HARTSVILLE, S.C., -- Sonoco announced it has signed a definitive agreement to acquire Peninsula Packaging Company for approximately $230 million in cash.

Peninsula, which is owned by a fund managed by Odyssey Investment Partners, LLC, is a manufacturer of thermoformed packaging for fresh fruit and vegetables found in the fast-growing perimeter of retail supermarkets. The transaction is subject to normal regulatory review and is expected to close by the second quarter of 2017.

Founded in 2001, the Exeter, Calif.-based company has 2016 proforma sales of approximately $190 million and operates five manufacturing facilities, four in the United States and one in Mexico. The majority of its business is focused on packaging for a wide range of whole fresh fruits, pre-cut fruits and produce and prepared salad mixes, as well as baked goods. Peninsula's customer base includes most of the leading household names for fresh fruits and vegetables found at retail.

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