Sonoco Products announced it has signed a definitive agreement to sell its ThermoSafe business unit to Arsenal Capital Partners for up to $725 million.
The deal marks a significant step in Sonoco’s ongoing portfolio transformation into a global leader focused on metal and fiber packaging.
The transaction includes $650 million payable at closing, with an additional $75 million contingent on ThermoSafe’s 2025 performance. Proceeds will be used primarily to reduce debt, with Sonoco projecting a net leverage ratio of approximately 3.5x once the deal closes. Completion is expected by the end of 2025, pending customary regulatory approvals.
Based in Arlington Heights, Illinois, ThermoSafe is a leading provider of temperature-assured packaging solutions for pharmaceuticals, biologics, and vaccines. The business generated more than $240 million in sales in 2024 and employs around 900 people across the Americas, EMEA, and Asia. Its product range includes bio-based insulation materials, reusable technologies, and qualification services via its ISC Labs®.
“With the planned sale of ThermoSafe, we are completing the next step in Sonoco’s portfolio transformation,” said Howard Coker, Sonoco’s president and CEO. “This simplified structure enables us to focus on two core business segments with sustainable growth prospects. We are proud of ThermoSafe’s growth and innovation and thank its team for their contributions.”
Arsenal Capital Partners, a private equity firm specializing in industrial growth and healthcare companies, will acquire ThermoSafe as part of its strategy to expand in high-value packaging and life sciences.
The sale underscores Sonoco’s shift toward its core packaging operations. Founded in 1899, the company now employs approximately 23,400 people in 40 countries and serves leading global consumer and industrial brands.
Sonoco will release its third quarter 2025 financial results on October 22, with a conference call scheduled for October 23.
Founded in 1899 and based in Hartsville, South Carolina, Sonoco is a global leader in sustainable metal and fiber packaging. The company operates in 40 countries with about 23,400 employees, serving major consumer and industrial brands worldwide.
