Packaging Industry M&A Activity Tracking
Global Packaging M&A recorded 26 deals in March, marking a six-deal decline from February but a six-deal increase over March 2024. Strong activity in the first two months of 2025, combined with steady March deal volume, pushed first-quarter totals above prior-year levels. This year-over-year increase was driven primarily by strong activity in the Rigid Packaging, Printing/Labels, and Protective Packaging subsectors, which together doubled their deal volume compared to Q1 2024. Strategic buyer and private equity add-on activity slowed in March, but private equity platform activity exceeded 2024 monthly averages. Overall, the Global Packaging M&A market closed the first quarter on a strong note, surpassing last year’s pace by 28 transactions.
- Coming off a record level of activity in February, Printing/Labels tallied only two deals in March, a nine-deal decline from the prior month and five fewer than March 2024. In contrast, the Rigid Packaging, Flexible Plastic, and Protective Packaging subsectors each recorded at least three more deals than the prior year
- Both strategic and financial buyers pulled back slightly from February levels, with 15 and 11 transactions, respectively—each three fewer than the prior month. Among financial buyer activity, five private equity platform deals were announced, representing 19% of the total volume
- Deals involving either two domestic entities or two foreign entities accounted for nearly 93% of total M&A activity in the month as cross-border deals slowed likely due to macroeconomic headwinds related to tariffs
- The Consumer end market recorded a strong Q1, accounting for 36% of all activity—well above historical averages. Meanwhile, the Industrial end market represented only 30% of total M&A activity through the first three months of 2025 compared to the past two years when this end market eclipsed 40% of the deal volume
Sources: S&P Capital IQ, Company Websites, Pitchbook, Company Reports, PMCF
Major News
- Packaging Groups Back Bipartisan Recycling Bill in Congress (Packaging Dive)
https://www.packagingdive.com/news/congress-recycling-infrastructure-accessibility-act-reintroduced/743223/ - Paper, Metal, Plastics Sectors Raise Alarm Over North America Tariffs (Packaging Dive)
https://www.packagingdive.com/news/tariffs-effective-us-canada-mexico-paper-aluminum/741410/ - U.S. Added 151,000 Jobs Last Month (The Wall Street Journal)
https://www.wsj.com/economy/jobs/jobs-report-february-2025-unemployment-economy-1e0d14a8?mod=jobs_more_article_pos4 - Mass Balance Sparks Debate in Plastic Package Recycling (PlasticsToday)
https://www.plasticstoday.com/medical/mass-balance-sparks-debate-in-plastic-package-recycling - EPR for Packaging Laws: Dates to Know (Packaging Dive)
https://www.packagingdive.com/news/extended-producer-responsibility-packaging-laws-regulations-calendar/727548/ - Amcor Takeover of Berry Clears US Antitrust Hurdle (Plastics News)
https://www.plasticsnews.com/news/amcor-takeover-berry-clears-us-antitrust-hurdle
Download Packaging M&A Update – March 2025
