The Boardroom Briefing: Market Insights for Executives

Mazzone & Associates is pleased to release The Boardroom Briefing: Market Insights for Executives, a resource designed to provide strategic guidance to deal makers in the C-suite.

Inside, we offer insight on eight critical topics shaping the transaction landscape in 2026:

1. What’s the current state of M&A?

2. How are tariffs affecting deal multiples?

3. What’s the VIX?

4. Which sectors are standing out in today’s market?

5. What’s changing in private equity?

6. What’s driving take-private activity?

7. When will the IPO market reemerge?

8. What’s the current status of AI-related deal activity?

Whether you're preparing for a sale, considering a strategic acquisition, or monitoring market momentum, The Boardroom Briefing delivers actionable insights.

Industry Insights: Global Packaging - Winter 2026

We entered 2025 with expectations of growth and opportunity, only to be whipsawed by uncertainty in policy, trade, and overall economic growth. Nevertheless, Packaging remained a dynamic, innovation-driven industry with great opportunity to build value both organically and via M&A. There are several learnings from 2025 that we are watching as we progress into 2026.

Transaction Volumes were up again in 2025

Packaging transactions increased volume by 11% in 2025, defying an overall uneven market in M&A across all industries. As indicated in our Fall edition, 2025 deal volumes reached a new high on a Q1 surge, then normalized, with Q2–Q4 1.6% below the same periods of 2024. This included a cautionary note for Q4, where volume was down -20% over Q4-24, reflecting the lack of new processes which would have begun in Q2 but were postponed due to the uncertainty created by evolving trade policy. We believe that the M&A market is stabilizing and will return to modest growth in 2026 as both Buyers and Sellers become inured to policy volatility and those who paused in 2025 will re-enter processes in 2026.

Label Rollups appear to have peaked

Combined, LBO Platforms and Platform Addons accounted for 74% of 432 Label acquisitions tracked for 2018 through 2025. As of December 2025, there were no less than 45 active sponsor platforms in Labels. Of these, 71% of these platforms are aged 5+ years, including 21% at 7+ years. This is important as the average private equity holding period is five to seven years. In general, longer hold periods mathematically yield lower rates of return (IRRs), a key metric by which sponsors are measured. With  platforms “aging out” with lower IRRs, there is both urgency for sponsors to exit and simultaneous downward pressure on Label M&A pricing. Labels have transitioned from peak rollup to selective consolidation: aging platforms create exit pressure while buyers prioritize differentiation and synergy capture.

Technologies Driving Change

 We see this in both adoption of RFID and digital printing technologies. RFID technology continues to gain traction across packaging workflows, driven by demand for traceability, inventory accuracy, and smart packaging solutions. With RFID infrastructure becoming a gating factor for supplier selection, targets with RFID capabilities are increasingly attractive. Gaining end market exposure to RFID will allow converters to maintain or increase market share. Secondly, next-generation digital printing assets are making inroads into broader, traditionally flexographic markets as converters adjust business models to optimize digital printing. Multiple OEMs have launched wider, faster digital printing platforms that offer lower costs per converted unit and faster changeovers, putting flexographic printing under pressure in segments beyond historically short-run, SKU-heavy environments. Converters investing in next generation digital converting assets, digital printing IP/service networks, and consumables for this market are well-positioned for growth.

Machinery & Equipment Markets Struggling

A number of equipment providers to packaging converters noted shrinking pipelines in 2025. Following “Liberation Day” and successive whipsawing announcements, it is no surprise that consumers of equipment were reticent to place orders for new lines. This curtailment of demand was particularly hard felt among those with large selling price installations (coating lines, extrusion lines, custom installations, etc.); less impacted were smaller installations (e.g., slitters, die cutters) and standard systems, and positively impacted were those offering service and parts to keep existing lines in service. In the immediate term, investors should focus on those equipment providers with a lower average selling price and more substantial aftermarket business lines.

Paper Capacity Rationalization

2025 witnessed structural adjustment in upstream paper production, with North American producers taking out 6 million tons of capacity, including a nearly 10% reduction in containerboard. The rationalization in NA was in response to years of softening demand following the race to meet the pandemic volume surge. The adjustment has also been noted in Europe, though yet not to the same degree. As demand eventually stabilizes, non-integrated packaging converters will face a more disciplined supply base. Paper capacity rationalization shifts bargaining power toward integrated players; independents should double down on procurement strategy and value‑added niches.

Relative Resin Price Stability

We have not commented on resin prices in several years – which is unusual for a market driven by commodity inputs. Not since 2021 have we seen major disruptions and widespread force majeure declarations. Certain specialty inputs (e.g., antimony for fire retardance) have seen volatility due to tariffs and/or trade frictions, but the overall result has been a more stable input and pricing environment among major packaging resins such as HDPE, LDPE, PET, and PP. This has been a welcome respite for both operators and acquirers. We caution that resin stability is a real but likely temporary tailwind — helpful for managing today’s margins but insufficient as a strategy. Building discipline into contracts and scenarios is still essential to overall strategy and long-term success.

Stress on Sustainable Business Models

The drumbeat for sustainability did not subside in 2025, particularly for resin-based and composite packaging. We struggle, however, to reconcile the demand for sustainability against an equally loud drumbeat of recycling companies failing (Alpek’s Pennsylvania PET plant, Danimer Scientific, Brightmark, rPlanet Earth, Blue Cycle – we can go on). The market has not yet found a way to support economic models for recycling, particularly in the face of competitively priced virgin resins (see above). There is a reckoning in recycling that needs to happen if we are to break out of this cycle. As Sustainability remains non-negotiable for brands (and regulators), the Packaging Industry should prioritize design‑led technologies (downgauging, mono‑materials) over unproven recycling economics.

