KPS Capital Partners LP announced today that it has entered into an agreement for its portfolio company, Eviosys, to be sold to Sonoco Products Company, a Hartsville, South Carolina-based global leader in high-value sustainable packaging, for €3.615 billion (or approximately $3.9 billion).
Sonoco has the option, under certain circumstances, to pay up to $200 million of the purchase consideration in the form of Sonoco stock. The transaction is expected to close by the end of 2024 and is subject to completion of required works council consultations and the receipt of required regulatory approvals and other customary closing conditions.
Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands.
Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio composed entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics.
KPS created Eviosys to acquire Crown Holdings Inc.’s EMEA Food and Consumer Packaging Business in August 2021 in a highly complex global corporate carve-out transaction. Crown retained a 20% ownership interest in Eviosys. KPS assembled an accomplished management team, led by Chief Executive Officer Tomás López, to lead the transformation of Eviosys into one of Europe’s largest and most profitable packaging companies. In under three years of ownership, KPS, in partnership with management, successfully transformed Eviosys into a fully independent and significantly more profitable company focused on growth, innovation and sustainability.
Eviosys made remarkable progress in advancing its sustainability objectives, surpassing its publicly committed greenhouse gas emissions reductions targets and achieving an EcoVadis Platinum rating in 2023, placing it in the top 1% of all companies ranked by EcoVadis.
Tomás López, Chief Executive Officer of Eviosys, said, “By combining with Sonoco, we will work to bring our high quality, sustainable and innovative packaging solutions to new and existing customers around the globe. Our companies share a strong commitment to providing the highest levels of customer service, safety for our employees, and operating efficiencies.”
Sonoco ranks among Packaging Strategies' Top 25 Flexible Packaging Converters. You can check out the list here.
