Sonoco Sells ThermoSafe Temperature-Controlled Packaging Business for $725 Million

U.S.-based packaging group SONOCO has sold its ThermoSafe business unit to New York-based private equity firm Arsenal Capital Partners for a total transaction value of $725 million (equivalent to €619 million). The deal includes a base purchase price of $650 million, as well as an additional $75 million payment tied to this year’s earnings. The transaction is expected to be completed by the end of 2025, and SONOCO plans to use the net proceeds from the deal to pay down debt.

Temperature-controlled packaging, also suitable for air transport (Photo: ThermoSafe)

ThermoSafe is headquartered in Arlington Heights, Illinois, and primarily provides packaging systems for the transportation of temperature-sensitive products such as pharmaceuticals, biologics, and vaccines. The division has approximately 900 employees across North America, South America, Europe, the Middle East and Africa (EMEA), and Asia, utilizing various insulating materials including expanded polystyrene (EPS) molded parts and polyurethane molded parts. In 2024, ThermoSafe achieved sales of approximately 240 million USD, with an earnings before interest, taxes, depreciation, and amortization (EBITDA) of 50 million USD.

Previously, SONOCO acquired the aerosol and metal packaging manufacturer Eviosys (headquartered in Zug, Switzerland) from KPS Capital Partners in June 2024 for approximately 3.9 billion USD. Based on this move, the group announced last year that it will focus more on paper-based and metal-based packaging solutions in the future.

In addition to this transaction, SONOCO also completed two business divestitures in 2024: first, it sold its "Protective Solutions" division (which includes foam components made from expanded polypropylene and expanded polystyrene) to the financial investment firm Black Diamond; second, it sold its "Thermoforming and Flexible Packaging" (TFP) division to the Japanese film and packaging manufacturer Toppan this year.