Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q4, the Dow Jones Containers & Packaging Index decreased by 4.6% and was outperformed by the S&P 500, which increased by 3.9% over the same period.
• The median EV/EBITDA multiple for reported private equity deals decreased to 5.8x in 2024 from 8.0x in 2023, and decreased for strategic deals to 9.0x from 10.0x in the prior year.
• M&A deal volume in the Packaging sector increased 38.0% in Q4 to 69 deals from 50 deals in Q3, and increased 23.2% from 56 deals in Q4 of the prior year.
• As a % of total capital invested in M&A transactions, PE participation decreased slightly in 2024 to 39.7% from 44.8% in 2023.
• Europe was the most active region in Q4 with 35 deals. Most notably in Europe was Sonoco’s $3.9 billion acquisition of Eviosys, a Swiss manufacturer of steel and aluminum food packaging, in December 2024.