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KPS CAPITAL PARTNERS TO SELL EVIOSYS TO SONOCO FOR €3.615 BILLION

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NEW YORK, June 24, 2024 /PRNewswire/ — KPS Capital Partners, LP (“KPS”) announced today that it has entered into an agreement for its portfolio company, Eviosys (the “Company”), to be sold to Sonoco Products Company (“Sonoco”, NYSE: SON), a Hartsville, South Carolina-based global leader in high-value sustainable packaging, for €3.615 billion (or approximately $3.9 billion). Sonoco has the option, under certain circumstances, to pay up to $200 million of the purchase consideration in the form of Sonoco stock. The transaction is expected to close by the end of 2024, and is subject to completion of required works council consultations and the receipt of required regulatory approvals and other customary closing conditions.

Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics.  

KPS created Eviosys to acquire Crown Holdings, Inc.’s (“Crown”, NYSE: CCK) EMEA Food and Consumer Packaging Business in August 2021 in a highly complex global corporate carve-out transaction. Crown retained a 20% ownership interest in Eviosys. KPS assembled an accomplished management team, led by Chief Executive Officer Tomás López, to lead the transformation of Eviosys into one of Europe’s largest and most profitable packaging companies. In under three years of ownership, KPS, in partnership with management, successfully transformed Eviosys into a fully independent and significantly more profitable company focused on growth, innovation and sustainability.  

KPS and Eviosys’ management team structurally improved the strategic position and competitiveness of Eviosys, resulting in an approximate 50% improvement in profitability in under three years of KPS ownership. KPS invested nearly €225 million in capital expenditures and significant resources to execute a comprehensive business transformation plan focused on optimizing Eviosys’ manufacturing footprint to drive asset utilization, reducing operational costs and growing volumes in new and existing geographies. Eviosys made remarkable progress in advancing its sustainability objectives, surpassing its publicly committed greenhouse gas emissions reductions targets and achieving an EcoVadis Platinum rating in 2023, placing it in the top 1% of all companies ranked by EcoVadis. Eviosys today is a thriving, independent company providing its customers with innovative and sustainable metal packaging solutions at the highest standards for quality and at scale.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “Eviosys is another demonstration of KPS’ investment strategy of seeing value where others do not, buying right and making businesses better, across economic cycles, geographies and industries over decades.

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We are proud of Eviosys’ extraordinary transformation under our ownership. Eviosys demonstrates our ability to build industry-leading companies on a global basis. The Company’s success is a direct result of KPS’ commitment to, and investment in, the Company’s R&D, innovative new technologies and products, manufacturing facilities and people. We believe the acquisition of Eviosys by Sonoco will benefit the combined companies’ customers, employees and investors. The industrial logic is compelling.

We congratulate and thank Tomás López, Eviosys’ Chief Executive Officer, along with the Company’s senior management team, for their strategic vision and brilliant execution, which resulted in tremendous value creation under KPS’ ownership in a short period of time. We also thank Crown for being a highly constructive and supportive partner.”

Tomás López, Chief Executive Officer of Eviosys, added, “For over 200 years, Eviosys and its predecessor companies have provided best-in-class metal packaging that enhances the appeal of our customers’ brands. KPS recognized the investment opportunity and upside presented by Eviosys. KPS’ extensive manufacturing expertise and experience provided us with the plan and resources that resulted in enormous value creation. We thank KPS for creating a culture in our company focused on continuous improvement, manufacturing excellence and environmental stewardship. We are proud of our people, products and service. By combining with Sonoco, we will work to bring our high quality, sustainable and innovative packaging solutions to new and existing customers around the globe. Our companies share a strong commitment to providing the highest levels of customer service, safety for our employees, and operating efficiencies.”

Rothschild & Co is serving as sole financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to KPS and Eviosys. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Sonoco and Freshfields Bruckhaus Deringer LLP is serving as Sonoco’s legal counsel.

About Eviosys
Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics. To learn more, visit www.eviosys.com.

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About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.6 billion of assets under management (as of March 31, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.6 billion, operate 223 manufacturing facilities in 26 countries, and have approximately 47,000 employees, directly and through joint ventures worldwide (as of March 31, 2024). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

About Sonoco
With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world’s best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products and a better world for our customers, employees, and communities. Sonoco was named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at www.sonoco.com.

Forward-Looking Statements
This presses release contains “forward-looking statements”, including statements regarding the contemplated transaction. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates.  Forward-looking statements in this document include, without limitation, statements regarding the Company’s expectations as to the completion and timing of the contemplated transaction, including with respect to works council consultations, regulatory approvals and the satisfaction of other closing conditions, and the anticipated impacts of the contemplated transaction.  These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements.  Factors that could cause actual results to differ include, among other things: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement or could otherwise cause the transactions contemplated therein to fail to close; the inability of the Company or Sonoco to satisfy the conditions to closing; and other risks and uncertainties.  The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.  All forward-looking statements in this document are qualified in their entirety by this cautionary statement.