Recent Packaging Industry Transactions

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Industry Insights: Building Products & Services - Winter 2026

The building products industry is a diverse ecosystem that encompasses the manufacturing, distribution, and sale of materials used in construction and renovation. The diverse products include a wide range of products such as:

•Structural materials: Concrete, steel, lumber, and bricks.

•Insulation: Materials that provide thermal or sound insulation.

•Roofing: Shingles, tiles, and membranes.

•Windows, Siding, and doors: Various types of doors, siding, and window frames.

•Finishes and fittings: Paints, tiles, flooring, countertops, and cabinetry, including related install services.

•Plumbing and electrical supplies: Pipes, fixtures, wiring, and related hardware.

The Mazzone & Associates building products industry report leverages our deep understanding, knowledge, and experience with various economic indicators and trends analysis to provide our current view on the U.S. market. Dom Mazzone is a former executive at The Home Depot, so he and the Mazzone & Associates team are entrenched in the building products industry, regularly working on transactions and advising owners, chief executive officers, management teams, and private equity groups interested and working in the space.

Macroeconomic Perspective

The building products industry plays a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. It's essential for urban development, sustainability initiatives, and the overall economy.

In 2025, U.S. housing economic indicators presented a mixed but gradually improving backdrop over the second half of the year. Declining interest rates are beginning to ease pressure on buyers who have faced affordability challenges over the past several years. Unsold home inventory remains near 16-year highs, yet gradual home price declines suggest that listings may start to move more freely without prices dropping dramatically. Interest rate cuts are promising (albeit perhaps not stalled), potentially supporting renewed homebuyer activity and encouraging development, as modest price adjustments could unlock inventory and help rebalance the market. The struggles in the sector in 2025 are likely to continue in 2026. Changing trade and immigration policies have presented challenges throughout the year, but the housing market has proven resilient to these upward price pressures. President Trump’s recent focus on funds that purchase homes hopefully will not lead to any legislation or presidential actions that further chills the marketplace.

Industry Outlook

The building products and services sector is expected to remain under pressure in early 2026, as elevated material costs and residual effects of higher interest rates continue to weigh on activity. However, the recent decline in borrowing costs should help support renewed homebuying and residential construction activity, easing affordability pressures for buyers. In the non-residential segment, growth in data center development and sustained public infrastructure investment are likely to underpin demand, providing stability amid broader market headwinds. Together, these factors suggest that while challenges persist, the sector may begin to see gradual recovery and more balanced activity as the year progresses, supporting opportunities across both residential and commercial construction markets. In particular, the current macroeconomic environment where luxury, high-end products remain strong seems to apply in both residential and commercial buildings.

Public Company Information & Analysis

Public building products and services equities returns underperformed returns in the broader equity markets in 2025, reversing a multi-year trend of relative outperformance. The S&P 500 generated strong gains driven largely by an AI-led expansion concentrated in mega-cap technology and growth-oriented sectors. Conversely, building products and services stocks, like many other sectors, have lagged amid subdued housing demand and slower construction activity.

M&A Trends

Merger and acquisition volume in the building products and services space fell slightly in 2025 due in large part to a mid-year slowdown induced by trade policy changes and economic uncertainty. Throughout the second half of 2025, the building products and services M&A market showed significant signs of improvement as volume picked up and several meaningful transactions closed. M&A activity for the broader market remained relatively stable in terms of both volume and valuation. At Mazzone & Associates, we successfully closed nine transactions during the year, including two within the building products and services space, reflecting continued buyer appetite for high-quality assets. As for 2026, we already have two building products companies for sale under letter of intent and have been engaged by two others, including a building services business with over $20 million in TTM EBITDA, to begin a sale process. We are in discussions with several others for buy-side, financing, and sell-side assignments.

Managing Director Jonathan White featured in Label & Narrow Web

In the article Have we reached “peak sponsor M&A” in labels?, Jonathan examines how sponsor-led consolidation has reshaped the label industry and what the data suggests about where the market is headed next.

After peaking in 2021–2022, add-on activity declined by ~40%, even as the number of sponsor-backed platforms continued to grow. Today, 71% of platforms are five years or older, increasing pressure on returns and accelerating the need for exits.

While the fundamentals that attracted investors, including fragmentation, strong cash flow, and customer stickiness, remain intact, the M&A playbook is evolving.

Read Jonathan’s full perspective.

Mazzone advises on management buyout and secures senior debt financing for J.J. Jardina

Mazzone & Associates is pleased to announce it acted as exclusive financial advisor to J.J. Jardina (“Jardina” or the “Company”) in the successful execution of a management buyout (“MBO”) and the closing of a new senior debt financing from Synovus, now Pinnacle Financial Partners.

Based in Atlanta, GA and founded in 1925, Jardina is a third-generation, family-owned wholesale distributor of fresh produce serving the Southeast. Jardina offers a broad portfolio of locally, nationally, and internationally-sourced produce and serves a diversified customer base across retail, foodservice, and wholesale channels.

The financing will support a shareholder buyout while ensuring the Company’s continued growth and operational stability. Following the transaction, Larry and Matt Jardina will continue to lead the Company, maintaining its century-long legacy and strong relationships with customers and suppliers.

Larry Jardina, President of Jardina commented, “This transaction represents the start of a new chapter for J.J. Jardina, and I am proud of the legacy that we will continue. The Mazzone team was instrumental in helping us navigate the financing and transaction to positioning the Company for long-term success.”

Matt Jardina, Vice President of Jardina added, “We are committed to honoring our century-long history and values as we move forward. Synovus is an exceptional financial institution, and we look forward to our partnership ahead.”

Dustin Ramsey, Director at Mazzone, noted, “We’re pleased to have supported the Jardina team in securing financing and executing the MBO transaction. This success underscores our ability to deliver tailored capital solutions that align with our clients’ long-term objectives.”

