Private equity firm Hivest Capital Partners completed its acquisition of Sustana from Blackstone Tactical Opportunities on 19 October 2026; financial terms were not disclosed. Sustana makes specialty recycled fibre and sustainable paper at mills in Lévis, Québec, and De Pere, Wisconsin, supplied by eight recovery facilities. Hivest has named Kevin Richard, previously chief operating officer, as chief executive and plans targeted mill investment and selective add-on acquisitions in North America.
Why this mattersPrivate equity ownership and a stated buy-and-build mandate point to further consolidation in North American recycled fibre and sustainable paper.
- Hivest completed the acquisition on 19 October 2026 from Blackstone Tactical Opportunities, owner since December 2021.
- Financial terms were not disclosed.
- Kevin Richard, previously Sustana's chief operating officer, is appointed chief executive.
- Sustana operates mills in Lévis, Québec, and De Pere, Wisconsin, plus eight recovery facilities in North America.
- Hivest plans an operational programme covering safety, mill reliability, energy, raw material efficiency and procurement, with targeted investment in mills and recovery network.
- Hivest intends selective add-on acquisitions in North America.
- Sustana traces its origins to the Rolland Paper Company, founded in 1882.
Irish startup Swaay Technologies has raised an equity round of more than EUR 2m (USD 2m), led by BVP, to commercialise its direct-to-shape digital printing platform for beverage cans. The technology prints artwork directly onto containers, removing plastic labels and shrink sleeves. The funds will support new roles in Mullingar, Ireland, where Swaay has an initial team alongside one in Quebec, Canada.
Why this mattersLabel-free can decoration could cut short-run costs and simplify compliance with diverging deposit-return and labelling rules across markets.
- Swaay Technologies closed an equity round of more than EUR 2m (USD 2m).
- The round was led by BVP, with participation from the BVP Investor Club.
- Swaay, founded in 2026, is developing a platform for direct-to-shape digital printing that replaces labels and shrink sleeves on beverage cans.
- The funding is earmarked to move Swaay into commercialisation and to add roles in Mullingar, Ireland.
- Swaay has initial teams in Mullingar, Ireland and Quebec, Canada, targeting clients in Europe and North America.
- Co-founder and CEO Ciaran Gorman previously co-founded Bevcraft Group.
- Swaay was founded in 2026 by Ciarán Gorman (CEO), Mark O'Donnell (CCO), Sébastien Baril (COO) and Jean-François Gaudreault (CTO).
- Swaay's Quebec hub is located in Trois-Rivières and handles production and technical work.
- Swaay did not disclose its valuation.
- Swaay's Canadian production and technical hub is located in Trois-Rivières, Quebec.
- Swaay says a billion cans a year have already moved away from plastic sleeves industry-wide.
- Co-founders alongside CEO Ciarán Gorman include Mark O'Donnell, Sébastien Baril and Jean-François Gaudreault.
Brookland Group & Partners, an investment firm operating from Dubai and Singapore, has completed a first investment in Vietnamese recycled paper and packaging producer Miza under a long-term agreement worth up to USD 5m. The shares were bought from an existing shareholder without new issuance, and neither the first-tranche amount nor the stake was disclosed. Brookland plans to raise its holding in stages and puts Miza's 2025 revenue at about USD 185m.
Why this mattersA staged entry by a Dubai and Singapore investor shows foreign capital turning to Vietnam's recycled packaging paper, where 2025 consumption of 7.77m tonnes outran domestic output.
- Brookland's first investment in Miza is part of a long-term agreement worth up to USD 5m.
- The shares were bought from an existing Miza shareholder; Miza issued no new shares.
- Neither the first-tranche amount nor the percentage stake has been disclosed.
- Brookland plans to increase its holding in further stages.
- Miza, founded in 2010 and listed as MZG, makes industrial packaging paper, cartons and paper bags from waste paper at its main plant in Nghi Son, Thanh Hoa Province.
- Brookland puts Miza's 2025 revenue at about USD 185m.
- The investment is structured as staged equity, with Brookland able to exceed the initial USD 5m commitment as it raises its stake.
- Miza is in late-stage negotiations on a private placement of 30 million shares to institutional investors at a price above its current market level.
- Vietnam's extended producer responsibility rules took effect in May 2026, and the EU's Packaging and Packaging Waste Regulation applies from August 2026.
- Vietnam's paper consumption rose 10.8% in 2025 to an estimated 7.77 million tonnes, against domestic production of about 6.34 million tonnes, according to the Vietnam Pulp Paper Association.
- Vietnam's extended producer responsibility requirements took effect in May 2026.
- The EU's Packaging and Packaging Waste Regulation began applying in August 2026.
- FTSE Russell upgraded Vietnam's stock market from frontier to secondary emerging-market status less than a month before the investment.
Private equity manager Nextalia Investment Management, investing on behalf of its Nextalia Capitale Rilancio fund, has agreed a strategic partnership with Italian rigid food packaging maker Plastic Legno and the Sunino family group. The deal carves a dedicated food-packaging perimeter out of Sunino Group, combining Plastic Legno with Sunino's Resaplast unit, to build a European-scale player through organic growth and acquisitions in a fragmented market. The Sunino family keeps a strategic stake, with Paolo Sunino remaining chief executive; completion is expected by the end of 2026.
Why this mattersThe deal signals private equity-led consolidation of Italy's fragmented rigid food packaging sector, creating a platform positioned for further buy-and-build acquisitions.
- Private equity manager Nextalia Investment Management, acting for the Nextalia Capitale Rilancio fund, is to invest in a new corporate perimeter combining Plastic Legno and Resaplast
- The new entity will pursue organic growth and targeted acquisitions in a still fragmented rigid food packaging market
- The Sunino family's non-packaging businesses, promotional items and sportswear, stay outside the new perimeter and remain family-owned
- The Sunino family keeps a strategic stake and Paolo Sunino continues as chief executive of the new group
- Plastic Legno makes rigid plastic containers for dairy and confectionery at its Castellamonte plant, with IML and mono-material recyclable technology
- Resaplast makes rigid food packaging at its Conversano plant; together the two companies serve more than 100 customers
ACR (AmerCareRoyal), a US foodservice essentials distributor backed by Oridian Capital Partners, has acquired Ultra Green Packaging, a Minnesota-based supplier of molded fibre and rPET foodservice packaging. The deal is ACR's twelfth add-on acquisition since partnering with Oridian, and adds molded fibre trays and bakeware to ACR's PrimeWare compostable packaging line. No deal value was disclosed.
