Packaging M&A Update – August 2025

Packaging Industry M&A Activity Tracking

Global Packaging M&A recorded 24 deals in August, a decline of 13 transactions from July but still exceeding August 2024 by one transaction. Through eight months, 2025 is ahead of 2024 levels by 28 deals. The increase is attributable to gains across most packaging subsectors as the industry looks to bounce back after a weaker 2023 and 2024. Strategic buyers led buyer types with 14 deals, outpacing financial buyers. Much of the month-over-month drawback in volume was due to declines in Rigid Packaging, Flexible Plastic, and Paper, which all posted strong July results but declined in August. Generally, packaging M&A activity has been strong in 2025 despite some macroeconomic headwinds as the industry remains attractive to a variety of buyers.

• Protective Packaging recorded two deals during the month, matching activity from the prior two months but fell short of August 2024 by one deal. The subsector has nearly eclipsed 2024 activity with four months to go. Rigid Packaging continues to have a strong year with six deals tallied during the month and is tied for the most active subsector with Paper
• Strategic buyers were the primary driver of deal flow, accounting for nearly 60% of volume. Despite lower activity levels from financial buyers, strategic buyers were in line with the 2025 monthly average. Financial buyers experienced lower activity in August as add-on acquisitions equaled their slowest month year-to-date
• Deals involving two domestic parties picked up in August with 10 deals posted, the most in the past six months. Conversely, deals with one foreign party and one domestic party notched just one deal – a sharp decline from July which posted 11 such deals
• The Consumer end market posted five deals during August, a decline of three from July, but the end market is positioned to exceed 2024 volumes

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

Major News​

• Exports Pulled Down 2024 Paper Recycling Rate: AF&PA (Packaging Dive)
  https://www.packagingdive.com/news/american-forest-paper-recycling-rate-cardboard-occ-2024/757483/
• Plastics Treaty Talks Collapse; Next Steps Unclear (Plastics News)
  https://www.plasticsnews.com/public-policy/plastic-treaty-talks-collapse-geneva-nations-fail-reach-agreement-limits-chemicals
• Trump’s Tax Law Could Boost Cash Flow for Manufacturers with Deductions and More (Packaging Dive)
  https://www.packagingdive.com/news/trump-tax-law-manufacturers-bonus-depreciation-research-investment/758577/
• Amcor Considers Divesting North American Beverage Business (Packaging Dive)
  https://www.packagingdive.com/news/amcor-q4-fy2025-packaging-earnings-berry-acquisition/757598/
• Hiring Stalled in August, With 22,000 New Jobs (The Wall Street Journal)
  https://www.wsj.com/economy/jobs/jobs-report-august-2025-unemployment-economy-0901d8a7?mod=jobs_news_article_pos3
• Trump’s Tariffs: Where He Started, What He Threatened, Where He Ended Up (The Wall Street Journal)
  https://www.wsj.com/economy/trade/trump-tariffs-countries-trade-explained-7f826419?mod=trade_more_article_pos21