About J.J. Jardina

Founded in 1925, J.J. Jardina has grown from a small family operation into a leading produce wholesaler in the Southeast, known for premium-quality fruits and exceptional service. Now in its third generation of family leadership, the Company combines a commitment to quality with strong customer and vendor relationships, maintaining a loyal client base and Blue Book ratings. Rooted in tradition, yet responsive to evolving market needs, J.J. Jardina continues to set the standard for produce distribution in the Southeast. For more information, please visit www.jjjardina.com.

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Mazzone advises Matter Surfaces on its sale to Gerflor

Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Matter Surfaces (“Matter” or the “Company”) with respect to its sale to Gerflor Group (“Gerflor”).

Matter is a Massachusetts-based provider of branded architectural surface solutions and entryway systems for commercial use across a variety of end markets, with retail, corporate, education, hospitality, multi-family, and healthcare applications. The Company was founded in 1971 by Bob and Catherine Schiffmann as a provider of roll-out entryway mats for the local Boston market. In the five decades since its founding, Matter has developed into a leader in the specialty surfacing space with tens of millions of square feet of sustainable flooring installed across the United States and Canada.

Gerflor is a global provider of resilient flooring and surface solutions headquartered in Lyon, France, with operations in over 100 total countries.

“From the start, it was clear that Matter and Gerflor speak the same language: design-forward, customer-driven, and focused on delivering excellence,” said Benjamin Bachman, CEO of Gerflor North America. “This is not a story of change, but one of continuity and momentum. We’re excited to welcome the Matter team into the Gerflor family.”

Barry Hume, CEO of Matter Surfaces, added, “Joining Gerflor allows us to continue doing what we love most—serving our customers and supporting our associates—while gaining new opportunities to grow and scale. The Mazzone team led Matter and our shareholders through a complex negotiation during a period both when our company and industry have been rapidly evolving. Mazzone’s guidance and industry expertise proved invaluable in bringing this transaction to a successful outcome for all parties.” Mr. Hume will continue to lead Matter going forward.

Dustin Dawson, Director at Mazzone, noted, “It was a pleasure to work with the Schiffmann family, Barry, and the entire Matter Surfaces team. Matter is a premier brand in the sustainable surfacing space, led by a stellar management team. We’re excited to watch both companies thrive in their new partnership.”

Please contact Dom Mazzone at dmazzone@mazzoneib.com or Dustin Dawson at ddawson@mazzoneib.com for further information.

Blank Rome LLP served as legal advisor to Matter on the transaction. The terms of the transaction were not disclosed.

About Matter Surfaces

Matter surfaces is an industry-leading provider of branded surfacing and entryway systems with facilities in Massachusetts, Georgia, and New York. Throughout the Company’s 50+ year history, it has prided itself on promoting thoughtful design, holistic wellness, responsible sustainability, and unmatched service. The Company’s talented team maintains an unwavering dedication to the quality and dependability of its products. For more information, please visit www.mattersurfaces.com.

About Gerflor

Gerflor is a global leader in innovative, resilient flooring and surface solutions. With more than 80 years of experience, Gerflor designs, manufactures, and markets decorative and eco-responsible interior surfaces serving commercial environments in over 100 countries. Gerflor’s extensive product line caters to commercial healthcare, education, sports, and industry spaces. For more information, please visit www.gerflorusa.com.

Industry Insights: Global Packaging - Fall 2025

Last month we met with industry colleagues at Pack Expo in Las Vegas, all of whom reaffirmed Packaging’s role as a dynamic, innovation-driven industry. Investor interest is intensifying around automation, digital transformation, and niche engineered solutions. Conversations with private equity sponsors, strategic buyers, and operators revealed a clear pivot toward resilient, regulated end markets and asset-light business models. These insights from Pack Expo mirror the broader themes shaping today’s Packaging market.

Transaction Volumes are Up Year-to-date 

However, this comes with an asterisk. Volumes were very strong in Q1 but then declined significantly, with uncertainty dampening investments following Q1. We have yet to see an uptick in activity but believe that this will appear in 2026 as buyers and sellers adjust to the environment of heightened uncertainty that shows no sign of abating. We also encourage investors to revisit failed processes from 2023–2024 (with adjusted expectations). Investors should be proactive in sourcing off-market opportunities and re-engaging with previously shelved assets and carveouts/divestitures.

RFID Adoption Accelerates

RFID technology is no longer experimental—it has finally become  foundational. RFID technology continues to gain traction across packaging workflows, driven by demand for traceability, inventory accuracy, and smart packaging solutions. With RFID infrastructure becoming a gating factor for supplier selection, targets with RFID capabilities are increasingly attractive. Gaining end market exposure to RFID will allow converters to maintain or increase market share. For supply chain partners, consider bolt-ons in RFID software, sensor manufacturing, and systems integration.

Digital Printing Challenges Flexo

Next-generation digital printing assets are making inroads into broader, traditionally flexographic markets. Multiple OEMs have launched wider, faster digital printing platforms in 2025 with installations underway and ramping into 2026. These systems offer lower cost per converted unit and faster changeovers, putting flexographic printing under pressure in segments beyond historically short-run, SKU-heavy environments. Converters investing in next generation digital converting assets, digital printing IP/service networks, and consumables for this market are well-positioned for growth.

Automation Demand Remains Strong

2025 has seen a marked shift away from full-scale equipment replacements and toward incremental control upgrades and retrofits. Rising costs and uncertainty in 2025 volumes have driven more capital-efficient, productivity-focused initiatives as well as a pivot to flexible systems with smaller footprints. Only by late Summer 2025 were we seeing end users start to move forward on major capex initiatives. Also, we note that engineering and automation firms with robust aftermarket parts, capabilities, and services are outperforming. These firms with higher portions of business focused on recurring revenue models are receiving increased levels of interest from both private equity and strategic acquirers.