Why this mattersDistributor-led roll-ups are adding fibre-based ranges as grocery and foodservice customers ask for compostable formats; this is Oridian's twelfth add-on through ACR.
- ACR has made twelve add-on acquisitions since partnering with Oridian Capital Partners.
- Ultra Green Packaging is headquartered in Mound, Minnesota, and supplies molded fibre and rPET-lid foodservice packaging.
- Ultra Green's products include take-n-bake pizza trays, sushi trays and bakeware.
- No deal value was disclosed.
- Ultra Green president and owner Kristin Davidson remains involved post-acquisition.
- Tamarack Advisory Partners advised Ultra Green; Greenberg Traurig advised ACR.
- Taft also advised Ultra Green Packaging alongside Tamarack Advisory Partners
- Oridian Capital Partners was formerly known as HCI Equity Partners
Seungsan Pack, a maker of steel pallets and metal cases for heavy export cargo in Yeosu, South Korea, has been put up for sale, with Samil PwC as adviser and non-binding letters of intent already received from several investors. The company is weighing a sale of its entire equity, including control, against a minority investment, and is expected to name a preferred bidder soon. Restructuring of Yeosu's petrochemical cluster, where ethylene capacity is to fall from 3.52m to 2.13m tonnes, is squeezing local demand.
Why this mattersThe sale puts a Korean export packaging maker with overseas production in play as petrochemical restructuring in Yeosu cuts demand from its main local customers.
- Seungsan Pack, a steel pallet and metal case maker in Yeosu, South Korea, was reported for sale on 20 October 2026
- Samil PwC is sale adviser; non-binding letters of intent have been received from multiple investors
- Options are a sale of the entire equity including control, or a minority stake investment
- The company runs about 12,000 pyeong (about 40,000 square metres) of factory space in Korea and about 40,000 pyeong (about 132,000 square metres) abroad
- Yeosu ethylene capacity is set to fall by 1.39m tonnes to 2.13m tonnes under government-approved petrochemical restructuring
- Founded in 1988 as Woosuk Packaging, a cardboard box maker, the company also produces corrugated board and boxes
Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
French luxury packaging maker Verpack has recomposed its shareholder base, with Aldebaran Capital Partners entering alongside management as Crédit Mutuel Equity exits. Crédit Mutuel Equity had backed Verpack in a buyout since 2020. The company expects revenue of EUR 60m (USD 67.5m) this year and plans to accelerate growth in France and Europe.
Why this mattersA new financial sponsor backing a luxury packaging specialist points to continued private-equity appetite for premium case and box makers serving beauty and spirits brands.
- Aldebaran Capital Partners enters Verpack's capital alongside management and becomes its lead financial investor
- Crédit Mutuel Equity exits after backing Verpack in a first buyout since 2020
- Verpack forecasts revenue of EUR 60m (USD 67.5m) for 2026
- Verpack employs 530 staff at five sites in France and one in Tunisia
- It designs, makes and distributes premium cases and boxes for luxury, beauty, fashion, fine food and spirits
- De Pardieu advised the lending pool on the debt financing; no transaction value was reported
Asia Pulp & Paper and CVC Capital Partners are separately weighing bids for Essity's consumer tissue division, with RGE also named as a potential bidder, Bloomberg reported citing people familiar with the process. The business, which includes the Cushelle, Tempo and Tork brands, could be valued at around EUR 3bn (USD 3.4bn), and a sale process is expected to start this month. Essity says its strategic review remains open and it may decide not to divest.
Why this mattersA sale would transfer the Cushelle, Tempo and Tork brands from Essity to an Asian pulp and paper group or a financial sponsor, changing ownership of a major European tissue portfolio.
- Asia Pulp & Paper and CVC Capital Partners are separately considering bids for Essity's consumer tissue division, according to Bloomberg sources
- RGE is also named as a potential bidder
- The tissue business, including the Cushelle, Tempo and Tork brands, could be valued at around EUR 3bn (USD 3.4bn)
- The sale process is expected to start this month
- Essity says its strategic review remains open, including the possibility of not divesting
- Essity launched the strategic review of Consumer Tissue in May 2026, flagging possible separation
- Consumer Tissue generated SEK 43,537m net sales in 2025, 31% of group sales
- The division's 2025 EBITA excluding items affecting comparability was SEK 5,187m, an 11.9% margin
- Consumer Tissue employs about 13,000 people across 29 production facilities, with brands including Lotus, Tempo, Zewa, Cushelle, Plenty, Regio and Familia
Circulate Capital has made an undisclosed investment in PT Bumi Baru Plastik, an Indonesian recycler of polypropylene and polyethylene, to fund a fivefold increase in processing capacity. The company will consolidate production at a new industrial site in Jonggol, West Java, lifting output from pilot scale to 2,600 tonnes per month by the fourth quarter of 2027 in two phases. It is the sixth investment Circulate Capital has made in Indonesia.
Why this mattersAdds high-purity recycled PP and PE capacity in Indonesia aimed at automotive, electronics and packaging users, including bag-to-bag recycling of woven sacks.
- Circulate Capital has invested an undisclosed amount in PT Bumi Baru Plastik (BBP), founded in 2022.
- The investment is Circulate Capital's sixth in Indonesia.
- BBP will consolidate production at a new industrial site in Jonggol, West Java.
- Phase 1 raises capacity to 1,600 tonnes per month by February 2027.
- Phase 2 raises capacity to 2,600 tonnes per month by the fourth quarter of 2027, a fivefold increase overall.
- BBP supplies more than 50 plastics manufacturers and sources from a network of more than 400 collection partners.
