The most recent updates to this tracker include:
- French private equity firm Hivest Capital 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, succeeding Nathan Jeppson.
- ACR 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 is 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.
- Private equity firms Grafine Partners and Atlantic Ridge Capital announced that they are 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 expect the deal to close in 2026.
- Wisconsin-based Quality Packaging, Inc. has 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. The Milwaukee Business Journal reports that the sale averts a closure and layoffs for Wisconsin Green.
- Cleveland-based paper and packaging specialist 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. This follows Millcraft’s February acquisition of Wisconsin-based Steen-Macek Paper.
Following a string of megadeals in 2024 and 2025, analysts anticipate consolidation in 2026 could be driven by smaller players. Packaging Dive aims to track as many deals as possible to help you stay up to date.
Although the packaging industry is global, this list focuses on deals involving companies that are either based, or have a notable presence, in the U.S. or Canada. We list the acquirers by their parent company or common operating name, which may differ from the specific legal entities involved in the acquisitions. The list can be sorted by category by clicking on each column title in the table below. You can also scroll down to see archived lists from 2023, 2024 and 2025.
Do you know of new deals we should include, or are you hearing about a tip you want us to investigate? Get in touch at [email protected].
