Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q1, the Dow Jones Containers & Packaging Index increased 8.0% and outperformed the Dow Jones Industrial Average, which increased 5.6% over the same period.
• The median EV/EBITDA multiple for reported PE deals was 5.8x in 2024 (only one deal multiple was reported), down from 8.0x in 2023, and decreased for strategic deals to 9.4x in 2024 from 10.0x in 2023.
• M&A deal volume decreased 1.8% in Q1 2024 to 55 deals from 56 in Q4 2023, but increased 7.8% from 51 deals in Q1 of the prior year.
• Total capital invested in M&A deals in the Packaging sector decreased 60.8% in Q1 2024 to $2.0B from $5.1B in Q4 2023, and decreased 13.0% from $2.3B in the same period of the prior year.
• Europe was the most active region in Q1 with 32 deals. Most notably in the European market was One Rock Capital Partners’ $1.2 billion acquisition of Constantia Flexibles, an Austria-based manufacturer of flexible packaging, in January 2024.