- An executive described the Asian recycled polyolefins market as cost-driven.
International Paper is in talks with potential bidders after unsolicited approaches for its EMEA packaging business, the former DS Smith operations, while it continues to prepare a spin-off of the unit. The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme on the New York Stock Exchange. The company says the sale process is at an early stage with no certainty of a deal, and it will hold a capital markets day on the separation on 3 November 2026.
Why this mattersA sale instead of a London listing would put the former DS Smith corrugated network under a new owner, with its strategy set by the buyer rather than public shareholders.
- International Paper said on 15 October 2026 it is in discussions with potential bidders after unsolicited approaches for its EMEA packaging business.
- The company said the sale process is at an early stage and there is no certainty a transaction will be agreed or completed.
- International Paper is pursuing the spin-off and a possible sale in parallel.
- The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme in New York; the standalone company would be named DS Smith plc.
- A DS Smith Capital Markets Day on the separation is scheduled for 3 November 2026.
- The statement was issued in response to recent share price movements and press speculation about a sale.
- International Paper agreed in April 2026 to buy North Pacific Paper Company (NORPAC) from One Rock Capital Partners for USD 360m.
- International Paper acquired DS Smith in 2025, forming the basis of the EMEA packaging business under review.
- Lone Star and Atlas Holdings are reportedly the two remaining serious bidders for International Paper's EMEA packaging assets built around DS Smith.
- Market sources say a final offer could come in below USD 6bn, against the roughly USD 7.2bn (GBP 5.8bn) International Paper paid for DS Smith in 2025.
- International Paper divested five European plants, three in France and one each in Portugal and Spain, to secure EU antitrust clearance for the DS Smith deal.
- Lone Star and Atlas Holdings are reported by the Financial Times and Reuters to be preparing separate bids for International Paper's EMEA packaging business.
- The EMEA packaging unit is valued at under USD 6bn, with no firm offer confirmed.
- International Paper cut the top end of its annual profit guidance in July 2026 after second-quarter sales missed expectations.
Private equity firms Atlantic Ridge Capital and Grafine Partners have agreed to acquire US stretch and shrink film maker Paragon Films from Rhône for roughly USD 900m. Atlantic Ridge will lead the deal and work with existing management on growth; completion is expected in the fourth quarter of 2026.
Why this mattersA roughly USD 900m sale of a US stretch and shrink film maker from one private equity owner to another gives a reference point for valuing North American film converters.
- Deal value is roughly USD 900m.
- Seller is Rhône, which acquired Paragon Films in December 2021.
- Completion is scheduled for the fourth quarter of 2026.
- Paragon Films was founded in 1988 and is based in Broken Arrow, Oklahoma.
- Paragon acquired Mexico-based Xpack Films last year to add shrink films to its range.
- Paragon's product line includes Beyond, a thin-gauge machine film made with post-consumer recycled content.
Milwaukee private equity firm Mason Wells has closed its acquisition of Canworks, a direct-to-aluminium-can digital printer founded in 2020, the firm announced on 14 October 2026. Financial terms were not disclosed; founders Ryan and Marshall Thompson and Canworks management retained a stake alongside Mason Wells.
Why this mattersPrivate-equity backing for what Canworks calls the largest US direct-to-can digital printer gives short-run can decoration, an alternative to labels and sleeves, capital to grow.
- Mason Wells announced the closed acquisition of Canworks on 14 October 2026; deal value undisclosed.
- Canworks operates five US plants: Austin (HQ), Atlanta, Vista, St Louis and Windsor.
- Founders Ryan and Marshall Thompson and Canworks management reinvested alongside Mason Wells.
- Ally Corporate Finance provided acquisition financing; Quarles & Brady advised Mason Wells.
- Mason Wells has raised USD 2.4bn across five buyout funds and counts packaging materials and converting as one of four target sectors.
- Canworks says it has printed 500 million cans for more than 700 beverage brands and also sells can ends and PakTechs.
- The acquisition was funded from Mason Wells Buyout Fund V, a USD 767m vehicle.
- Canworks's beverage customer categories include craft beer, energy drinks, ready-to-drink cocktails, seltzers and kombucha.
Eutecma, the Mannheim-based reusable temperature-controlled packaging maker backed by Great Point Partners, has acquired TempAid Corporation, a North American maker of single-use thermal shippers and mailers for pharma and life sciences. The deal combines Eutecma's reusable, larger-format shipping systems with TempAid's parcel and last-mile thermal packaging, giving the combined business operations across Europe, North America and Asia. No deal value was disclosed.
Why this mattersPairs reusable and single-use cold chain formats under one owner, letting pharma shippers source the full pallet-to-parcel range from a single supplier.
- Eutecma, founded 2008 in Mannheim, Germany, acquired TempAid Corporation, a North American temperature-controlled packaging maker.
- TempAid's range includes SpeedyPac mailers, SteadyPac thermal shippers, gel packs and PCM mats, manufactured in North America and Asia.
- The combined company will offer reusable and single-use solutions from individual mailers to bulk pallet shippers across Europe, North America and Asia.
- The acquisition follows Great Point Partners' 2025 majority investment in Eutecma.
- Health Business Group advised Eutecma and Great Point Partners, conducting commercial due diligence on TempAid.
- Great Point Partners, based in Greenwich, Connecticut, manages approximately USD 1.7bn of capital including committed and uncalled funds.
PM Studio Group has acquired TNT Group, a specialist in high-end primary and secondary packaging for the beauty and wine and spirits sectors, creating a group with roughly EUR 130m (USD 145m) of combined turnover and about 150 staff internationally. TNT Group founders Thomas Diezinger and Toby Cattermole have reinvested part of their disposal proceeds, and Damon Kennish becomes chief executive of TNT Group. No transaction value was disclosed; the next step is operational consolidation of the two businesses.
Why this mattersThe deal creates a vertically integrated premium packaging player spanning design, metal engineering and secondary packaging, raising competitive pressure on rivals serving luxury beauty and spirits brands.
- Combined group turnover is approximately EUR 130m (USD 145m).