Canadian Recycled Plastics Market Gains Structure

Under the new regulatory framework, the Canadian market for recycled plastics is maturing quickly, following trends in Europe and offering a more secure and structured supply chain for rigid and flexible packaging providers. Players in this market are starting to secure offtake agreements, which will play out further as we head into 2026. Investors should consider cross-border plays in recycled content, material recovery, and circular packaging platforms. Partnering with firms who have secured quality, consistent feedstock will be powerful in the years to come.

Regulated End Markets Attract Capital Amid CPG Softness

Over the past decade, sectors like Flexibles and Labels that serve large CPGs have enjoyed growth of at least two percentage points above GDP. With CPGs facing softness in volumes/pricing, these premia have shrunk. Combined with weak real GDP growth, these markets have become more challenging for both operators and acquirers. This is driving investors to seek resilience and margin stability among participants in value chains for medical, aerospace, and other regulated end markets.

Recent Packaging Industry Transactions

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Mazzone & Associates Featured in Label & Narrow Web’s 2025 Mid-Year Economic Report

Mazzone & Associates is pleased to share that Managing Director Jonathan White and Director Stuart Sanford were featured contributors to Label & Narrow Web’s 2025 Mid-Year Economic Report. Their section, The Shifting Landscape in Label M&A, offers perspective on how evolving market conditions are influencing deal activity and valuations in the label industry.

In their commentary, Jonathan and Stuart highlighted:

• Shifts in overall M&A activity and valuation trends within the label sector.

• The evolving role of financial sponsors and rollup strategies in driving consolidation.

• Broader market dynamics and economic factors influencing deal flow going forward.

Their insights reflect Mazzone & Associates’ deep expertise advising clients across the packaging, labels, and broader industrial sectors.

Read the full report here: Mid-year Economic Report – Label & Narrow Web

Mazzone Closes Five Transactions in the First Half of 2025

The first half of 2025 has been a selective market for M&A, with longer timelines and greater execution risk across the board. Against that backdrop, Mazzone & Associates is proud to share that we closed five transactions across a range of industries and deal types. These closings reflect the focused effort of our team, the trust of our clients, and our ability to consistently deliver results in a more demanding market.

1. Sell-Side Advisory: MVP Granite Countertops acquired by Construction Resources

Mazzone advised MVP Granite and Flooring, a Charleston-based provider of countertop fabrication and installation services, on its sale to Construction Resources, a subsidiary of The Home Depot. The transaction strengthens CR’s presence in the South Carolina Lowcountry and supports MVP’s continued growth under a new platform with a broader product offering.

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2. Sell-Side Advisory: New Era Converting Machinery sold to IPCO AB

Mazzone advised New Era Converting Machinery, a global supplier of web converting equipment and systems, on its sale to IPCO AB, a Sweden-based industrial process solutions provider. The transaction combines New Era’s engineering and end market expertise with IPCO’s global scale and product portfolio, creating a turnkey leader in roll-to-roll processing solutions across high-growth, sustainability-driven sectors.

Read more

3. Buy-Side Advisory: The Hansen Group acquires Elevation Foodservice Reps

Mazzone advised The Hansen Group, a leading foodservice equipment sales and distribution firm, on its acquisition of Elevation Foodservice Reps, which now operates as The Hansen Group Rockies. This strategic expansion broadens THG’s footprint across six new Western U.S. markets and positions the firm for long-term growth.

Read more

4. Sell-Side Advisory: Larson Forgings merges with Pursuit Aerospace

Mazzone served as exclusive financial advisor to Charles E. Larson & Sons, a leading manufacturer of seamless rolled rings and other open-die forgings for aerospace and defense applications, in its merger with Pursuit Aerospace, a portfolio company of Greenbriar Equity Group and Clayton, Dubilier & Rice. The transaction marks a new chapter for a fourth-generation, 130-year-old family business.

Read more

5. Buy-Side Advisory: Cardinal Services acquires Quality Energy Services

Mazzone served as exclusive financial advisor to Cardinal Services, a leading provider of specialty oilfield services, in its acquisition of Quality Energy Services, an offshore well intervention specialist based in Louisiana. The acquisition strengthens Cardinal’s presence along the Gulf Coast and supports its strategy of expanding its footprint in high-demand energy markets.

Read more

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The Boardroom Briefing: Market Insights for Executives

Mazzone & Associates is pleased to release The Boardroom Briefing: Market Insights for Executives, a resource designed to provide strategic guidance to deal makers in the C-suite.

Inside, we offer insight on eight critical topics shaping the transaction landscape in mid-2025:

1. What’s the current state of M&A?

2. How are tariffs affecting deal multiples?

3. What’s the VIX, and why does it matter?

4. Which sectors are standing out in today’s market?

5. What’s changing in private equity?

6. What’s driving take-private activity?

7. When will the IPO market reemerge?

8. What’s the current status of AI-related deal activity?

Whether you're preparing for a sale, considering a strategic acquisition, or monitoring market momentum, The Boardroom Briefing delivers actionable insights.

To receive your copy, please submit your information below.

Mazzone advises Cardinal on its acquisition of Quality Energy Services

Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Cardinal Services (“Cardinal” or the “Company”), a leading provider of specialty oilfield services, on the further expansion of its service offering through the acquisition of Quality Energy Services (“QES”), a provider of offshore well intervention services headquartered in Broussard, Louisiana.

Drew Derouen, Cardinal’s COO, noted, “Cardinal is proud to announce the completion of this acquisition. We have long admired QES, and the Company is an ideal fit for Cardinal’s expansion strategy focused on growing our footprint in the specialty oilfield services space. We are excited about the opportunity to bring two great companies, and more importantly, two great groups of people together to be the industry-leading provider of well intervention services for the GOA and along the Gulf Coast.”

Randy Landry, President and COO of QES, added, “On behalf of the QES team, we are pleased to be a part of the Cardinal Services family of businesses. Cardinal is a well-respected organization in both the Gulf Coast and Permian, and the combination of our services expertise, talented personnel, and modern equipment fleets will allow us to better serve our customers going forward.” Mr. Landry will remain with the combined company and will continue to lead QES post-closing.

