Sonoco Products Company has signed a definitive agreement to sell its ThermoSafe unit to private equity firm Arsenal Capital Partners for up to $725 million. The transaction includes $650 million in cash at closing, free of debt and cash, and up to an additional $75 million if performance targets are met in 2025. The operation is subject to customary conditions, including regulatory reviews, and is expected to close by the end of 2025. Net proceeds will be used to reduce existing debt.
ThermoSafe, based in Arlington Heights, IL, is a leading provider of temperature-controlled packaging solutions for the safe transport of pharmaceuticals, biologics, and vaccines. In 2024, the company generated over $240 million in sales and approximately $50 million in pro forma adjusted EBITDA. Its catalog includes innovative technologies such as bio-based insulators and reusable packaging, tailored for refrigerated, frozen, or temperature-controlled applications. ThermoSafe has approximately 900 employees in operations in the Americas, EMEA, and Asia.
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