Packaging M&A Update – March 2026

Packaging Industry M&A Activity Tracking

Global Packaging M&A activity improved in March, with 27 deals announced. While this reflected only a one‑deal increase compared to March of last year, activity rebounded meaningfully from February, which recorded seven fewer transactions. Continued strength in Paper Packaging drove deal flow and made it the only subsector to post a meaningful year‑over‑year increase in volume through Q1. The 77 deals announced in Q1 2026 represent a 25% decline from 2025 levels but exceeded Q1 volumes from each of the three preceding years. Overall, March marked a recovery from the weak activity seen in February, but packaging dealmaking is down relative to 2025 and we plan to monitor the impact to activity, if any, of recent geopolitical tensions

• The Paper subsector led all others with nine announced transactions in March, accounting for one third of all activity. All other subsectors, aside from Flexible Plastic, are down more than 20% through the first three months of 2026
• Strategic buyers led activity in March with 14 transactions, a four‑deal increase from February; however, Q1 strategic volume declined materially to 35 deals from 54 in Q1 2025. Private equity add‑on activity followed a similar pattern, while platform transactions remained largely in line with prior‑year Q1 levels
• Domestic activity strengthened in March, with U.S.-to‑U.S. transactions totaling 11 deals, a four‑deal increase from February. Despite the month‑over‑month rebound, domestic volume through Q1 2026 was weak with 29 transactions announced, down from 43 deals in Q1 2025. Similarly, foreign activity softened on a year‑to‑date basis, with 38 transactions announced through Q1 2026 compared to 48 in the prior‑year period
• In Q1 2026, the Industrial end market accounted for more than 50% of recorded deals, up from 30% in Q1 2025. Both the Consumer and Medical end market posted below average volume, deepening the gap in activity relative to the prior year

Sources: S&P Capital IQ, Company Websites, Pitchbook, Company Reports, PMCF

Major News​

• One Key for Plastics Packaging Reuse Systems? Make Them Boring (Packaging Dive)
  https://www.plasticsnews.com/industry/sustainability/pn-reuse-retail-packaging-effort/
• Food, Packaging Groups Sue to Block California Recycling Label Law (Plastics News)
  https://www.plasticsnews.com/public-policy/pn-groups-sue-block-california-labeling-law/
• Packaging Sustainability Lessening in Consumers’ Minds (Plastics News)
  https://www.plasticsnews.com/end-markets/packaging/pn-packaging-conference-sustainability-feber/
• Consumers’ Mood Steady Amid Iran War, Conference Board Survey Suggests (The Wall Street Journal)
  https://www.wsj.com/economy/consumers-mood-steady-amid-iran-war-conference-board-survey-suggests-1fe3b500?mod=consumers_news_article_pos2
• Private-Sector Job Growth Steady in March (The Wall Street Journal)
  https://www.wsj.com/economy/jobs/private-sector-job-growth-steady-in-march-per-adp-9dab5be9?mod=jobs_news_article_pos1