Dustin Dawson, Vice President at Mazzone, commented, “It was a pleasure working with Drew and the Cardinal team to bring this deal to a successful close. Cardinal and its family office owner have been clients of Mazzone’s for years, and we’re thrilled to see Cardinal execute on a transformative acquisition that will build on the company’s already impressive growth trajectory.”

Managing Director Maury Bell, Vice President Dustin Dawson, and Senior Analyst Henry Dombrowski led the transaction for Mazzone.  

About Quality Energy Services

Founded in 2001, Quality Energy Services is an established provider of offshore well intervention and production optimization services for operators in the Gulf. With a suite of specialized tools, services, and a highly skilled workforce, QES provides E&P operators with cost-effective solutions designed to optimize production and enhance the performance of existing wells. Additionally, QES offers specialized technical services to support plug and abandonment of legacy wells. For more information, please visit www.qualityenergy.net.

About Cardinal Services

Cardinal Services is a leading provider of oilfield services and equipment, specializing in coil tubing, slickline, and wireline services for oil and natural gas producers in the Permian Basin of West Texas, Eagle Ford Basin of South Texas, the shallow and deep waters of the Gulf, and select other U.S. land markets. Since its founding in 2012, Cardinal has been backed by Kotts Capital Holdings, a Houston-based single family office investor. For more information, please visit www.cardinalsvc.com.

Mazzone advises Larson Forgings on its merger with Pursuit Aerospace, a portfolio company of Greenbriar Equity Group and Clayton, Dubilier & Rice

Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Charles E. Larson & Sons (“Larson” or the “Company”) with respect to its merger with Pursuit Aerospace (“Pursuit”).

Larson is a premier manufacturer of seamless rolled rings and other open-die forgings for use primarily in aircraft engines.  Throughout its 130-year history, the Company has proudly produced mission-critical components for countless flagship aerospace and defense programs.  Larson has been guided by four generations of family management and is poised to build on its legacy in its next chapter of growth.

“Partnering with Pursuit marks an exciting new chapter for our Company,” said Scott Larson, President of Larson and great-grandson of the founder.  “We’re excited to bring additional scale and resources to our customers and employees while continuing to deliver best-in-class forgings.”  Scott Larson further noted, “We trusted Mazzone to lead us through this important milestone, and they proved to be the right partner.”

“Larson has earned a reputation as a trusted supplier of mission-critical components, and they share our commitment to quality, customer service, and long-term relationships,” said Pursuit CEO Doug Folsom.  “This is a natural fit, and we are honored to welcome them into the Pursuit family and support their next phase of growth.”

“It was a privilege to advise the Larson team on this important transaction,” noted Dustin Ramsey, Director at Mazzone.  “This deal highlights our firm’s deep experience in industrial manufacturing and our commitment to helping founder-led businesses achieve exceptional outcomes.”

About Larson Forgings

Larson Forgings was founded in 1895 as a small blacksmith shop producing horseshoes and has since grown into a leading manufacturer of forgings for the aerospace and defense industry.  Larson leverages its AS9100 and Nadcap certified 185,000 sq. ft. Chicago campus to provide seamless rolled rings and other forgings for its blue-chip customer base, which includes both OEMs and tier 1 aerospace engine parts suppliers. The Company’s talented team maintains an unwavering dedication to the quality and dependability of its parts.  For more information, please visit www.larsonforge.com.

About Pursuit Aerospace

Pursuit Aerospace is a leading global manufacturer of complex aircraft engine components.  Formed by the 2023 merger of Whitcraft Group and Paradigm Precision, Pursuit is a scaled and diversified manufacturer of tight tolerance components used in commercial and military aircraft engines.  The company delivers components and MRO services through highly integrated processes and lean production systems.  For more information, please visit pursuitaero.com.

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Jonathan White Featured Speaker at AWA Virtual M&A Executive Forum 2025

We are pleased to share that Managing Director Jonathan White was a featured speaker at the AWAVirtual™ Mergers & Acquisitions Executive Forum 2025 on June 6.

Jonathan’s presentation, Inside the Packaging M&A Market, provided a detailed look at current deal activity and valuations across the global packaging sector. Key points included:

• Deal Volumes – Packaging transactions remained robust in recent years with notable strength in fiber-based packaging, distribution, and contract packaging.

• Pricing Trends – While multiples are off their 2021 highs, valuations in 2024–2025 are stabilizing near long-term averages, with flexibles and labels recently trading at a discount to the broader market.

• Buyer Activity – Private buyers have significantly increased their share of transactions, while sponsor-backed rollups continue to shape the market landscape.

• Implications for Buyers & Sellers – Uncertainty and macroeconomic headwinds are influencing processes, but high-quality targets continue to attract strong buyer interest

Click here to view Jonathan’s full presentation

To explore additional insights and resources, visit our Packaging, Plastics, and Paper Industry page.

Industry Insights: Building Products & Services - Summer 2025

The building products & services industry is a diverse ecosystem that plays a critical role in the construction and renovation sectors. It spans the manufacturing, distribution, and sale of a wide array of materials essential to residential, commercial, and industrial projects. This industry supports numerous product categories, including:

•Structural materials: Concrete, steel, lumber, and bricks.

•Insulation: Materials that provide thermal or sound insulation.

•Roofing: Shingles, tiles, and membranes.

•Windows, Siding, and doors: Various types of doors, siding, and window frames.

•Finishes and fittings: Paints, tiles, flooring, countertops, and cabinetry, including related install services.

•Plumbing and electrical supplies: Pipes, fixtures, wiring, and related hardware.

The Mazzone & Associates building products & services industry report leverages our deep understanding, knowledge, and experience with various economic indicators and trends analysis to provide our current view on the U.S. market. Dom Mazzone, a former executive at The Home Depot, brings firsthand expertise that informs our perspective. Together, he and the Mazzone & Associates team remain deeply engaged in the industry, regularly advising company owners, CEOs, management teams, and private equity firms on strategic transactions and investment opportunities within the building products & services space.