Statements By Portfolio Company Executives

Certain statements about KPS made by portfolio company executives herein are intended to illustrate KPS’ business relationship with such persons, including with respect to KPS’ facilities as a business partner, rather than KPS’ capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with the communication of such statements, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in KPS-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.

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China remains stabilizing force for global economic growth

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BEIJING, July 20, 2024 /PRNewswire/ — A report from People’s Daily: In the first six months of this year, China’s economy continued its recovery trend and maintained steady progress.

On July 16, the International Monetary Fund (IMF) released an update to its World Economic Outlook, predicting that China’s economic growth rate will be 5 percent in 2024, an upward revision of 0.4 percentage points from the forecast in April.

The stable operation and long-term positive outlook of the Chinese economy have also boosted confidence in global economic recovery.

The IMF believes that Asia’s emerging market economies, represented by countries including China, remain the main engine of the global economy.

China’s economic growth is not only quantitative but also qualitative.

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In the first half of this year, China’s gross domestic product (GDP) grew 5 percent year on year to around 61.7 trillion yuan ($8.49 trillion).

During the period, the country’s total retail sales of consumer goods went up 3.7 percent year on year, with retail sales of services expanding 7.5 percent; investment in infrastructure construction rose 5.4 percent from a year ago while manufacturing investment increased 9.5 percent, signaling burgeoning recovery; and the foreign trade reached a new high, with the goods trade volume reaching 21.2 trillion yuan.

From a medium to long-term perspective, the economic fundamentals that sustain China’s long-term growth remain unchanged, and the trend toward high-quality development in China’s economy has not changed.

China continues to be an important engine and stabilizing force for the world economy.

Facing complex and volatile domestic and international environments, China has maintained stable expansion of its economy and pushed forward industrial upgrading and high-quality development in an orderly manner, spurring the pursuit of high value-added and sustainable economic growth.

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Positive factors driving China’s economic transformation, upgrading, and high-quality development have continued to accumulate.

For instance, the country’s output of smart and green products, such as integrated circuits, service robots, new energy vehicles, and solar panels has maintained double-digit growth in the first half of this year.

Besides, the emergence of new consumption scenarios spawned by new technologies like big data and artificial intelligence as well as new consumption models has driven an 8.8 percent year-on-year increase in China’s online retail sales of physical goods during the period.

Meanwhile, China’s energy consumption per unit of GDP has continued to decline.

“With the global economy facing uncertainties and challenges, China’s role as a stabilizing force is more crucial than ever,” pointed out a recent article by Zamir Ahmed Awan, founding chair of Pakistani think tank Global Silk Route Research Alliance.

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China’s efforts to deepen reforms across the board have injected strong momentum into the country’s high-quality development and pursuit of Chinese modernization.

Since the 18th National Congress of the Communist Party of China (CPC), China has deepened reforms across the board, with efforts concentrated on making reform more systemic, holistic, and coordinated and on stimulating the dynamism, vitality, and potential of high-quality development.

International observers have paid close attention to the third plenary session of the 20th CPC Central Committee. They believe that China’s economy is undergoing a transition from old to new drivers of growth, and that a smooth transition can be guaranteed by further deepening reforms in a comprehensive manner.

Iqbal Survé, chairman of South Africa’s Independent Media, pointed out that China is building a modern industrial system underpinned by advanced manufacturing and pushing forward reforms, which demonstrates the CPC’s foresight, wisdom, courage, and resolve.

By solidly promoting high-standard opening up, China has opened up vast space for economic development.

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During the first six months of this year, China has for the first time released a negative list for cross-border trade in services at the national level, expanded the opening up of value-added telecom services within pilot areas, and introduced new measures to encourage overseas institutions to invest in China’s domestic sci-tech enterprises…

Such policies and measures have demonstrated the country’s resolve to promote reforms and development through opening up.

China is the main trading partner of over 140 countries and regions, with its total volume of foreign trade in goods ranking first globally for seven consecutive years.

China has expanded its circle of friends under the Belt and Road Initiative (BRI) to include more than 150 countries and 30 international organizations, and the ChinaEurope freight train service now reaches over 200 cities in 25 European countries.

In addition, international exhibitions hosted by the country, such as China International Import Expo, China International Fair for Trade in Services, China International Consumer Products Expo, and China International Supply Chain Expo, have served as win-win platforms for mutually beneficial cooperation across different countries.

