Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q2, the Dow Jones Containers & Packaging Index increased by 6.8%, underperforming the S&P 500 which increased 14.0% over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Packaging sector increased to 13.7x in 1H 2026 from 13.5x in 2025.
• M&A deal volume in the sector increased 11.8% in Q2 to 76 deals from 68 in Q1, and increased 10.1% from 69 deals in Q2 of the prior year.
• Europe was the most active region in Q2 with 33 deals. Most notably in Europe was CCL Industries’ $151.0 million acquisition of Sleever International, a manufacturer of thermo-shrink plastic labels.
• Total capital invested in M&A transactions increased 454.5% in Q2 to $12.2B from $2.2B in Q1 2026, primarily due to a shift in deal mix toward larger-sized transactions. In Q1 the largest deal was Rexam’s $216 million acquisition of Benepack, whereas in Q2 the largest deal was Clayton, Dubilier & Rice’s $10.2 billion acquisition of Sealed Air, a provider of automated packaging solutions.