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Packaging M&A involving North American companies took off in October. Packaging Dive tracked the following deals:

• ACR, formerly known as AmerCareRoyal, acquired Minnesota-based Ultra Green Packaging, a supplier of molded fiber foodservice packaging. This is the 12th acquisition since ACR was acquired by private equity firm Oridian Capital Partners.
• Central National Gottesman, a global paper and packaging distributor, announced it’s acquiring Nebraska-based Omaha Paper Co., or OPC, a distributor of paper and packaging products. OPC, a second-generation family business, will operate under CNG’s Lindenmeyr Munroe division.
• Gerresheimer announced on Oct. 1 it completed the previously announced sale of U.S. subsidiary Centor, worth about 750 million euros, to an affiliate of private equity firm Apax Partners. Gerresheimer reiterated that it will use proceeds from the deal to lower its debt.
• Grafine Partners and Atlantic Ridge Capital announced that they’re acquiring Oklahoma-based Paragon Films from private equity firm Rhône in a transaction worth an estimated $900 million. Paragon manufactures plastic stretch film used for pallet wrapping. The partners said they expect the deal to close in 2026. 
• Henkel completed the previously announced deal to acquire Netherlands-based Stahl, a PE-backed coating specialist for flexibles with about 1,800 employees globally, as of Oct. 1. With the deal, Henkel CEO Carsten Knobel said Henkel enters “the highly attractive adjacent category of specialty coatings.”
• Hivest Capital Partners, a private equity firm, acquired Wisconsin-based Sustana from Blackstone’s Tactical Opportunities platform. Sustana produces fiber packaging products, with multiple mills and recovery facilities in the U.S. and Canada. Hivest intends to invest in Sustana’s existing infrastructure, as well as “selective add-on acquisitions.” Kevin Richard was named CEO.
• Intertape Polymer Group acquired Iowa-based shrinkwrap films maker Clysar. Going forward, IPG will market a Clysar brand as well as IPG’s Exlfilm brand, “giving IPG two established brands in the shrink film category” as well as stronger distributor and customer relationships and expanded North American manufacturing capabilities, per the announcement. IPG is a portfolio company of Clearlake Capital Group.
• Millcraft reportedly acquired Protective Packaging Products (P3), a Kentucky-based custom corrugated and protective packaging distributor serving automotive and other industrial customers. “P3 will continue to operate as its own entity from its existing facility,” according to the announcement.
• Outlook Group acquired a Pewaukee, Wisconsin, facility from North Carolina-based ABX – Innovative Packaging Solutions. The facility’s capabilities include specialty label production, flexible packaging capacity and conductive film printing. Outlook is a portfolio company of Aterian Investment Partners.
• PM Studio acquired fellow French luxury packaging company TNT Group, which supplies primary and secondary packaging for the beauty, wines and spirits sectors. The combined global company is expected to have 130 million euros in revenue with 150 employees. TNT’s U.S. operations are based in New Jersey. PM is backed by French private equity firm Andera Partners.
• Quality Packaging, Inc. acquired assets of Wisconsin Green at two facilities in Wisconsin, according to multiple local news reports. The acquisition reportedly will enable QPI to have in-house corrugated box manufacturing capabilities rather than sourcing from outside suppliers.
• 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, 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.
• Silgan Holdings is partnering with private equity firm American Industrial Partners to acquire European metal packaging specialist Trivium Packaging. Silgan Holdings would gain roughly $2.3 billion in cash proceeds and have 60% ownership in a business known as Silgan Metal Containers and Closures, which would acquire the global Trivium business. AIP, which is contributing $1 billion, would have 40% ownership in Silgan MCC. Parties expect the deal to close in mid-2027.
• 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 highlighted how the deal grows its presence “in the important Chicago area” and adds branded packaging capabilities. SupplyOne is a portfolio company of private equity firm Revelar Capital.
• TemperPack announced it acquired Cruz Foam’s intellectual property portfolio, which includes 23 patents and patent applications in multiple jurisdictions, as the Cruz brand folds. “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,” TemperPack CEO Peter Wells said in a statement.