Macroeconomic Perspective

The building products & services industry plays a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. It's essential for urban development, sustainability initiatives, and the overall economy.

The U.S. housing market seems to have mostly shrugged off immigration and tariff uncertainty as the housing market index, consumer confidence index, and unemployment remain relatively stable (see p. 6 for more details). Nevertheless, affordability remains a key challenge for the U.S. housing market as the 30-year fixed-rate mortgage rate and effective federal funds rate remain at relative 10-year highs (see p. 5 for more details). While continued softness in the U.S. economy may indicate signs of contraction in new construction, there continues to be region-specific growth in new construction in places like southeastern Florida, Arizona, and Texas.  Furthermore, consumer spending on renovations is likely to grow as demand for housing continues to ease and supply builds.  These macro drivers collectively underpin a general continued optimism for the industry, although we see some softness in the near term.

Industry Outlook

The building products & services industry-specific outlook notes continued softness in the industry in general. Higher interest rates and high prices causing softness in demand play a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. Housing and construction are essential for urban development, sustainability initiatives, and the overall economy.

Public Company Information & Analysis

Public companies in the building products & services industry have outpaced the S&P 500 over the past few years. The broad impact and volatility created by new tariffs will likely impact both the Building Products & Services Index and the broader 500 Index similarly, so the two indices will likely move closer in tandem with each other.

M&A Trends

The building products & services industry merger and acquisition deal counts have remained relatively constant for the past few years, as have valuations. However, the uncertainty around tariffs and softness in housing starts negatively impacted transaction numbers in the 2nd quarter of 2025 and are likely to continue to negatively impact the M&A marketplace. Nevertheless, at Mazzone & Associates, we’ve already closed three transactions in the first quarter of 2025 and are on track to do the same in the second quarter of 2025. We are continuing to build a pipeline of strong building products & services companies we will take to market over the next 3 to 12 months, which we expect to close at or above the expectations we have discussed with our seller clients.

Investment Considerations & Forecasts

The building products & services industry is navigating a complex landscape shaped by shifting market forces and evolving policy. While federal initiatives like the IIJA and CHIPS Act have recently supported construction demand, waning government support and high interest rates are slowing growth—conditions that could reverse if rate cuts materialize. Profit margins remain vulnerable to raw material volatility and newly imposed tariffs, favoring companies with efficient operations and strong supplier networks. Regionally, demand is uneven, with the Southern U.S. predicted to show more resilience. Meanwhile, AI adoption is transforming the industry, enhancing project efficiency and sustainability while offsetting margin pressures—making tech-savvy companies especially well-positioned. Construction is local so this section of this edition of Industry Insights includes local data and forecasts.

Packaging Market Update - May 2025

Over the last week, members of Mazzone’s packaging team attended the ARC Executive Flexible Packaging Summit hosted at MxD in Chicago as well as “The Future of Packaging” conference hosted by Smithers and LEK Consulting – also in Chicago. Across these events and the last month, our team met with industry players across the supply chain from packaging converters, equipment / system providers, substrate and input producers, distributors and automation service providers. Below, we share our observations on today’s flexible packaging market.​

The packaging M&A market entered 2025 with enthusiasm and anticipation for a high volume of transactions; however, this expectation has been muted given recent U.S. trade policies and general market uncertainty. No negative impact is yet visible in the Packaging M&A deal data through April 2025, however, we do anticipate closings to slow in the near-term for certain players.

April YTD 2025 North America Packaging Converter M&A Transaction Trends (as of May 2025): 

M&A Volume Trends: Contrary to expectations of continued decline, packaging M&A activity in 2024 remained resilient, with 2025 continuing that momentum. Year-to-date deal volume through April 2025 is up from 2024, driven largely by private equity platforms and add-ons. This divergence from broader market data likely reflects our inclusion of smaller transactions (<$50M revenue).​

Near-Term Outlook: We expect a short-term decline in closings, as deals set in motion early in 2025 were impacted by tariff and recession concerns. Market participants report a 25–35% drop in new deals coming to market this year.​

Forward-Looking Trends: About 41% of sponsor platforms launched between 2018–2020 have yet to trade, suggesting a buildup of supply. With destocking behind us and material costs stabilizing, converters are better positioned to transact.​

Acquirer Activity: All acquirer types were more active through April 2025, indicating broad attraction of packaging assets, with sponsor platforms (LBOs) showing the strongest growth compared to early 2024.​

Deal Size Trends: Most transactions involved smaller companies (<$50M revenue). Larger deals remain scarce and highly competitive.​

Valuation Trends: While data is limited, valuations have remained stable since 2024, staying within long-term historical ranges shared in Mazzone’s Spring 2025 Packaging Industry Insights Newsletter.​

Packaging vs. Other Sectors: Inelastic and non-cyclical packaging assets are proving more resilient. As capital shifts away from cyclical sectors, demand for these assets increases.​

Strategic Focus: To stay competitive, strategic buyers are prioritizing sustainable technologies, expanding and diversifying geographic reach (U.S.entities securing Canada operations and vice versa), and enhancing product portfolios.​

Upcoming Packaging Industry Events​

The Mazzone team is dedicated to staying engaged and informed through our active participation in key conferences and events within the packaging industry, including the upcoming events below:​

• AWA Mergers & Acquisitions Executive Forum June 6, Virtual​

• Pack Expo September 29 – October 1, Las Vegas

To explore the implications of recent Packaging industry trends, share developments within your organization, or gain insight into Mazzone’s wide range of advisory capabilities and expertise in the Packaging sector, we invite you to contact our team." Please contact Jonathan White jwhite@mazzoneib.com or Stuart Sanford ssanford@mazzoneib.com for any inquiries related to our services or information provided herein. 

