Tariffs have added complexity to M&A but haven’t slowed packaging transaction numbers through 2025.
In a recent interview with Packaging Digest, PMCF Investment Banking Managing Director John Hart shared his perspective on packaging M&A and tariffs, highlighting both new challenges and unique opportunities in the market.
Hart, who leads PMCF’s Plastics & Packaging vertical, mentioned he has seen a greater focus on U.S.-based acquisitions and that cross-border or import-heavy transactions are receiving more scrutiny. This scrutiny is driving noticeable target changes, with global buyers gaining more interest in U.S.-based packaging companies.
“Cross-border activity oddly enough is not up so far this year,” Hart said. ‘But I can say anecdotally, I’ve gotten a lot more inquiries from global packaging players to do acquisitions in the US.”
Looking holistically at the packaging industry, Hart said financial performance seems to be improving for packaging firms, which in turn is leading to further transactions.
“In fact, there’s companies that would have transacted in 2024 if they had better 2023 performance,” Hart said. “But because they didn’t, they held off on pursuing a transaction until they got through 2024 and now they’re pursuing a transaction. I think that’s what’s actually driving some of the increase in activity. Certainly, you have a tariff impact, which is hurting some deals. But I think this pent-up demand in deals due to company performance has offset any tariff impact in packaging.
To read the full Packaging Digest Interview, click here.
To read PMCF’s recent Packaging June 2025 M&A update, click here.
