Q4 2025

Packaging M&A Update

In Q4, the Dow Jones Containers & Packaging Index decreased by 2.5% and was outperformed by a 2.0% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Packaging sector increased to 13.5x in 2025 from 5.8x in the prior year, but decreased for strategic deals to 6.7x from 9.0x in 2024.
M&A deal volume in the sector decreased 19.7% in Q4 to 57 deals from 71 in Q3, and decreased 17.4% from 69 deals in Q4 of the prior year.
Europe was the most active region in Q4 with 30 deals. Most notably in Europe was Stonepeak’s $2.3B acquisition of a 50% co-controlling stake in IFCO, a German-based packaging company, in December 2025.
Total capital invested in M&A transactions decreased 26.5% in Q4 to $2.5B from $3.4B in Q3, primarily due to several large-scale acquisitions in Q3 including PCA’s $1.8B acquisition of Greif’s containerboard business. In contrast, Q4 activity was characterized by a more fragmented deal landscape, with capital deployment spread across smaller and minority investments and a notable absence of multiple large-scale transactions that had driven Q3 capital investment.