Tailored Investment Banking Advisory for Packaging, Plastics, and Paper
Mazzone & Associates is an investment bank with deep experience in paper, plastics, and packaging. Our expertise spans the entire value chain — from raw material substrates to end users — enabling us to provide unique insights and deliver maximum value for clients across the industry.
Packaging, Plastics, and Paper Industry News
Stay informed with the latest developments shaping the packaging sector. Below you'll find timely updates, market insights, and deal activity curated from our ongoing coverage of the industry.
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.
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.
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.
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.
Through September, 2024 has delivered on the hoped-for rebound in volumes of packaging transactions and stabilization of valuations. While certainly not approaching the peak of activity and pricing seen in 2021, the market has overall been healthier than in 2023.
Stuart Sanford, Director at Mazzone, hosted a panel discussion at AWA’s M&A Executive Forum and was joined by executives leading packaging and label companies through M&A and global expansion initiatives. Continue reading to view the recording.
Relieved that much of the world’s economy avoided recession in 2023, many in the packaging industry are nonetheless happy to have 2023 in the rearview mirror. While not necessarily a retraction, many in our industry dealt with uninspiring volume, increasing costs of labor, and increasing costs of financing. This lackluster economic backdrop and recession uncertainty, coupled with significantly increased interest rates, hit the M&A transaction market hard.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to Pamarco Global Graphics, Inc. (“Pamarco” or the “Company”), a leading provider of proven technology solutions for the global packaging, industrial coatings, commercial printing, and original equipment manufacturing industries, on Pamarco’s divestiture of certain mechanical engraving and gravure print assets previously located in Palmyra, NJ to Precision Roll Solutions (“PRS”), a portfolio company of Guardian Capital Partners.
Managing Director Jonathan White shares his key takeaways from Pack Expo Las Vegas, where the mood was slightly subdued due to flattish volumes reported by companies across the Packaging Industry. Lower volume was somewhat mitigated by improved margins resulting from decreases in cost inputs, which have yet to be passed along to customers. However, customers will eventually be clawing back these cost decreases, and Mazzone is keeping a close eye on the timing of these claw backs versus the rebound in volumes to determine the best time for our clients to enter the marketplace.
As the Industry heads to Pack Expo in September, Mazzone & Associates provides our semi-annual update on Mergers & Acquisitions activity in the Packaging Industry.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to TSC Auto ID Technology Company (“TSC”) with respect to its acquisition of a producer of labels and shrink sleeves located in Poland (“the Company”).
The Company is a privately held producer of TTR Tapes, unprinted labels, flexographic printed labels, and shrink sleeves for the Polish and European market. The Company also offers label printers, code scanners, mobile terminals, and RFID technology for its customers. Operations are conducted in two facilities strategically located in Poland.
Acquisitions in the Label Market have been on a tear for the last five to ten years, with Mazzone’s tracked transaction volumes increasing from 30 in each of 2018 and 2019 to a peak of 70 transactions in 2021. 2022 activity retreated -7%, roughly in line with Packaging Overall (-9%) and relatively resilient as compared to transactions across the broader economy (-20%).
In the following video, Managing Director Jonathan White discusses key insights from this year’s AWA Global Release Liner Industry Conference in Denver, CO, which he attended with Director Stuart Sanford.
2022 ended on a whimper, bringing 2022's M&A transaction volume down by over 20% across all industries as increases in inflation and interest rates as well as fears of recession dampened appetites for acquisitions worldwide. Similarly, Valuations (measured as a multiple of EBITDA) declined by at least 1.9x from 2021’s high point. Mazzone’s universe of Packaging Transactions, however, points to a more resilient marketplace. Overall, our tracked global deal volume declined 9% over 2021 and median EBITDA valuations declined by 0.7x. While not good news, 2022’s Packaging Sellers can take solace that they fared better than the overall market.
Mazzone & Associates is pleased to announce that it acted as the exclusive financial advisor to INDEVCO North American on its acquisition of Perma R Products, Inc.
After a banner year for acquisitions in 2021, everyone anticipated a decrease in deal activity. Indeed, broader measures for 2022 suggest deal activity will be down as much as 20%versus 2021. Anecdotally, greater availability among providers of QOEs and Rep & Warranty Insurance indicates capacity in these support industries, which further supports a sense of a softer market.
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Mativ Holdings, Inc. (NYSE: MATV), (“Mativ”) on its sale of the product arm of Filtrexx, Inc. (“Filtrexx”) to MKB Company, a portfolio company of Kurtz Bros., Inc.
On April 5th, Mazzone presented at the Executive Leadership Conference for AIMCAL (Association of International Metallizers, Coaters, and Laminators).
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"Mazzone has been an instrumental partner in molding and executing our acquisition strategy for our business units in North America. Their M&A expertise was critical in guiding our team through each stage of this transaction process and ensuring this exciting partnership resulted in a successful transaction."
Bahjat Frem, Executive Chairman of INDEVCO North America
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"We selected Mazzone to assist us in this transaction, as their understanding of both the market and how to get deals done in a challenging environment was key to our success. Furthermore, their ability to break down complex deal dynamics into simple solutions allowed us to reach a successful transaction."
John Otott, Global General Manager of Consumables for TSC
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"We’ve worked with Mazzone and its team members for over 20 years on numerous deals, and the team’s guidance proved again to be instrumental, particularly given the complexities involved with an international acquisition in Germany."
Allan Li, CEO of Pamarco and Director at Kotts Capital Holdings
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"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."
Bob Pasquale, New Era Converting
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"The Mazzone team did a great job at understanding our business and market position in sustainable packaging. They were extremely thorough and did an outstanding job guiding our team and ensuring the transaction ran smoothly for all parties.”
Robert Berman, co-founder of Roplast
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