Investment funds KPS Capital Partners has announced the sale of global supplier of metal packaging Eviosys to South Carolina-based packaging giant Sonoco Products Company for EUR 3.615 billion (or approximately USD 3.9 billion).
Sonoco has the option, under certain circumstances, to pay up to USD 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.
KPS created Eviosys to acquire Crown’s EMEA Food and Consumer Packaging Business in August 2021. Crown retained a 20% ownership interest in Eviosys. KPS assembled a new management team, led by Chief Executive Officer Tomás López, and invested nearly EUR 225 million to lead the transformation of Eviosys into an independent company.
