Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q2, the Dow Jones Containers & Packaging Index decreased by 3.6% and was outperformed by a 10.2% increase in the S&P 500 over the same period.
• The median EV/EBITDA multiple for reported private equity deals increased to 15.0x through 1H from 5.8x in 2024, and the median EV/EBITDA multiple for strategic buyers decreased to 7.5x from 9.0x in the prior year.
• M&A deal volume in the sector increased 11.3% in Q2 to 69 deals from 62 in Q1, and increased 15.0% from 60 deals in Q2 of the prior year.
• North America was the second most active region, behind Europe, in Q2 with 26 deals. Most notably in North America was Amcor’s acquisition of Berry Global, an Indiana-based manufacturer of plastic packaging and protection products, for $24.7 billion in April 2025.
• Total capital invested in M&A transactions increased 194.7% in Q2 to $33.3B from $11.3B in Q1 in large part from the Berry Global deal mentioned above.