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KPS to sell packaging firm Eviosys to Sonoco for €3.6bn
Rafaela Sousa

Rafaela Sousa

24 June 2024

KPS to sell packaging firm Eviosys to Sonoco for €3.6bn

KPS Capital Partners has announced today (24 June) that its portfolio company, Eviosys, will be sold to Sonoco Products Company for €3.615 billion.


Sonoco, headquartered in Hartsville, South Carolina, specialises in sustainable packaging. Subject to certain conditions, Sonoco has the option to pay up to $200 million of the purchase price with its own stock.


Eviosys is a supplier of metal packaging, manufacturing food cans, aerosol cans, metal closures, and promotional packaging for numerous consumer brands worldwide. It is said to boast the largest footprint for metal food can production in the EMEA region, operating 44 manufacturing facilities across 17 countries in Europe, the Middle East, and Africa and employing over 6,300 people. The


Under KPS ownership, Eviosys and its management team significantly enhanced its strategic position and competitive edge, leading to a nearly 50% increase in profitability in less than three years. KPS directed close to €225 million towards capital expenditures and substantial resources to execute a comprehensive business transformation plan. This plan focused on optimising Eviosys' manufacturing operations to boost asset efficiency, lower operational expenses and expand market presence across new and existing regions.


Michael Psaros, co-founder and co-managing partner of KPS, said: “Eviosys is another demonstration of KPS’ investment strategy of seeing value where others do not, buying right and making businesses better across economic cycles, geographies and industries over decades".

 

"We are proud of Eviosys’ extraordinary transformation under our ownership. Eviosys demonstrates our ability to build industry-leading companies on a global basis. The company’s success is a direct result of KPS’ commitment to, and investment in, the company’s R&D, innovative new technologies and products, manufacturing facilities and people.  We believe the acquisition of Eviosys by Sonoco will benefit the combined companies’ customers, employees and investors. The industrial logic is compelling."

  

Tomás López, chief executive officer of Eviosys, added, “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.”

 

The deal is anticipated to be finalised by the end of 2024, pending works council consultations, regulatory approvals, and other standard closing conditions.


Top image: ©Eviosys

#KPSCapitalPartners #Eviosys #Sonoco #US

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