- PM Studio Group alone had turnover of more than EUR 70m (USD 78m) and over 90 employees before the deal.
- The enlarged group employs about 150 people internationally.
- TNT Group founders Thomas Diezinger and Toby Cattermole reinvested part of their sale proceeds in the group.
- Damon Kennish is appointed chief executive of TNT Group.
- TNT Group operates a fabless model with metal engineering expertise in recycled zamak, aluminium, brass and stainless steel, plus offices in Hong Kong, Paris and New York.
CuBE Packaging Solutions, a maker of reusable polypropylene food containers backed by private equity firm Kent Road Capital, is investing more than USD 30m to expand its plant in St Charles, Illinois. The project covers renovation plus a phased installation of high-speed injection moulding machines and end-of-line automation. The first phase is complete and in production, with further phases running through 2027.
Why this mattersAdds US injection moulding capacity for reusable polypropylene foodservice containers, giving grocery and restaurant buyers a domestic alternative to imported rigid formats.
- Investment exceeds USD 30m at the St Charles, Illinois plant, which entered production in late 2025
- Spending covers facility renovation and a multi-phase installation of high-speed injection moulding machines with integrated end-of-line automation
- The initial phase is complete and in production, with further phases planned through 2027
- The site complements CuBE's Aurora, Ontario plant, described by the company as one of the largest single-site food storage injection moulding facilities in North America
- CuBE, founded in 2009, makes reusable, recyclable polypropylene containers for retail, grocery, restaurant and foodservice customers in the US and Canada
- CuBE is a portfolio company of Toronto-based private equity firm Kent Road Capital
Los Angeles private equity firm Butterfly Equity has agreed to acquire Sabert Holding Corp, a US food packaging manufacturer operating 13 plants across North America, Belgium, England, Poland and China with about 3,000 employees. Financial terms were not disclosed; the deal targets a fourth-quarter 2026 close subject to antitrust clearance in the EU, UK and US. Founder Albert Salama will retain a minority stake and chief executive Paul McCann stays in place.
Why this mattersA further private equity bet on convenience food packaging signals continued sponsor appetite for foodservice-exposed plastics and fibre platforms with European manufacturing scale.
- Sabert operates 13 manufacturing facilities globally, including nine in the US.
- The company employs approximately 3,000 people across North America, Belgium, England, Poland and China.
- Sabert holds more than 400 product patents.
- Deal targets a Q4 2026 close, subject to customary closing conditions and antitrust clearance.
- Financial terms of the transaction were not disclosed.
- Founder Albert Salama will retain a meaningful minority investment; CEO Paul McCann remains in place.
- Sabert was founded in 1983 and is headquartered in Sayreville, New Jersey.
- Sabert makes trays, containers, cutlery, drinkware, platters and bowls from PET, rPET, PP, paper and moulded fibre.
The European Commission has cleared Apax Partners' purchase of Gerresheimer's Primary Packaging Plastics unit, a business valued with Centor at about USD 1.68bn (EUR 1.5bn) enterprise value under the agreement signed in late July. The two businesses ran 16 plants in nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025. The Commission found no overlap in the same or vertically related markets and reviewed the case under its simplified procedure.
Why this mattersClearance moves a EUR 1.5bn pharmaceutical and cosmetics primary-packaging platform into private equity hands and funds Gerresheimer's shift to drug delivery and injectables.
- European Commission cleared Apax Partners' acquisition of sole control of Gerresheimer's Primary Packaging Plastics unit on 8 October 2026 under the EU Merger Regulation
- The late-July agreement, which also included Centor, values the businesses at about USD 1.68bn (EUR 1.5bn) on an enterprise value basis
- The two businesses operated 16 plants across nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025
- The unit makes primary plastic packaging, mainly for pharmaceutical, personal care and cosmetics customers
- The Commission found the parties are not active in the same or vertically related markets; case number M.12602, simplified procedure
- Gerresheimer is divesting to reduce debt and focus on drug delivery systems, medical devices and primary packaging for injectable medicines
Guala Closures, the Italian closures maker owned by Investindustrial, has completed a EUR 1bn issuance of senior secured floating rate notes due 2033, with proceeds used to refinance existing debt. The company also amended and restated its EUR 175m revolving credit facility in parallel.
Why this mattersExtends Guala Closures' main debt maturities to 2033 and refreshes its EUR 175m revolver, easing refinancing pressure at the Investindustrial-owned closures maker.
- Guala Closures issued EUR 1bn of senior secured floating rate notes maturing in 2033.
- The company amended and restated its existing EUR 175m revolving credit facility.
- Proceeds from the notes were used to refinance existing indebtedness.
- Guala Closures is a portfolio company of private equity firm Investindustrial.
- Paul, Weiss advised Guala Closures on the transaction.
- The company makes closures for the beverage, spirits, wine and pharmaceutical sectors.
PXP Group, formerly Woodberry Packaging, has launched as a single group combining Colorman, Reelvision, Medica Packaging and F.G. Curtis, four print and carton specialists serving pharmaceutical, healthcare and cosmetics customers. The group employs 650 staff and reports turnover above EUR 120m (USD 134m), and was presented on 6 October 2026 at the CPHI pharmaceutical event in Milan. It states a goal of becoming a significant player in print and packaging in the UK, Ireland and Europe, with growth focused on pharmaceutical, personal care and beauty.
Why this mattersCreates a combined pharma and cosmetics carton and leaflet supplier able to offer full-cycle print and packaging, intensifying competition for specialist healthcare packaging contracts.
- PXP Group, formerly Woodberry Packaging, launched on 6 October 2026 at CPHI in Milan
- Combined headcount is 650 staff, with turnover above EUR 120m (USD 134m)
- Colorman, an Irish print and packaging provider, was the first company acquired, in 2021
- Reelvision, of Lancashire, was acquired in 2024 for its flexographic carton printing capability
- Medica Packaging (Cheshire) and F.G. Curtis (Surrey) were both acquired in July 2026
- The group focuses on pharmaceutical, healthcare and personal care cartons and leaflets
- PXP is an acronym for Print, Expertise, Packaging
EPL Ltd and Indovida India Pvt Ltd have signed definitive agreements to merge their flexible and rigid PET packaging businesses, creating a platform with about USD 1 billion in combined revenue valued at USD 2 billion. Indorama Ventures, Indovida's backer, will become the largest shareholder with 51.8 per cent, while Blackstone, EPL's backer, will hold 16.6 per cent. The deal has board approval and still needs regulatory and shareholder clearances.
