Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q1, the Dow Jones Containers & Packaging Index decreased by 4.2%, but outperformed a 7.8% decrease in the S&P over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Packaging sector increased to 13.7x in Q1 2026 from 13.5x in 2025.
• M&A deal volume in the sector increased 21.4% in Q1 to 68 deals from 56 in Q4, and increased 9.7% from 62 deals in Q1 of the prior year.
• Europe was the most active region in Q1 with 34 deals. Most notably in Europe was Rexam’s $216M acquisition of Benepack, a Hungarian manufacturer of aluminum cans, in January 2026.
• Total capital invested in M&A transactions decreased 12.0% in Q1 to $2.2B from $2.5B in Q4, primarily due to a shift in deal mix toward smaller-sized transactions following several large, strategic transactions in Q4. In Q4, Stonepeak Partners acquired IFCO systems for $2.3B where the largest deal in Q1 was Rexam’s $216M acquisition of Benepack.