Ball Metalpack offers sustainable steel containers for aerosol products, food, household consumables, pet food, nutritional and other products in the US
Sonoco has completed the acquisition of Ball Metalpack. (Credit: PRNewswire / Platinum Equity)
Protective packaging company Sonoco has wrapped the acquisition of metal packaging company Ball Metalpack from Platinum Equity and Ball for $1.35bn in cash.
Based in Broomfield of Colorado, Ball Metalpack is engaged in the manufacturing of sustainable steel containers for aerosol products, food, household consumables, pet food, nutritional and other products in the US.
In 2018, Ball Metalpack was established as a joint venture between Platinum Equity and Ball, in which Platinum Equity owned a 51% stake and Ball owned the remaining 49% interest.
Ball Metalpack has expertise in the production of steel tinplate food and aerosol cans, as well as closures and packaging components from its eight facilities.
Last year, the business reported around $850m in revenue and adjusted EBITDA of $114m.
Ball Metalpack had invested around $100m in advanced manufacturing infrastructure since its inception.
Sonoco president and CEO Howard Coker said: “Sonoco and Ball Metalpack are a clear strategic fit. The metal packaging business complements Sonoco’s largest Consumer Packaging franchise – our iconic global Paper Cans and Closures business.
“In addition, this combination expands Sonoco’s already established sustainable packaging portfolio to include metal packaging, which is one of the world’s top circular economy adapted products.”
Goldman Sachs acted as a financial advisor to Ball Metalpack on the transaction, while Latham & Watkins served as Platinum Equity’s legal counsel. Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Ball.
In November last year, Sonoco acquired US-based D&W Paper Tubes, which produces sustainable industrial paper tubes and cores.
With more than 300 operations in 34 countries, Sonoco offers consumer, industrial, healthcare and protective packaging solutions to its customers.