Why this mattersThe combination consolidates flexible and rigid PET packaging under one emerging-markets platform, giving Indorama Ventures a controlling packaging stake alongside its resin business.
- Combined group valued at USD 2 billion, with EPL valued at USD 1.2 billion and Indovida at USD 0.7 billion
- Merged entity expected to generate about USD 1 billion in revenue
- Indorama Ventures will hold 51.8 per cent of the merged company and become a promoter
- Blackstone will hold 16.6 per cent
- Indorama Ventures bought a 24.9 per cent stake in EPL in May 2025
- EPL Managing Director and Global CEO Hemant Bakshi will lead the combined entity, with Indovida CEO Sunil Marwah reporting to him
- BSE and NSE issued 'No Objection' observation letters on 19 October 2026 for the scheme amalgamating Indovida India Private Limited into EPL Ltd.
- EPL's board approved the amalgamation scheme on 29 March 2026 and filed it with the exchanges on 22 April 2026.
- The scheme proceeds under Sections 230-232 of the Companies Act, 2013, and Regulation 37 of SEBI LODR Regulations.
German industrial group Possehl has acquired the remaining 49% stake in Manroland Goss from American Industrial Partners, becoming sole owner with effect from 1 October 2026. Possehl previously held 51% of the rotary offset press manufacturer, which employs about 1,000 people worldwide and serves the packaging, book, commercial printing and newspaper industries. Possehl said it will invest in new presses, product development, spare parts, service and retrofits for the installed base, with no immediate changes to customer contracts or terms.
Why this mattersFull ownership gives Possehl a freer hand to fund long-term investment in press technology and after-sales support, removing a private-equity co-owner's influence on strategy.
- Possehl acquired the remaining 49% of Manroland Goss from American Industrial Partners, effective 1 October 2026.
- Possehl previously held 51% of the company.
- American Industrial Partners fully exits its stake in the group.
- Manroland Goss employs approximately 1,000 people worldwide.
- Possehl, founded in Lübeck in 1847 and owned by the nonprofit Possehl Foundation, comprises more than 200 entities in about 30 countries with roughly 13,000 employees.
- Possehl's most recent reported consolidated revenue totalled EUR 8.4bn.
- Possehl states it will provide full financing for manroland Goss going forward
- Strategic focus set on new equipment for packaging, book, commercial and newspaper printing plus digital post-press, and on expanding aftermarket solutions
- Franz Kriechbaum remains chief executive of manroland Goss
- Possehl confirmed it will provide full financing for manroland Goss going forward
Gerresheimer completed the sale of its US closures subsidiary Centor to funds advised by Apax Partners on 1 October 2026, about two months after signing on 29 July 2026. Centor accounts for roughly half of the combined enterprise value of about EUR 1.5bn (USD 1.7bn) agreed for Centor and the group's global Primary Packaging Plastics business. The proceeds go to debt reduction; the Primary Packaging Plastics sale is still expected to close in the first half of 2027, followed by a group refinancing.
Why this mattersThe closures exit funds deleveraging and leaves Gerresheimer concentrated on primary pharmaceutical packaging and drug-delivery systems, with one disposal still to run.
- Centor sale completed on 1 October 2026, about two months after the agreement signed on 29 July 2026
- Buyer is funds advised by Apax Partners
- Centor represents about half of the combined enterprise value of roughly EUR 1.5bn (USD 1.7bn) agreed for Centor and Primary Packaging Plastics
- Proceeds are earmarked for debt reduction, according to CFO Wolf Lehmann
- Primary Packaging Plastics disposal is expected to close in the first half of 2027, with a comprehensive group refinancing prepared with lenders afterwards
- Gerresheimer reports Q3 2026 results on 31 October 2026
German reusable cold chain packaging maker eutecma has acquired North American temperature-controlled packaging specialist Tempaid, combining reusable pallet and larger-format shipping systems with validated single-use parcel and last-mile thermal packaging. Terms were not disclosed. The combined business, backed by healthcare investor Great Point Partners, will operate under eutecma chief executive Kevin Grogan and serve pharmaceutical, life sciences and healthcare customers across Europe, North America and Asia.
Why this mattersConsolidation links reusable bulk cold chain packaging with single-use last-mile formats, giving pharma shippers a single supplier across the full temperature-controlled distribution chain.
- eutecma, founded 2008 in Mannheim, Germany, acquired Tempaid, a North American temperature-controlled packaging company
- Deal terms were not disclosed
- Tempaid brings SpeedyPac mailers, SteadyPac thermal shippers, gel packs and PCM mats, with manufacturing in North America and Asia
- eutecma contributes patented ICECATCH cooling systems and modular PROTECT shipping systems
- Combined company will be led by eutecma chief executive Kevin Grogan
- Healthcare investment firm Great Point Partners, which manages about USD 1.7bn, backs eutecma and supported the acquisition
- Tempaid founder Ryan Sanders says the deal supports geographic expansion and efficiency gains for the combined group
Electronics for Imaging, backed by private equity firm Siris, and Agfa-Gevaert have signed a definitive agreement to merge Agfa's Digital Printing Solutions business into EFI. A Siris affiliate will hold 60% of the new jointly held company and Agfa 40%, with the combined business expected to generate about EUR 540m (USD 625m) of revenue in 2026 on a pro forma basis. The deal, which follows a 2024 partnership between the two, is expected to close by the end of 2026 subject to regulatory approvals.
Why this mattersCreates a larger-scale industrial inkjet supplier spanning corrugated packaging, display and textile printing, consolidating a fragmented digital press market.
