KPS Capital Partners, LP (” KPS “) today announced that it has signed an agreement for its portfolio company, Eviosys (” The Company “). The Company will be sold to Hartsville, South Carolina-based Sonoco Products Company (NYSE: SON), a global leader in high-value sustainable packaging, for €3.615 billion (approximately $3.9 billion). Sonoco has the option to use its shares to pay up to $200 million in acquisition consideration under certain circumstances. The transaction is expected to close by the end of 2024, subject to completion of required union consultations, receipt of necessary regulatory approvals and other customary closing conditions.

P0926GH Eviosys is a leading global supplier of metal packaging, producing food cans and can LIDS, spray cans, metal bottle caps, and promotional packaging that provides packaging protection for hundreds of consumer brands. Eviosys has the largest production of metal food cans in Europe, the Middle East and Africa, with more than 6,300 employees at 44 manufacturing sites in 17 countries. Eviosys is a global leader in sustainability, with a portfolio made up entirely of infinitely recyclable metal packaging and an industry leader on several sustainability metrics.

KPS created Eviosys in August 2021 with the successful acquisition of Crown Holdings, Inc. ‘s (” Crown “, NYSE: CCK) Food and consumer packaging business in Europe, the Middle East and Africa through a highly complex global corporate divestiture transaction. Crown holds a 20% stake in Eviosys. KPS has assembled an outstanding management team led by CEO Tomas Lopez to lead the transformation of Eviosys into one of the largest and most profitable packaging companies in Europe. In less than three years at Eviosys, KPS has worked closely with management to successfully transform Eviosys into a fully independent and significantly more profitable company focused on growth, innovation and sustainability.

P0926GH In less than three years since KPS took over Eviosys, the management teams of KPS and Eviosys have structurally improved Eviosys’ strategic position and competitiveness, resulting in an approximately 50% increase in profitability. KPS has invested nearly €225 million in capital expenditures and has committed significant resources to execute a comprehensive business transformation program focused on optimizing Eviosys’ manufacturing landscape to improve asset utilization, reduce operating costs and increase sales volume in existing and new regions. Eviosys has made significant progress in advancing its sustainability goals, not only exceeding its publicly committed greenhouse gas reduction targets, but also receiving a platinum rating from EcoVadis for 2023, placing it in the top 1% of companies in the EcoVadis rating system. Today, Eviosys is a thriving independent company committed to providing customers with innovative and sustainable metal packaging solutions with superior quality and large-scale production capabilities.