Cool Deal: Arsenal Acquires Sonoco’s ThermoSafe Unit for $725 million

Arsenal Capital Partners has closed its acquisition of the ThermoSafe business of publicly traded Sonoco Products Company for $725 million—$650 million in cash at close, along with up to $75 million in additional consideration based on 2025 performance.

ThermoSafe provides temperature-controlled packaging systems for the transportation of pharmaceuticals, biologics, vaccines, and clinical supplies. The company’s primary product offerings provide precise refrigerated, frozen, and controlled room-temperature conditions and include Parcel Shippers (for single-dose or multi-dose medications), Reusable Shippers (for repeated cold chain logistics), and Bulk Transport Systems (for pallet-sized temperature assurance shipping). The company also offers lab services through its ISC Labs business, which provides design, testing, prototyping, and regulatory compliance services.

In 2024, ThermoSafe had more than $240 million in sales and approximately $50 million in pro forma adjusted EBITDA. Based on the $650 million cash payment at close, this equates to a 13x valuation multiple.

ThermoSafe, led by CEO Russell Grissett, has more than 900 employees and is headquartered near Chicago in Arlington Heights, Illinois, with additional facilities in France, India, and Brazil.

“ThermoSafe’s leadership in cold chain solutions aligns with Arsenal’s focus on partnering with and helping to build businesses that deliver innovation and lasting value,” said George Abd, an operating partner at Arsenal. “With decades of domain and technical expertise in the technology-rich industrial growth sectors, Arsenal is looking forward to partnering with Jim Lassiter and his team to further strengthen ThermoSafe’s position as a value-added partner providing innovative solutions to its markets and customers.”

Sonoco’s sale of ThermoSafe lines up with broader movement in cold chain packaging, particularly in healthcare logistics, where growth is being driven by demand for biologics, personalized medicine, and stricter regulatory requirements around temperature control. According to Straits Research, the global cold chain packaging market was valued at $30.4 billion in 2024 and is expected to reach $75.9 billion by 2033, growing at a CAGR of 10.7% from 2025 onward.

Sonoco (NYSE: SON) is a manufacturer of consumer and industrial packaging products made primarily from paper and metal. Specific products include rigid paper containers and flexible packaging for snacks, powdered beverages, nuts, and other consumer products; and protective packaging for appliances and electronics. Customers of Sonoco include multinational consumer goods firms and industrial manufacturers. Sonoco, led by CEO Howard Coker, was founded in 1899 and is headquartered 70 miles northeast of Columbia in Hartsville, South Carolina.

“The completion of the sale of ThermoSafe substantially concludes Sonoco’s portfolio transformation, which simplified our operations from a large portfolio of businesses into two core global business segments focused on metal and paper consumer and industrial packaging,” said Mr. Coker. “Sonoco is proud of what we have accomplished in building ThermoSafe into one of the industry’s leading players. We thank the entire ThermoSafe team for their dedication and wish them and their new owners continued success in the future.”

Arsenal Capital Partners invests in middle-market specialty industrial and healthcare companies that have $100 million to $500 million of enterprise value. Arsenal is an active investor in the specialty packaging sector, with current and past investments including Airnov Healthcare Packaging, Spartech, POLYWOOD, Revolution, and Chroma Color Corporation.

“We are delighted to work alongside the entire ThermoSafe team as they enter this next chapter of growth, staying true to the mission of addressing cold chain challenges that improve lives,” said Matthew Teller, a principal at Arsenal. “Together, we will build on ThermoSafe’s strong foundation and reinforce the company’s position as a globally trusted strategic supplier of temperature assurance technologies.”

Since its founding in 2000, New York City-headquartered Arsenal has raised total capital of $10 billion, closed more than 300 platform and add-on acquisitions, and exited more than 36 portfolio companies.

Morgan Stanley was the financial advisor to Sonoco and Raymond James advised Arsenal.