- Siris affiliate to hold 60% and Agfa 40% of the combined company
- Combined pro forma 2026 revenue estimated at EUR 540m (USD 625m)
- EFI brings Nozomi, VUTEK and Reggiani platforms; Agfa DPS brings Jeti TAURO, Onset PANTHERA and SpeedSet ORCA
- Deal follows a global technology partnership the two companies formed in 2024
- Transaction expected to close by end of 2026, subject to regulatory approvals
- DC Advisory and Sidley Austin LLP advised EFI and Siris on the deal
- Combined business covers industrial inkjet for corrugated packaging, display graphics, décor and textiles
- Deal closing is subject to employee consultation in addition to regulatory approval
The European Commission has approved M&G Investment Management and Arini Capital Management taking joint control of Italian cardboard maker Reno de Medici, currently controlled by Apollo Management. The deal was cleared under the simplified merger review procedure after regulators found no overlap in the companies' markets.
Why this mattersOwnership of a listed European recycled-cardboard producer moves from a private-equity sponsor to asset managers, a shift readers tracking consolidation in fibre packaging should note.
- European Commission approved the deal on 25 September 2026 under case number M.12612.
- M&G Investment Management and Arini Capital Management, both UK-based, will take joint control of Reno de Medici.
- Reno de Medici is currently controlled by US firm Apollo Management.
- The transaction was cleared under the EU's simplified merger review procedure.
- The Commission found the companies are not active in the same or vertically related markets.
- No deal value was disclosed in the Commission statement.
French secondary packaging manufacturer Verpack has completed a new leveraged buyout with private equity firm Aldebaran Capital Partners, with the founding Viers family retaining majority ownership. The company, which runs six industrial sites employing 530 staff, is targeting revenue of USD 68m (EUR 60m) in 2026 and plans to use the deal to fund its industrial transition and external growth.
Why this mattersA second LBO in six years shows continued private equity appetite for mid-sized European secondary packaging converters seeking capital for consolidation and industrial upgrades.
- Verpack completed a new LBO with Aldebaran Capital Partners, announced 24 September 2026.
- The Viers family retains majority ownership of the company.
- Verpack employs 530 staff across six industrial sites, five in France and one in Tunisia.
- The company targets revenue of USD 68m (EUR 60m) in 2026.
- Verpack's first LBO took place in 2020 alongside Crédit Mutuel Equity.
- Aldebaran Capital Partners is investing EUR 20m-30m through its Aldebaran Transformation Fund I
- Verpack posted EUR 55m revenue in 2025, up from EUR 42m in 2019
- Verpack plans to expand into Italy and Switzerland and to pursue further acquisitions
- Verpack is valued above EUR 50m (USD 55.9m), with debt exceeding EUR 20m (USD 22.4m) at about 3x EBITDA leverage.
- Financing arranged by BNP Paribas, LCL and Banque Populaire Bourgogne Franche-Comte.
- Chairman Stephane Viers leads the Viers family's majority voting control of the holding company.
- Credit Mutuel Equity, Verpack's investor since 2020, exits the business; Pax Corporate Finance advised the sellers.
- Crédit Mutuel Equity, Verpack's backer since 2020, has exited as Aldebaran Capital Partners becomes lead financial investor.
- De Pardieu Brocas Maffei advised the lenders' pool on the transaction.
Monarch Alternative Capital and General Atlantic are to take majority control of coated-paper maker Loparex through a restructuring of roughly USD 1bn that allows the company to avoid a bankruptcy filing. The deal removes more than USD 400m of liabilities by converting about half of Loparex's first-lien debt into equity and wiping out a junior loan held by Blue Owl Capital. Loparex receives around USD 80m of new equity capital.
Why this mattersThe debt-for-equity swap shows lenders absorbing losses to keep a mid-size specialty paper supplier out of bankruptcy, a bellwether for leveraged packaging-adjacent credits.
- Restructuring is valued at roughly USD 1bn
- More than USD 400m of liabilities will be shed from Loparex's balance sheet
- About half of the company's first-lien debt will be swapped for equity
- A junior loan held by Blue Owl Capital will be wiped out
- Loparex will receive around USD 80m in new equity capital
- Monarch Alternative Capital and General Atlantic will own the majority of the restructured company
M&G Investment Management and Arini Capital Management intend to acquire joint control of Italian cartonboard producer Reno de Medici (RDM), currently controlled by Apollo Management, as part of RDM's ongoing financial restructuring. The deal was notified to the European Commission for merger clearance in early September 2026 and published in the EU Official Journal on 10 September, with the Commission flagging it as a candidate for the simplified procedure.
Why this mattersA change of control at a core European cartonboard producer signals how creditors and funds are reshaping ownership of debt-laden packaging assets through restructuring.
- M&G Investment Management and Arini Capital Management intend to take joint control of Reno de Medici (RDM)
- RDM is currently controlled by Apollo Management
- The transaction is part of RDM's ongoing financial restructuring
- The deal was notified to the European Commission in early September 2026
- The notification was published in the EU Official Journal on 10 September 2026
- The Commission has flagged the deal as a candidate for the simplified merger review procedure
Perfume and cosmetics packaging supplier Coverpla is preparing a handover from chairman Bruno Diepois to managing director Sebastien Saussereau, planned since Geneo Capital Entrepreneur became majority shareholder in September 2024. The Nice-based company, with EUR 23m of revenue, expects 2026 to be flat for a second consecutive year and is examining external growth options.
Why this mattersA EUR 23m perfume packaging supplier with flat revenue is looking to external growth, one route to scale in a fragmented French cosmetics packaging supply base.
- Coverpla generates EUR 23m in annual revenue and employs 45 people at its Nice site, four in the United States and two in Italy.
- Geneo Capital Entrepreneur became majority shareholder in September 2024.
- A handover from chairman Bruno Diepois to managing director Sebastien Saussereau has been planned since that change of ownership.
- US revenue is up more than 30% in 2026 after a weak 2025.
- 2026 revenue is expected to be flat, matching stagnation in 2025.
- Management says it is examining external growth options.
