Houlihan Lokey Advises TOPPAN Holdings

Houlihan Lokey is pleased to announce that TOPPAN Holdings Inc. (TSE:7911) (Toppan) has completed the acquisition of the Thermoformed & Flexible Packaging (TFP) business of Sonoco Products Company (NYSE:SON) (Sonoco), a global leader in high-value sustainable packaging. Houlihan Lokey served as Toppan’s lead financial advisor. The transaction closed on April 1, 2025.

Established in Tokyo in 1900, Toppan is a leading and diversified global provider of sustainable, integrated solutions for printing, communications, security, packaging, décor materials, electronics, and digital transformation. Its global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals.

TFP is a leading thermoformed and flexible packaging business serving a wide range of customers in the food, retail, and medical markets. TFP provides a variety of complex packaging to value-added categories, including snacks, condiments, healthcare, prepared meals, fresh products, coffee, and pet food. TFP has a strong manufacturing footprint in North America and South America with approximately 4,500 employees in 22 manufacturing plants, more than 700 patents, and design capability across 10 countries. On a pro forma stand-alone basis, TFP generated revenue of approximately $1.3 billion in 2023.

This acquisition accelerates Toppan’s strategy to become a global leader in sustainable packaging solutions by significantly increasing its market presence in the Americas. Toppan will leverage the combined strengths of both businesses to drive growth, solve customers’ needs, and create significant value for shareholders.

Houlihan Lokey served as the lead financial advisor to Toppan and assisted in initiating and negotiating the transaction on its behalf. This transaction further strengthens Houlihan Lokey’s market leadership and global reach in the plastic packaging and flexible films sectors and further solidifies Houlihan Lokey as a leading advisor on cross-border transactions.

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