Sonoco (NYSE:SON), Hartsville, SC, has agreed to acquire Peninsula Packaging Co., Exeter, CA, for $230 million.
Peninsula, which is owned by a fund managed by Odyssey Investment Partners LLC, is a manufacturer of thermoformed packaging for fresh fruit and vegetables. The company operates five manufacturing facilities, four in the United States and one in Mexico.
The transaction is expected to close by the second quarter of 2017.
“With the addition of Peninsula, Sonoco will nearly double its thermoforming packaging capabilities and occupy a strong packaging position serving the perimeter in fresh food products," said Jack Sanders, Sonoco president and CEO.