German steel group Salzgitter is considering a sale of its filling and bottling equipment division KHS, valued at up to EUR 1bn (USD 1.1bn), as it seeks funds to restructure its steel business. A strategic review of KHS is planned in the coming weeks and private equity firms are seen as possible bidders.
Why this mattersA sale would put one of the largest independent bottling-line makers into new hands, reshaping competition in filling and packing machinery for beverage and food producers.
- Salzgitter is reviewing options to sell KHS GmbH for up to EUR 1bn (USD 1.1bn).
- KHS, based in Dortmund, makes bottling lines for glass and PET bottles, kegs and cans.
- Salzgitter management plans a strategic review of KHS operations in the coming weeks.
- Proceeds would help fund restructuring of Salzgitter's steel business, including a possible mill closure in which it holds a 30% stake.
- Salzgitter's market value is about EUR 1.38bn.
- The review follows a failed attempt by shareholders GP Günter Papenburg and TSR Recycling to raise their stake to 45% plus one share.
Butterfly Equity, a Los Angeles private equity firm focused on food and beverage, has agreed to acquire Sabert Holding Corp, a US-based maker of plastic, paper and molded fibre food packaging with 13 plants worldwide. Financial terms were not disclosed and the deal, backed by financing from UBS, Goldman Sachs and KKR Capital Markets, is expected to close in the fourth quarter of 2026. Founder Albert Salama will retain a minority stake.
Why this mattersSabert's 13 plants and multi-material foodservice range pass to a food-focused sponsor rather than a strategic buyer, keeping a scaled platform inside the private equity cycle.
- Butterfly Equity signed a definitive agreement to acquire Sabert Holding Corp, financial terms undisclosed
- Sabert operates 13 manufacturing facilities globally, including nine in the US and others in Belgium, England, Poland and China
- Sabert, founded in 1983 and based in Sayreville, New Jersey, employs about 3,000 people and holds over 400 product patents
- The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions
- Sabert founder and executive chairman Albert Salama will remain a minority investor after closing
- Financing is being provided by UBS Investment Bank, Goldman Sachs and KKR Capital Markets
Platinum Equity is in advanced talks to acquire Dutch metal packaging maker Trivium Packaging for USD 3.5 billion from current owners Ontario Teachers' Pension Plan Board and Ardagh Group S.A. The private equity firm has emerged ahead of other bidders, including Sonoco, which dropped out after its USD 3.9 billion purchase of Eviosys in June 2024. A final agreement is expected within weeks, though talks are not guaranteed to conclude.
Why this mattersA USD 3.5bn buyout would reshape ownership of a top-tier metal packaging supplier and signal renewed private-equity appetite for large sector assets.
- Platinum Equity is negotiating to acquire Trivium Packaging for USD 3.5 billion.
- Sellers are Ontario Teachers' Pension Plan Board and Ardagh Group S.A.
- Deal expected to close within coming weeks, pending final agreement.
- Trivium reported annual revenue of USD 3.1 billion and employs 7,500 people across 60 sites.
- Trivium was formed in 2019 from the merger of Exal Corp. and Ardagh's food and speciality packaging business.
- Sonoco had earlier been a bidder but withdrew after buying Eviosys for USD 3.9 billion in June 2024.
Singapore-based Circulate Capital is investing USD 9.5m for a significant minority stake in JC Global, an Indian plastics recycler based in Coimbatore. The deal is the fund's eighth Indian investment and its first from Asia Fund II, which will back JC Global's plan to build a multi-plant recycled polyolefin and chemical recycling network in Tamil Nadu, scaling capacity toward 100,000 tonnes a year.
Why this mattersThe deal signals continued investor appetite for recycled feedstock capacity in South Asia, a region brand owners increasingly rely on for recycled-content sourcing.
- Circulate Capital is investing USD 9.5m for a significant minority stake in JC Global
- The deal is Circulate Capital's eighth investment in India
- It is the first deployment from the firm's Asia Fund II, which had a USD 220m first close
- JC Global currently operates a single site and plans a multi-plant recycling network in Tamil Nadu
- JC Global aims to scale recycling capacity to nearly 100,000 tonnes of plastic waste a year
- Circulate Capital targets deploying at least half of its USD 300m Asia Fund II target into South Asia
Goldman Sachs Alternatives has agreed to acquire Tosca, a reusable plastic container, pallet and bulk bin pooling operator, from funds advised by Apax Partners. Tosca runs 63 service and wash centres serving more than 5,000 customers across 30 countries in North America and Europe. Completion is expected later in 2026, subject to customary closing conditions and regulatory approvals.
Why this mattersThe deal signals continued private-capital appetite for reusable-packaging infrastructure, a segment competing directly with single-use packaging on food-supply-chain economics.
- Tosca operates 63 service and wash centres across North America and Europe.
- The company serves more than 5,000 customers in 30 countries.
- Buyer is the Infrastructure business of Goldman Sachs Alternatives.
- Seller is funds advised by Apax Partners LLP.
- Completion is expected later in 2026, subject to regulatory approvals.
- Sidley Austin advised Goldman Sachs Alternatives on the transaction.
Indian biotech startup PeelOn has closed a USD 1m seed round led by GrowX Ventures, with participation from Boston Venture Group, Clean Energy Venture Group and Climate Angels, valuing the company at USD 7.9m. The company makes a compostable film using plant-derived additives that it says triples produce shelf life. Proceeds will fund R&D and production in Visakhapatnam, expand sales and regulatory teams in India and the US, and support produce-specific certification campaigns.
Why this mattersEarly-stage capital is backing compostable films that extend produce shelf life, though USD 1m leaves PeelOn well short of commercial-scale supply.
- PeelOn raised USD 1m in its first funding round.
- The round was led by GrowX Ventures with Boston Venture Group, Clean Energy Venture Group and Climate Angels participating.
- The company is valued at USD 7.9m post-round.
- PeelOn's compostable film uses plant-derived additives and is said to triple produce shelf life.
- Funds will go toward R&D and production expansion in Visakhapatnam, India.
- The company plans to expand sales and regulatory teams in India and the US.
