Q2 2023

Packaging M&A Update


  • The Dow Jones Containers & Packaging Index declined 5.9% in Q2 and underperformed the Dow Jones Industrial Average, which increased 0.8% in the same period.
  • The median EV/EBITDA multiple for reported strategic deals increased to 10.0x in 1H 2023 from 8.0x in 2022.
  • M&A deal volume increased 5.9% in Q2 to 54 completed transactions from 51 in Q1, but decreased 16.9% from 65 deals in Q2 of the prior year.
  • Total capital invested decreased 69.6% to $0.7 billion in Q2 from $2.3 billion in Q1 and decreased 65.0% from $2.0 billion in Q2 of the prior year.
  • Europe was the most active region in Q2 with 28 deals. Most notable was the $295.7 million private investment into Gerresheimer by an undisclosed investor in April 2023.

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