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A prosperous China not only sustains its own future but also provides opportunities for other countries, said an article published on the website of Argentine newspaper Clarin.

The Chinese economy is overcoming challenges and moving steadily forward along the country’s path of high-quality development, which is a defining feature of Chinese modernization.

Looking forward, China will provide more opportunities for countries worldwide and contribute to the stable and sound development of the global economy as it continuously marches toward modernization.

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RoboSense Sales Volume of LiDAR for ADAS Achieved 487.7% YOY Growth in H1 2024

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HONG KONG, July 19, 2024 /PRNewswire/ — Recently, RoboSense announced its business progress for the first half year of 2024, demonstrating a high-growth trajectory and maintaining its leadership in the global market. For the six months ended June 30, 2024, RoboSense’s sales volume of LiDAR products and LiDAR products for ADAS applications amounted to approximately 243,400 and 234,500 units, separately reflecting a year-on-year increase of 415.7% and 487.7%.

As OEMs rapidly pursued advancements in intelligent technology, RoboSense achieved nearly its 2023 annual sales volume in the first half year of 2024. RoboSense and the global automotive industry’s intelligent upgrade are progressing and succeeding together. This exponential growth underscores RoboSense’s exceptional capabilities in technological innovation and market expansion, reinforcing our trajectory of outstanding growth as an industry leader.

As of June 30, 2024, RoboSense’s cumulative sales volume of LiDAR have reached approximately 583,500 units, with LiDAR for ADAS approximately 518,300 units. Since pioneering the mass production of LiDAR for ADAS in 2021, RoboSense has demonstrated significant growth, with steadily increasing sales that continue to lead the industry’s development.

Leveraging its powerful LiDAR hardware and perception software technology, as well as leading product performance, RoboSense has made remarkable progress in obtaining vehicle model designs and achieving mass production for various vehicle models. As of May 17, 2024, we have received mass production designation orders for 71 vehicle models from 22 global OEMs and Tier 1 customers. By the end of the first quarter of 2024, we have achieved SOP 25 vehicle models from 12 of these customers.

At the 2024 Auto Beijing Show, RoboSense ranked No.1 with equipment for 37 models, and its occupation was over 50%. As more collaborative vehicle models launch and reach mass production, RoboSense repeatedly shatters records.

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In technological innovation and product development, RoboSense continues to launch powerful and technologically advanced products that drive industry progress. In 2024 Q2 and Q3, RoboSense launched the M3, a long-range LiDAR, and the MX, a medium-range LiDAR. In particular, MX gained three new mass production projects shortly after its release, and is expected to realize its first mass production in 2025.

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KuCoin Introduces Omnibus Account Structure to Enhance Liquidity for Brokerage Partners

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VICTORIA, Seychelles, July 19, 2024 /PRNewswire/ — July 23, 2024 – KuCoin, a leading cryptocurrency exchange, is pleased to announce a significant enhancement to its Broker Program, designed to cater to liquidity-seeking partners. This upgraded program enables participants to leverage KuCoin’s superior liquidity and diverse asset offerings across both Spot and Futures markets. With this enhancement, participants can now benefit from KuCoin’s top-tier liquidity, high-revenue shares, unlimited sub-accounts, and independent deposit addresses, allowing for functional flexibility and maintaining their own client management powers.

“Our new brokerage infrastructure is suitable for multiple types of institutional partners, such as crypto exchanges, execution terminals, layer 2 aggregators, OTCs, and traditional financial service providers venturing into crypto,” said Anton Starchenko, Director of Institution Business Development of KuCoin. 

“This upgrade demonstrates our commitment to providing our partners with the tools they need to succeed in the rapidly evolving crypto market.”

By joining the KuCoin brokerage service, brokers gain access to one main broker account with unlimited sub-accounts. Each sub-account features an exclusive deposit address, serving as a wallet to separate funds and trades. Additionally, each sub-account undergoes independent risk checks. These ongoing risk and compliance measures bolster KuCoin’s commitment to protecting partner interests. Broker accounts are subject to separate fee structures, while the broker receives a combined commission based on the cumulative volume across all accounts.

As a leading platform in the cryptocurrency industry, KuCoin is dedicated to providing top-notch security and reliability. The platform employs state-of-the-art security measures, including advanced encryption protocols, multi-factor authentication, and real-time monitoring systems to ensure the safety of users’ assets. KuCoin’s unwavering focus on security and innovation has solidified its reputation as a trusted and forward-thinking exchange in the global crypto market.

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For more information about the KuCoin Broker Program and the new omnibus account structure, please visit KuCoin’s official website.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/ .

Contact Us to Join

Telegram: @KuCoin_Broker

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Email: [email protected]

Book a Product Call here.

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