Freshfields is advising Sonoco (NYSE: SON), a global leader in high-value sustainable packaging, on its definitive agreement to sell its ThermoSafe business unit, which is one of the leading providers of temperature-assured packaging, to Arsenal Capital Partners, a leading private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, for a total purchase price of up to $725 million.  The purchase price consists of $650 million in cash on a cash-free and debt-free basis payable at closing, and additional consideration of up to $75 million if certain performance measures for calendar year 2025 are met.   

The transaction is subject to customary closing conditions, including regulatory review, and is expected to be completed by the end of 2025. More details about the transaction can be found here.

The Freshfields team is led by M&A partners Damien Zoubek and Zheng (Jonathan) Zhou and counsel Lisa Cammer and includes associates Ryan Taylor, Charlie Carroll, Isabelle Cheng and Zade Mutwalli on corporate and M&A matters; partner Lori Goodman, counsel Andrew Herman and associate Lina Zhu on executive compensation and benefit matters; partner Menachem Kaplan, counsel Marissa Yu and associate Rhea Khakhria on intellectual property and commercial matters; partner Kyle Lakin and associates Hadar Tanne, Nora McDonnell and Jordan Phelan on financing matters; partner Joe Soltis and associates Courtney Canning and Hannah Golden on tax matters; partners Justin Stewart-Teitelbaum and Jenn Mellott, counsel Elizabeth Suarez and associate Emily Abbott on antitrust matters; partner Pamela Marcogliese and associates Daniel Fox and Katherine Kim on capital markets matters; partner Stephanie Brown Cripps and associate Young Park  on sanctions and anti-corruption matters; partner Brock Dahl and associate Christine Chong and Israa Saber on cybersecurity and data privacy matters; partner John Rousakis on environmental matters; and a UK team consisting of partners Meredith Bayley, Rhys Evans, Alice Greenwell and Dawn Heath and associates Desmond Fei and Karishma Paun on various UK legal matters.