Packaging Industry M&A Activity Tracking
Global Packaging M&A posted 18 transactions in June, which was a decrease of three deals from May levels, but in line with the monthly average for the first half of the year. Packaging M&A ended up at 118 deals for H1 2023, which was 9 deals lower than H2 2022 and 18 deals lower than H1 2022. Overall, Packaging M&A activity continues to be lower than pre-pandemic levels due in part to lower activity by strategic buyers, which has been partially offset by strong private equity add-on activity.
- Private equity add-on transactions continue to be a driving force in Packaging M&A activity. Through June of 2023, 51 of the 66 deals attributable to private equity have been add-on transactions, which was on par with H1 2022 and above H2 2022 add-on levels
- Strategic buyers accounted for over 50% of the deal volume in June. Through H1 2023, strategic buyers have accounted for 44% of the deal activity which was the lowest mark since PMCF began tracking the space
- Paper Packaging posted eight transactions in June, which was one above May levels and increased the subsector’s 2023 total to 52 deals. Through June of 2023, the Paper Packaging subsector is eight deals below H1 2022 levels
- The Consumer end market only posted one deal in June, which was the lowest month of the year. Despite the decline in June, the Consumer end market has increased by two transactions over H1 2022 levels
Global Packaging M&A has faced some headwinds since its record year in 2021 including lower core demand, raw material pricing volatility, and challenging credit markets. Despite slowing deal activity, well-positioned packaging businesses remain in demand and continue to command strong valuations. If you are a packaging company considering a merger, acquisition, sale, or recapitalization in the short or longer term please consider leveraging PMCF’s transaction planning and execution expertise to best position your company in a transaction.
Sources: Capital IQ, PitchBook, Thomson Reuters, Company Reports, PMCF. Data as of June 30, 2023
Packaging M&A By Subsector
Total Packaging M&A By End Market
Packaging Transactions By Buyer Type
Notable M&A Activity
Public Entity Performance
Major News
- Packaging Sustainability by Design: 7 Steps to Circular Success (Packaging Digest)
https://www.packagingdigest.com/sustainability/packaging-sustainability-design-7-steps-circular-success - Connecticut Passes Plastic Bottle Recycled-Content Mandate (Plastics News)
https://www.plasticsnews.com/public-policy/connecticut-passes-plastic-bottle-recycled-content-mandate - New report Urges Packaging Producers to Act Quickly on Sustainability (Plastics News)
https://www.plasticsnews.com/news/rabobank-report-calls-packaging-producers-act-now - Inflation Eased to 3% in June, Slowest Pace in More Than Two Years (The Wall Street Journal)
https://www.wsj.com/articles/consumer-price-index-report-june-inflation-ede7f4b1?mod=economy_more_pos14 - U.S. Economy Shows Surprising Vigor in First Half of 2023 (The Wall Street Journal)
https://www.wsj.com/articles/u-s-economy-shows-surprising-vigor-in-first-half-of-2023-1a8a32eb?mod=economy_more_pos31
Download Packaging M&A Update – June 2023
Packaging M&A Update – August 2026
Global Packaging M&A activity softened in August, totaling 16 transactions, down 11 deals compared to July, and the lowest monthly volume recorded since March 2023.
Plastics M&A Update – August 2026
Global Plastics M&A recorded 29 transactions in August, down from 37 in July but in line with the 28 deals announced in August 2025.
Packaging M&A Update – July 2026
Global Packaging M&A activity was unchanged in July with 27 transactions, matching June volume but 10 fewer than in July 2025.
Plastics M&A Update – July 2026
Global Plastics M&A recorded 37 transactions in July, down from 46 in June and 43 in July 2025.
Packaging M&A Update – June 2026
Global Packaging M&A held steady in June with 27 transactions, in line with May and three deals above June 2025.