M&A
In August 2026, M&A activity in the North American packaging industry continued the summer slowdown. Packaging Dive tracked four transactions this month: HarperLove acquired ChromaScape's corrugated products business; Pregis acquired MP Global Packaging's cold chain division; Applied Adhesives acquired Dutch company Van Asperen Kleefstoffen; Jones Healthcare Group acquired good natured Products' thermoforming plant.
According to the latest report from Capstone Partners, the number of M&A transactions in the packaging industry so far in 2026 has decreased by 21.3% year-over-year, mainly due to inflation, weak consumer spending, and geopolitical uncertainty. Despite the sluggish transaction volume, the average transaction value has remained steady, with buyers continuing to seek high-quality assets.
Gerresheimer announced on Wednesday that it will sell its global primary packaging plastics business and US-based Centor Holdings to funds affiliated with Apax Partners, with a combined enterprise value of approximately 1.5 billion euros. The transactions are expected to close at the end of fiscal year 2026 and the first half of fiscal year 2027, respectively. The company stated that the move aims to reduce leverage and focus on high-value drug delivery and medical device sectors.
International Paper announced on June 4, 2026, the completion of its acquisition of North Pacific Paper Company (Norpac) for $360 million from One Rock Capital Partners. Norpac, located in Longview, Washington, produces approximately 1 million tons of containerboard and other paper products annually and employs about 500 people. The acquisition will supplement International Paper's capacity on the West Coast and create synergies with its existing mill system.
Affiliates of private equity firm CD&R announced on Thursday the completion of the acquisition of Sealed Air, paying approximately $6.3 billion to shareholders in the transaction, with a total enterprise value of $10.3 billion. Sealed Air has been delisted from the New York Stock Exchange and is now a private company, continuing to operate under its original name with headquarters in Charlotte, North Carolina. CD&R stated it will support growth in its two core business segments: protective packaging and food packaging.
Although the number of packaging industry M&A deals in the first quarter of 2026 saw a slight year-on-year increase, the pace of deals fell below expectations due to the Iran war and weak demand. Industry experts point out that geopolitical uncertainty is dampening deal appetite, private equity remains actively positioning, while the wave of large-scale M&A has gradually receded.
A recent McKinsey report points out that the packaging industry has seen slowing growth after the pandemic, and corporate executives are viewing M&A as a key lever to adjust business portfolios and return to a growth trajectory, with the "programmatic M&A" strategy being particularly favored.
Cincinnati-based ProAmpac announced on Friday that it has completed the acquisition of Chicago-based TC Transcontinental Packaging. TC Transcontinental received CAD 2.1 billion in cash consideration and plans to distribute approximately CAD 20 per share to shareholders. This acquisition brings together two major North American flexible packaging companies, and ProAmpac will leverage this to accelerate the development of next-generation packaging solutions.
Sealed Air's fourth-quarter and full-year 2025 results showed net debt falling to $3.7 billion and net leverage dropping to 3.2x, while reaffirming that the CD&R acquisition is expected to close in mid-2026.
Sealed Air shareholders approved the acquisition by CD&R at a special meeting, and the European Commission has also given the green light, with the transaction expected to close within months.