Houlihan Lokey Advises TOPPAN Holdings

Houlihan Lokey is pleased to announce that TOPPAN Holdings Inc. (TSE:7911) (TOPPAN) has entered into an agreement with Sonoco Products Company (NYSE:SON) (Sonoco), a global leader in high-value sustainable packaging, to acquire Sonoco’s Thermoformed & Flexible Packaging (TFP) business for approximately $1.8 billion on a cash-free and debt-free basis. Houlihan Lokey served as TOPPAN’s lead financial advisor. The transaction was signed on December 18, 2024, and is expected to close in the first half of 2025 subject to customary regulatory approvals.

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 brand owners and 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. Sonoco’s TFP business has a strong manufacturing footprint in North America and South America with approximately 4,485 employees in 22 manufacturing plants, more than 700 patents, and design capability across 10 countries.

This transaction 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 deal 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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