CHARLOTTE, N.C., Feb. 16, 2017 /PRNewswire/ -- Deloitte Corporate Finance LLC acted as the exclusive financial advisor to Plastic Packaging Inc. (PPI), a Hickory, North Carolina-based manufacturer of flexible plastic packaging products, in its sale to Sonoco Products Co. (Sonoco), an international manufacturer of industrial and consumer packaging products. The transaction closed on Oct. 31, 2016.
"We needed a flexible approach to a potential transaction with a number of desired outcomes for our owners, management team and employees, to achieve optimal results," said Ronnie Boyd, Executive Vice President of Plastic Packaging Inc. "Deloitte brought all of the employee stock ownership plan corporate finance capabilities, M&A experience, industry knowledge and executional excellence required to deliver this result."
"PPI is yet another family-owned business in the packaging space that has grown into a dynamic partner for customers in need of solutions, not just products," said Will Frame, managing director, Deloitte Corporate Finance LLC. "With this transaction, PPI's solutions provide a new element to Sonoco's growth story and a coveted position in the flexible plastic packaging category."
About Plastic Packaging Inc.
Founded in 1957, PPI is a well-established and growing manufacturer of flexible packaging products, delivering high-end graphics, short lead times and attentive customer service to customers requiring highly customized, long- and short-run packaging solutions. PPI brings over 59 years of experience working with blue chip players in a variety of end markets, including consumer goods, tobacco, confectionary and snacks, pet care and lawn and garden. For more information on PPI, visit the PPI website: www.ppi-hky.com.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of nearly $5 billion, the Company has 20,800 employees working in more than 300 operations in 35 countries, serving some of the world's best known brands in some 85 nations. For more information on the Company, visit our website at www.sonoco.com.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC provides strategic advisory services and M&A advice that help corporate, entrepreneurial, and private equity clients create and act upon opportunities for liquidity, growth and long‑term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. DCF, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, visit www.investmentbanking.deloitte.com.
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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