French household and compostable packaging group SPHERE has acquired the entirety of Polyex, a French manufacturer of extruded polyethylene sleeves, covers and bags for industrial clients. The deal extends SPHERE's reach beyond its traditional professional, public-sector and retail customer base and complements its existing subsidiary Alfaplas. Financial terms were not disclosed.
Why this mattersBolt-on consolidates SPHERE's push into industrial flexible packaging, broadening its customer base beyond retail and public-sector channels.
- SPHERE acquired 100% of Polyex, announced 19 September 2026.
- Polyex extrudes polyethylene-based sleeves, covers and bags for industrial customers.
- The deal complements SPHERE's existing subsidiary Alfaplas.
- SPHERE has been backed by investment firm Hivest Capital Partners since 2024.
- Terms of the transaction were not disclosed.
- Law firm August Debouzy advised on the transaction across corporate, tax, contract, financing and employment matters.
Morocco's Competition Council has published notification of a proposed acquisition under which Société Marocaine des Manufactures de Mohammedia, controlled by private-equity group Mediterrania Capital Partners, would take exclusive control of Alma Pack and Le Carton. The deal would combine flexible packaging, aluminium tubes, plastic labels and rigid cardboard within one platform in Morocco. No transaction value, financing structure or completion timetable has been disclosed, and third parties have until 28 September 2026 to comment before the regulator rules.
Why this mattersCombining flexible film, rigid cardboard, labels and aluminium tubes would concentrate Morocco's packaging supply base and give exporters a single multi-material source.
- Morocco's Competition Council published notification on 17 September 2026 of the proposed acquisition.
- Société Marocaine des Manufactures de Mohammedia, controlled by Mediterrania Capital Partners, would take exclusive control of Alma Pack SA and Le Carton SA.
- The buyer trades in Morocco as Advanced Flexible Materials, a flexible-packaging and aluminium-tube producer.
- Alma Pack makes flexible plastic-film packaging and a small volume of plastic labels; Le Carton makes rigid cardboard packaging.
- The Council identifies four affected markets: flexible packaging, rigid packaging, plastic labels and aluminium tubes.
- Third parties have until 28 September 2026 to submit observations; no deal value, seller, financing or completion timetable was disclosed.
KKR has emerged as the preferred bidder to acquire Portuguese plastics packaging maker Logoplaste, according to people familiar with the matter. The US private equity firm is in exclusive talks with Logoplaste's owners after rival bidder Apax Partners dropped out of the process. A deal could be reached in the coming weeks.
Why this mattersA change of control would place Portuguese packaging maker Logoplaste under a new private equity owner, resetting its investment and acquisition plans for the next holding period.
- KKR has emerged as the preferred bidder for Portuguese packaging maker Logoplaste, according to people familiar with the matter, reported on 16 September 2026.
- KKR is in exclusive talks with Logoplaste's owners.
- Apax Partners has dropped out of the process.
- A deal could be reached in the coming weeks, with no certainty that the talks lead to a transaction.
- A takeover of Logoplaste could rank among the largest deals in Portugal in 2026.
- Ontario Teachers' Pension Plan Board holds 60% of Logoplaste and is considering a sale valued at more than EUR 1.7bn (USD 1.95bn), expected to complete in 2026
- Minority shareholders may reinvest alongside the buyer to retain a combined 40% stake
- Logoplaste operates more than 60 plants in 17 countries for customers including Kraft Heinz, Diageo and L'Oreal, with annual revenue of about EUR 1bn (USD 1.15bn)
- Carlyle invested about EUR 660m (USD 758m) in Logoplaste in 2016, when the company was valued at EUR 1.4bn (USD 1.61bn) including debt in 2021
GTCR-backed PPC Flex has acquired Koen Pack, a Netherlands-based supplier of floral and plant packaging with operations across Europe and the Americas. The deal, advised by Loyens & Loeff for GTCR, is a strategic add-on that extends PPC Flex's footprint in floral packaging alongside its existing flexible packaging business. No financial terms were disclosed.
Why this mattersThe deal consolidates the niche floral packaging segment under private equity ownership, adding scale and geographic reach for horticulture-focused flexible packaging suppliers.
- PPC Flex, a portfolio company of private equity firm GTCR, has acquired Koen Pack
- Koen Pack is a Netherlands-based supplier of floral and plant packaging
- Koen Pack operates in Europe, the United States, Canada, Colombia and Ecuador
- Both companies have more than 30 years of experience in the floral packaging industry
- Law firm Loyens & Loeff advised GTCR on legal and tax aspects of the transaction
- The deal is described as a strategic add-on investment within GTCR's portfolio
Affix Holdings has launched as a new specialty label and identification products platform, combining AAi, Guaranteed Labels and Sticker Ranch. The three US manufacturers of labels, decals, nameplates and graphic overlays will continue to operate under the Affix umbrella, led by chief executive Lynn Higgs.
Why this mattersThe combination consolidates niche US label and identification manufacturing into a larger platform with broader geographic and product reach for industrial customers.
- Affix Holdings announced its formation on 14 September 2026.
- The platform combines AAi (formerly Art Advertising, Inc.), Guaranteed Labels and Sticker Ranch.
- AAi is headquartered in Jonesboro, Arkansas; Sticker Ranch in Texas; Guaranteed Labels in Alabama.
- Lynn Higgs is chief executive of Affix Holdings; Justin Burris is a director.
- Each constituent company will continue to operate independently under the new group.
Release liner maker Loparex is moving to a new ownership structure as part of a comprehensive recapitalisation, under which it announced a further investment at the beginning of September 2026. According to trade publication EUWID, that investment is to be made by Monarch Alternative Capital. Loparex, which produces silicone-coated release liners, is based in Cary, North Carolina.
Why this mattersA change of ownership at an internationally active silicone-coated release liner producer sets who funds capex on an input every pressure-sensitive label converter buys.
- Loparex announced a further investment at the beginning of September 2026 as part of a comprehensive recapitalisation
- The investment is to be made by Monarch Alternative Capital
- The recapitalisation gives Loparex a new ownership structure
- Loparex is headquartered in Cary, North Carolina, and makes silicone-coated release liners
