Packaging M&A Update

4Q 2019


  • The fourth quarter of 2019 saw the fewest number of deals closed in over three years in the Packaging sector
  • Q4 lower middle-market transaction volume in the $0 -50MM EV tranche ticked down slightly while the larger $50-500MM EV tranche saw an uptick in transaction volume over Q3
  • PE buyers outpaced strategicsin deal volume in 2019 for the first time in over six years, but strategicsstill managed to invest more total capital than PE buyers in 2019
  • The merger between ArdaghGroup's Food and Specialty Metal Packaging Division and ExalCorporation in an $2.5 billion deal represented the largest deal in Q4
  • Stock prices and valuation multiples slightly trended upwards through 2019

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