Black Diamond Capital Management, L.L.C. completed the acquisition of Sonoco Protective Solutions, Inc. from Sonoco Products Company.
April 31, 2024
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Black Diamond Capital Management, L.L.C. entered into a definitive agreement to acquire Sonoco Protective Solutions, Inc. from Sonoco Products Company (NYSE:SON) for $80 million on January 30, 2024. The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2024. Raymond James Financial, Inc. (NYSE:RJF) acted as an exclusive financial adviser and Darcy White and Mary Alexander Myers of Jones Day acted as a legal advisor to Sonoco Products Company (NYSE:SON). Greenberg Traurig, LLP acted as a legal advisor to Black Diamond.
Black Diamond Capital Management, L.L.C. completed the acquisition of Sonoco Protective Solutions, Inc. from Sonoco Products Company (NYSE:SON) on April 1, 2024. Sonoco Products Company used the majority of the cash proceeds from the sale to pay down debt.
Sonoco Products Company is a sustainable global packaging company. The Company's segments include Consumer Packaging and Industrial Paper Packaging. The Consumer Packaging segment's products consist of rigid packaging (paper, metal, and plastic) and flexible packaging, primarily serving the consumer staples market focused on food, beverage, household, and personal products. Its rigid plastic products are comprised of thermoformed plastic trays and enclosures for fresh produce, condiments, and pre-packaged foods. Its flexible packaging is comprised of plastic packaging serving a variety of food and personal product applications. The Industrial Paper Packaging segment's products consist of goods produced from recycled fiber including paperboard tubes, cores, cones and cans; partitions; paper-based protective materials, and uncoated recycled paperboard. Its other businesses consist of a variety of packaging materials including plastic, paper, foam, and various other specialty materials.