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Note: All data reflects the periods of January to April for each of 2024 and 2025; “Converters” include Paper-based, Resin-based (rigid and flexible), Glass, Metal, and Labels (excludes Contract Packaging, Distribution, and Machinery & Equipment).

Recent Packaging Industry Transactions

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Recent Previous Publications

• Industry Insights Global Packaging Industry, Spring 2025

• Industry Insights: Global Packaging Industry, Fall 2024

• Spotlight: Cross-Border Transactions in the Packaging Industry

• Industry Insights: Global Packaging Industry, Winter 2024

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Mazzone advises The Hansen Group on its acquisition of Elevation Foodservice Reps

May 2025  Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to The Hansen Group (“THG” or the “Company”) with respect to the acquisition of Elevation Foodservice Reps (“Elevation”).

Elevation will now operate as The Hansen Group Rockies, and will expand THG’s footprint to cover new markets including Colorado, Utah, New Mexico, Arizona, Wyoming and El Paso, Texas.

“We see tremendous opportunity ahead in the foodservice industry, and our goal is to think big and lead the way,” says Kristin Bishop, partner at The Hansen Group, in a press release. “By bringing Elevation into our family and launching The Hansen Group Rockies, we’re combining their local expertise with our proven systems, streamlined processes and strong company culture to build something even better together.”

The acquisition supports The Hansen Group’s long-term vision to expand into key markets while providing THG Rockies and similar operators with new tools and support to better serve dealers, consultants and operators throughout the region.

“Whether it’s solving challenges, delivering value or supporting culinary innovation, we’re here to help our customers win,” says Dave Schwefler, partner at The Hansen Group. “We can’t wait to meet everyone and get to work.”

“Working with Mazzone gave us the clarity and confidence to move forward with this acquisition,” said Wayne Jones, Partner at The Hansen Group. “Their team anticipated challenges before they arose, provided sound strategic advice and guided us on this important step in our company’s growth.”

About The Hansen Group

Founded in 1957, The Hansen Group is a third-generation foodservice equipment sales representative, distribution and installation service firm serving the customers across the U.S. Headquartered in the Southeast, The Hansen Group operates across the Southeast, Southwest and Mountain West serving restaurants & QSR, education, healthcare, hospitality, retail and other markets. For more information, please visit www.thehansengroup.net.

About Elevation Foodservice Reps

Founded in the Western U.S., Elevation Foodservice Reps is a manufacturers’ representative firm providing best-in-class foodservice equipment and solutions to commercial and healthcare operations. Representing over 50 leading brands, Elevation offers hands-on culinary expertise, demo services, and specialized support for hospitals, clinics, and care centers. In 2025, Elevation was acquired by The Hansen Group and now operates as The Hansen Group Rockies, serving MAFSI Region 20, including Colorado, Utah, New Mexico, Arizona, Wyoming, and El Paso, Texas. For more information, please visit www.elevationfs.com.

Mazzone advises MVP Granite Countertops on its sale to Construction Resources

March 2025  Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to MVP Granite and Flooring, LLC dba MVP Granite Countertops (“MVP” or the “Company”) with respect to the sale of MVP to Construction Resources Company, LLC (“Construction Resources”). The specific terms of the transaction were not disclosed.

MVP provides surface and countertop fabrication and installation services to custom and production builders, interior designers, and remodelers in the South Carolina Lowcountry that enable homeowners and businesses to find the perfect solution for their countertop and design needs.

The acquisition of MVP expands Construction Resources’ presence in the Charleston and surrounding markets and unlocks greater services for shared customers. MVP will be able to leverage CR’s scale and capabilities to strengthen and grow its existing customer relationships as well as develop new relationships.

MVP President Jamey Nelson reflected on the partnership with Construction Resources saying, “I’m proud of what my team has accomplished over the past seven years since joining MVP Granite Countertops, and we couldn’t be more excited to join Construction Resources and help shape their growth in Charleston. We look forward to the opportunities and customer value this partnership will bring.”

Jamey highlighted “The Mazzone team is top-notch, and their industry knowledge and skillset ensured a smooth transaction process and great strategic fit. We are incredibly grateful to partner with the Mazzone team and look forward to the opportunities and customer value this partnership will bring.”

Stuart Sanford, Director at Mazzone, remarked “We are proud to have represented MVP and its ownership on its strategic exit to Construction Resources. Jamey has built a great team and a market leader in the South Carolina market. This transaction enhances the combined company’s ability to access new markets and improve product offerings—unlocking greater value for all stakeholders.”

About MVP Granite

MVP Granite Countertops is a Charleston-based provider of surfaces and countertop fabrication and installation services for professional builders, interior designers, and remodelers. The company offers marble, granite, and quartz products that enable homeowners and businesses to find the perfect material for their countertops, flooring, or other design projects. For more information, please visit http://mvpgf.com.

About Construction Resources

Construction Resources, who was acquired by The Home Depot in December 2023, is a leading distributor of design-oriented surfaces, appliances, and specialty products for professional contractors & designers focused on renovation, remodeling, and residential home building. For more information, please visit https://www.constructionresourcesusa.com.

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Mazzone advises New Era Converting Machinery Inc. on its sale to IPCO AB, wholly owned by FAM AB

Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to New Era Converting Machinery Inc. (“New Era” or the “Company”), with respect to the sale of New Era to IPCO AB (“IPCO”).

New Era is a web converting equipment design and manufacturing business, with two facilities located in Paterson, New Jersey. With 100+ employees and historical sales in 20+ countries, the Company is a world leading supplier of purpose-built coating, laminating, embossing, casting, calendering, and specialty systems for the web converting and roll-to-roll industry.  The Company provides turnkey services, spares and systems to customers operating in a wide array of end applications including filtration, battery, packaging, adhesive and other market segments.

