.
The majority of its business focuses on packaging for a range of whole fresh fruits, pre-cut fruits and produce, as well as prepared salad mixes.