Packaging M&A Update – September 2025

Packaging Industry M&A Activity Tracking

Global Packaging M&A announced 25 deals in September, coming in below year-to-date monthly averages but exceeding August volumes by one transaction. Both Platform and Add-on activity saw upticks relative to August, which was offset by weaker activity from Strategic buyers, who posted less than 10 deals in a month for only the second time this year. Deals involving an acquirer and target based in the United States accounted for the majority of monthly deal flow for the first time in 2025, underscoring strong demand within the domestic Packaging M&A market. Overall, Global Packaging M&A remains elevated compared to prior year levels heading into the fourth quarter.

• In September, the Printing/Labels subsector led all subsectors for the first time since February 2025. Meanwhile, all other subsectors recorded deal flow in-line with or below year-to-date averages
• Strategic buyer activity slowed in September. Strategic buyers accounted for nine transactions, which marked the second lowest monthly total for this buyer type in 2025. Financial buyers accounted for 64% of the deals in the month, a significant increase from 42% in August. This uptick was primarily driven by add-on acquisitions, which recorded 10 deals in the month, the highest level since April
• No cross-border transactions were announced in September involving companies based in the United States. Meanwhile, Domestic activity drove transaction levels and accounted for 56% of volume. This marks only the second month in 2025 that domestic deal volumes outpaced foreign transaction activity
• 11 Food & Beverage transactions were recorded in the month, marking the highest level of deal activity this end market has experienced since April. Meanwhile, the Industrial end market had its least active month of the year with only four transactions, a decline of six deals from August

Sources: S&P Capital IQ, Company Websites, Pitchbook, Company Reports, PMCF

Major News​

• Supply, Scale, Cost Add Challenges for Recyclers (Plastics News)
  https://www.plasticsnews.com/news/freepoint-resynergi-executives-share-challenges-scaling-chemical-recycling
• 5 Ways AI is Shaping Packaging Today (Packaging Dive)
  https://www.packagingdive.com/news/5-ways-ai-shaping-packaging-research-testing-nestle-colgate-palmolive/759794/
• California Names Companies Expected to Report Emissions, Climate Risks (Packaging Dive)
  https://www.packagingdive.com/news/california-air-resources-board-reporting-requirements-list-sb253-sb261/761137/
• PRS 2025 Captures Pivotal Moment in Circularity (Packaging World)
  https://www.packworld.com/sustainable-packaging/recycling/article/22947558/prs-2025-captures-pivotal-moment-in-circularity
• Trump’s Team Explores Government-Backed Manufacturing Boost (The Wall Street Journal)
  https://www.wsj.com/politics/policy/trump-manufacturing-federal-land-ef3c02ba?mod=trade_more_article_pos21
• Powell Describes Rates as ‘Modestly Restrictive,’ Keeping Door Open to Cuts (The Wall Street Journal)
  https://www.wsj.com/economy/central-banking/fed-chair-jerome-powell-speaks-rate-cuts-397ac3f7?mod=central-banking_more_article_pos41