The acquisition of New Era enables IPCO to become a turnkey provider of processing equipment, with a broad portfolio of presses, film casting and web handling solutions in key industries, especially sustainability driven segments. IPCO expects to leverage its strong sales and aftermarket capabilities in 25 countries to accelerate New Era’s growth.

Paul Lembo, New Era EVP said, “Joining IPCO is the natural next step in New Era’s evolution as we secure the long-term future of our solutions, team and customers, and accelerate the growth of our business.”

Robert Hermans, IPCO CEO said, “The acquisition of New Era is a perfect strategic fit with IPCO’s business ambitions. It enhances our core offerings and introduces new dimensions to our double belt press and film casting capabilities, giving us the ability to offer turnkey solutions to our customers. This synergy will allow us to provide comprehensive and efficient web handling and calendering solutions on a global scale.”

Mazzone’s deal team was led by Jonathan White, Stuart Sanford, and Bradley Herring. Bob Pasquale, one of the founders of New Era added that “Mazzone’s guidance was instrumental in realizing a successful outcome for the selling shareholders. Their diligent and professional approach made a great result for everyone possible.”

About New Era Converting Machinery Inc.

Headquartered in Paterson, NJ, New Era is a leading supplier of purpose-built coating, laminating, embossing, casting, calendering, and specialty systems for the web converting and roll-to-roll industry. New Era also provides turnkey engineering service and spares for aftermarket services across a customer base operating in a wide array of end applications including filtration, battery, packaging, adhesive and other market segments. For more information, please visit https://neweraconverting.com/.

About FAM AB

FAM AB is a privately-owned holding company that manages its assets as an active owner with a long-term ownership horizon. FAM is owned by the three largest Wallenberg Foundations – via the holding company Wallenberg Investments AB. For more information, please https://fam.se/en.

About IPCO AB

Headquartered in Sandviken, Sweden, IPCO is an industrial process solutions company, with around 600 employees in 25 countries, which innovates, manufactures and services advanced high-performance processing equipment and steel belts, supported by a strong local sales and aftermarket presence. For more information, please visit https://ipco.com/.

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Industry Insights: Global Packaging, Spring 2025

Packaging M&A finished 2024 with robust deal flow, providing an overall strong year that surpassed the annual volumes in each of the last five years, including the prior peak year of 2021. While volumes were up, pricing (as measured as multiples of EBITDA) held constant. Early returns from the first two months of 2025 indicate a potential reversal of this volume trend; no discernable trend is yet noted in pricing.

Our key observations for this Spring 2025 edition of Industry Insights: 

• Transaction Volumes rebounded by 33% over 2023, eclipsing the 5-year average by a similar amount and the record year of 2021 by 6%. Each quarter was above prior year’s comparable period, with Q4-2024 volumes the highest on record at 150 transactions. Dealmakers saw through election year cycles in the US and EMEA to get transactions over the finish line in 2024.

• Each Product Segment saw increased deal volume, with notable increases in Contract Packaging, Machinery & Equipment, Rigid Plastic, Rigid Other (metal, glass, wood), and Flexibles. The softest  sector was Labels, which increased by only 1 transaction (2%) over 2023. The most popular product segments for M&A were Paper (98 transactions), Flexibles (68), and Distribution (62).

• Buyer Composition changed significantly in 2024. In each of the last five years, Financial Sponsors (both new Platforms and Add-ons) represented over 50% of all transactions. In 2024, while Sponsors grew their volume of transactions by 12 deals, their share of Packaging Market deal flow fell to 42%. Activity among Corporate acquirers was flat on an absolute basis, falling to 19% of the mix. Volume was thus driven by Privately held businesses, which grew on an absolute basis by +107 transactions, represented 39% of the total mix.

• Pricing did not reflect an overheated marketplace, with Revenue Multiples falling slightly by 0.3x versus 2023 and EBITDA Multiples holding steady at 8.0x. We believe that valuations have level set at a more sustainable average pricing of +/- 8.0x following an over-heated 2021-2022. On the whole, Financial Sponsors paid less for acquisitions versus prior years (>-1x), while Private acquirers paid +1x more.

• Over the previous five years, premium valuation segments were Flexibles, Multi-format, and Machinery & Equipment and Paper-based Packaging. The only significantly discounted format was Distribution/Contract Packaging. In 2024, the various formats converged to the mean, with significant decreases in multiples among Flexibles, Paper, and Labels and noticeable price inflation in Distribution.

• As we ended the year, a number of transactions hit the market with the hope of closing in 2025. We believe that many of these transactions have/will transact, but the current economic turmoil will create hesitancy on many Buyers and Sellers to initiate new processes. We anticipate a softness in volume in mid-year and look for an uptick nearer year-end, in the hope of a clearer economic and policy direction.

Recent Packaging Industry Transactions

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Previous Publications

• Industry Insights: Global Packaging Industry, Fall 2024

• Spotlight: Cross-Border Transactions in the Packaging Industry

• Industry Insights: Global Packaging Industry, Winter 2024

• Pack Expo 2023: Key Takeaways

• Industry Insights: Global Packaging Industry, Summer 2023

• Industry Insights: Labels

• 2023 AWA Global Release Liner Industry Conference and Exhibition: Key Takeaways

• Industry Insights: Global Packaging Industry, Winter 2023

• Industry Insights: Global Packaging Industry, Fall 2022

• Industry Insights: Global Packaging Industry, Winter 2022

• Packaging Industry Activity Spotlight: Sponsor Market, Q1 2022

• Market Review: Sustainability in Packaging

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Jonathan White to moderate panel at AWA’s Global Release Liner Summit 2025

We’re excited to share that Managing Director Jonathan White will be a panel moderator at AWA’s Global Release Liner Summit on March 20, 2025. This premier event provides a comprehensive understanding of release liner markets and applications, highlighting growth opportunities for everyone involved. Join Jonathan and other industry leaders as they explore key trends, innovations, and the future of this evolving sector.