Packaging M&A Update – November 2025

Packaging Industry M&A Activity Tracking

Global Packaging M&A announced 27 deals in November, marking the fourth consecutive month with fewer than 30 transactions and falling two deals short of the 2025 year-to-date monthly average. Strategic and add-on activity showed resilience, each posting one deal above their respective year-to-date averages. Platform deals, however, softened with only two transactions, matching February for the second lowest count in 2025, only ahead of June. While the second half of 2025 has slowed compared to the first half, activity has remained steady month-over-month, underscoring the industry’s stability. Even with this moderation, Global Packaging M&A continues to outperform prior-year levels as we close out the year

• In November, the Paper subsector led all categories with 10 transactions, marking the first time consecutive months have reached double-digit deals since late 2021. Paper and Printing/Labels were the only subsectors to exceed their year-to-date monthly averages
• Platform buyer activity continued to slow, with only two transactions recorded in November, four fewer than the same period in 2024. Strategic and add-on buyers represented 93% of deals for the month, marking the second-highest monthly share for these buyer types in 2025, driven by the decline in platform activity
• In November, just one transaction involving a foreign and a US party was announced, making it a notably quiet month for this category. Domestic and Foreign activity drove overall transaction levels, with both categories recording 13 deals each
• The Food & Beverage and Industrial end markets each recorded eight transactions in November. Through November, the Food & Beverage end market accounted for 32% of year-to-date deal flow, its highest share since rebounding from the 2022 dip that persisted annually through 2024. The Consumer end market recorded nine transactions in November, its most active month since March of this year

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

Major News​

• Sealed Air Finds New Owner After Years of Struggle (Plastics News)
  https://www.plasticsnews.com/news/sealed-air-after-years-struggle-finds-new-owner/
• EPR for Packaging Laws: Dates to Know (Packaging Dive)
  https://www.packagingdive.com/news/extended-producer-responsibility-packaging-laws-regulations-calendar/727548/
• US Senators Call on EPA to Study Reuse, Refill (Packaging Dive)
  https://www.packagingdive.com/news/senators-introduce-reuse-act-capito-merkley-epa/751152/
• Industrial M&A Ramps up as Tariffs Settle in, Interest Rates Drop and Funds are Flush (Packaging Dive)
  https://www.packagingdive.com/news/merger-acquisition-manufacturing-industrial-private-equity-tariff/805253/
• America’s Tariffs Jolted the Global Economy. Its AI Spending Is Helping Save It. (The Wall Street Journal)
  https://www.wsj.com/economy/trade/americas-tariffs-jolted-the-global-economy-its-ai-spending-is-helping-save-it-9be60ee0?mod=economy_feat2_trade_pos5
• Fed Chair Powell’s Allies Provide Opening for December Rate Cut (The Wall Street Journal)
  https://www.wsj.com/economy/central-banking/fed-interest-rate-cut-powell-december-e9207386?mod=consumers_more_article_pos2