KPS Capital to sell Eviosys to Sonoco for EUR 3.615B

KPS Capital Partners has entered into an agreement for its portfolio company, Eviosys, to be sold to Sonoco Products (SON), for EUR 3.615B or approximately $3.9B. Sonoco has the option, under certain circumstances, to pay up to $200M 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 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. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics. KPS created Eviosys to acquire Crown Holdings’ (CCK) EMEA Food and Consumer Packaging Business in August 2021 in a global corporate carve-out transaction. Crown retained a 20% ownership interest in Eviosys. KPS assembled a management team, led by CEO Tomas Lopez, to lead the transformation of Eviosys into one of Europe’s largest and most profitable packaging companies. In under three years of ownership, KPS, in partnership with management, successfully transformed Eviosys into a fully independent and significantly more profitable company focused on growth, innovation and sustainability. KPS and Eviosys’ management team structurally improved the strategic position and competitiveness of Eviosys, resulting in an approximate 50% improvement in profitability in under three years of KPS ownership.