Sonoco sells ThermoSafe to Arsenal Capital Partners for up to US$725M

UK – Sonoco Products Company, a global leader in sustainable packaging, has agreed to sell its ThermoSafe business unit to Arsenal Capital Partners, a private equity firm specializing in industrial and healthcare companies, for up to US$725 million. 

The deal, announced on September 8, 2025, includes US$650 million payable at closing on a cash-free, debt-free basis, with an additional US$75 million contingent on ThermoSafe meeting specific performance targets in 2025. 

The transaction is expected to close by the end of 2025, pending regulatory approval.

ThermoSafe, based in Arlington Heights, Illinois, specializes in temperature-controlled packaging for pharmaceuticals, biologics, vaccines, and other sensitive products.

In 2024, the business generated over US$240 million in sales and approximately US$50 million in adjusted earnings before interest, taxes, depreciation, and amortization, employing around 900 people across operations in the Americas, EMEA, and Asia. 

Sonoco plans to use the proceeds to reduce debt, projecting a net leverage ratio decrease to about 3.5x.

According to CEO Howard Coker, the sale marks a key step in Sonoco’s ongoing portfolio transformation, streamlining operations into two core global segments: metal and fiber packaging. 

The company has been reshaping its business, with ThermoSafe’s divestiture following its US$3.8 billion acquisition of Eviosys, a Switzerland-based metal packaging firm, completed in December 2024. The ThermoSafe sale helps offset the cost of that deal.

Sonoco’s restructuring efforts also include integrating its flexible packaging and thermoforming units into its consumer packaging segment to drive growth. 

In April 2025, Sonoco sold its Thermoformed and Flexibles Packaging business to Toppan Holdings for $1.8 billion, further simplifying its portfolio. 

On November 4, 2024, Sonoco disclosed a US$419 million divestiture of two production facilities in China, expected to close by the end of 2024, as part of its strategy to exit single-use plastics and focus on sustainable materials like paper, aluminium, and steel.

Arsenal Capital Partners, the buyer, has prior experience in the packaging sector, having acquired Clariant’s healthcare packaging business in 2019, now known as Airnov Healthcare Packaging. 

The firm has also invested in materials and adhesives companies, signaling its intent to expand ThermoSafe’s capabilities in temperature-assured packaging.

Coker expressed pride in ThermoSafe’s growth, noting that its revenues have more than doubled since 2012 due to enhanced technology and product offerings. 

He wished the ThermoSafe team success under Arsenal’s ownership, emphasizing their expertise and customer service legacy.

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