North America logs 16 packaging M&A transactions in October 2026

By Tom Whitfield

Packaging Dive tracked 16 packaging transactions involving North American companies in October 2026. Among the tracked deals with stated dollar values, Paragon Films’ estimated $900 million transaction stood above UFP Industries’ $27 million Apache Products purchase.

Which deals changed ownership or control?

• Henkel–Stahl. Packaging Dive reported that Henkel completed the previously announced acquisition of Netherlands-based Stahl on Oct. 1. The private-equity-backed coating specialist for flexibles has about 1,800 employees globally; Henkel CEO Carsten Knobel said Henkel enters “the highly attractive adjacent category of specialty coatings.”

• Gerresheimer–Centor. Gerresheimer announced on Oct. 1 that it had completed the previously announced sale of its U.S. subsidiary Centor to an affiliate of private equity firm Apax Partners. The company valued the sale at about €750 million and reiterated that it will use the proceeds to lower debt.

• Silgan–American Industrial Partners–Trivium. Silgan Holdings is partnering with private equity firm American Industrial Partners to acquire European metal packaging specialist Trivium Packaging. Under the structure, Silgan would gain roughly $2.3 billion in cash proceeds and 60% ownership of Silgan Metal Containers and Closures, the business that would acquire the global Trivium business. AIP would contribute $1 billion for 40%, and the parties expect a mid-2027 close.

Where did fiber, paper and distribution assets consolidate?

• ACR–Ultra Green Packaging. ACR, formerly known as AmerCareRoyal, acquired Minnesota-based Ultra Green Packaging, a supplier of molded fiber foodservice packaging, according to Packaging Dive. The deal marked ACR’s 12th acquisition since private equity firm Oridian Capital Partners acquired the company.

• Central National Gottesman–Omaha Paper Co. Central National Gottesman, described by Packaging Dive as a global paper and packaging distributor, announced that it is acquiring Nebraska-based Omaha Paper Co., another distributor of paper and packaging products. Omaha Paper Co. is a second-generation family business and will operate under CNG’s Lindenmeyr Munroe division.

Hivest–Sustana. Private equity firm Hivest Capital Partners acquired Wisconsin-based Sustana from Blackstone’s Tactical Opportunities platform, Packaging Dive reported. Sustana produces fiber packaging through multiple mills and recovery facilities in the United States and Canada; Hivest intends to invest in that infrastructure and pursue selective add-on acquisitions, with Kevin Richard named CEO.

Millcraft–Protective Packaging Products. Millcraft reportedly acquired Kentucky-based Protective Packaging Products (P3), a custom corrugated and protective packaging distributor serving automotive and other industrial customers. Its announcement said P3 will continue to operate as its own entity from its existing facility.

SupplyOne–Packaging Design Corp. SupplyOne acquired Illinois-based custom corrugated manufacturer Packaging Design Corp., which specializes in e-commerce, retail and specialty packaging, among other offerings. SupplyOne’s CEO said the deal expands the company’s presence in the Chicago area and adds branded packaging capabilities; SupplyOne is a portfolio company of private equity firm Revelar Capital.

Quality Packaging–Wisconsin Green. Quality Packaging Inc. acquired assets of Wisconsin Green at two Wisconsin facilities, according to multiple local news reports. The acquisition reportedly gives QPI in-house corrugated box manufacturing capabilities rather than a reliance on outside suppliers.

Where did films, labels and cold-chain technology change hands?\n

• Grafine Partners and Atlantic Ridge Capital–Paragon Films. According to Packaging Dive, the investors announced that they are acquiring Oklahoma-based Paragon Films from private equity firm Rhône. The estimated $900 million transaction covers a manufacturer of plastic stretch film used for pallet wrapping, and the partners expect it to close in 2026.

• Intertape Polymer Group–Clysar. IPG acquired Iowa-based shrinkwrap films maker Clysar. Under its announcement, IPG will market the Clysar brand alongside Exlfilm, giving it two established shrink-film brands, stronger distributor and customer relationships, and expanded North American manufacturing capabilities; IPG is a Clearlake Capital Group portfolio company.

Outlook Group–ABX facility. Outlook Group acquired a Pewaukee, Wisconsin, facility from North Carolina-based ABX – Innovative Packaging Solutions. The facility offers specialty label production, flexible packaging capacity and conductive film printing; Outlook is a portfolio company of Aterian Investment Partners.

TemperPack–Cruz Foam intellectual property. TemperPack announced that it acquired Cruz Foam’s intellectual property portfolio, including 23 patents and patent applications across multiple jurisdictions, as the Cruz brand folds. CEO Peter Wells said: “Our goal is to leverage this IP to support our ongoing development of scalable, smart, sustainable, science-based cold chain solutions for life sciences and healthy food across the e-commerce value chain.”

How did luxury, pallet and bag-in-box suppliers expand?\n

• PM Studio–TNT Group. PM Studio acquired fellow French luxury packaging company TNT Group, which supplies primary and secondary packaging for beauty, wines and spirits. The combined global company is expected to have €130 million in revenue and 150 employees; TNT’s U.S. operations are based in New Jersey, and PM Studio is backed by French private equity firm Andera Partners.

• UFP Industries–Apache Products. UFP Industries acquired Texas-based pallet manufacturer Apache Products for $27 million, giving it a foothold in the Gulf Coast region. Apache comes with $55 million in annual sales and 165 employees.

• Ringmetall–Rapak. Ringmetall, a German packaging company, is acquiring Illinois-based bag-in-box specialist Rapak. Rapak reportedly generates about $20 million in annual revenue and has around 50 employees.

Packaging Dive maintains a year-to-date M&A tracker and invited readers to submit other transactions. The next scheduled milestones are the stated closing dates: Paragon Films in 2026 and the Silgan-AIP Trivium transaction in mid-2027. Those dates govern when the announced buyer and ownership structures become final.