M&A

Iconex acquires Heartland Label Printers

Selah Zighelboim — Thu, 06 Aug 2026 18:06:45 +0000

Iconex, an M2S Group Company and provider of variable information labels, has acquired Heartland Label Printers. This acquisition strengthens Iconex's position, expands manufacturing capabilities and capacity, and creates new growth opportunities for customers and team members.

Heartland Label Printers, headquartered in Little Chute, Wisconsin, is a North American producer of direct thermal, thermal transfer, linerless and specialty variable-information labels. The business has approximately 170 team members across two locations.

'We are excited to welcome the Heartland Label Printers team to M2S Group and Iconex. This acquisition aligns with our material science focus, expands our variable information label capabilities,and brings together two organizations with a shared commitment to valued customer partnerships,' said Paul Charapata, M2S Group CEO.

Jamie Hillend, vice president and general manager, said: 'I have developed a great deal of respect for the M2S team and their vision. I believe they value what has made Heartland successful – our people, our culture and our commitment to our customers. I genuinely believe this partnership creates exciting opportunities for Heartland's future.'

Lenny Marano, M2S Group CCO, said: 'Heartland has built an outstanding reputation in the market, and we believe the combination of our teams, resources and expertise will create even greater value for our customers, suppliers and team members.'

Rob Epler, president of Iconex, said: 'I look forward to partnering with the Heartland Label Printers team to unlock our full potential as leaders in the label industry.'

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Iconex acquires Heartland Label Printers

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The acquisition strengthens Iconex's position, expands capacity and creates new growth opportunities.

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The state of private equity

Piotr Wnuk — Tue, 21 Jul 2026 21:17:08 +0000

M&A 21 July 2026

The state of private equity

In the US, multiple large PE-backed companies in the label industry have gone through changes that suggest a complex market.

Over the past year, several large private-equity-backed companies operating in the label space have undergone notable changes.

In August of 2025, Brook + Whittle secured 130 million USD as part of a refinancing transaction.

In November of 2025, plastic materials supplier Klöckner Pentaplast filed for prepackaged Chapter 11 Bankruptcy in the US Bankruptcy Court for the Southern District of Texas and entered into a restructuring support agreement, reducing its debt by about 1.51 billion USD.

In January of this year, MCC entered into a prepackaged Chapter 11 process and restructuring support agreement that eliminated 3.8 billion USD in debt.

In February, Resource Label Group appointed several new C-suite leaders and separated from much of its former senior leadership.

Analysts say these developments are not isolated incidents but part of a broader trend. They note that PE firms may have overpaid for acquisitions, while the label market growth has slowed.

PE in labels

The label industry is an attractive market for PE companies. It offers consistent, low-risk returns, and it’s highly fragmented. Additionally, many label converters are family-owned companies with second- or third-generation owners who may be looking to exit and who may lack a next generation interested in taking over the business.

Generally, when a PE company enters the label space, it buys an initial company, which it then uses as a platform to acquire further businesses, eventually building a network of label converters.

‘Within each private equity firm, there are different cultures, different approaches they take, in terms of how much management, support they give, or how much they leave the acquired company alone, and everywhere in between,’ says Corey Reardon, president and CEO of Alexander Watson Associates, a market research firm. ‘So that varies. A lot of the private equity firms today are good stewards of a business, with the financial objectives of creating a well-positioned, strong business.’

The last 25 years have seen PE companies entering the label space, acquiring both converters and suppliers. The result has been that companies with PE ownership models dominate the pool of the largest label converters.

‘In this slightly expanding pond, the big fish are getting huge, and the small and mid-sized fish are kind of the same,’ says Thomas Blaige, founder of Blaige Industry Analytics. The analytics firm tracks and analyzes merger and acquisition activity across resins, colorants, concentrates, adhesives, sealants, inks and coatings and capital equipment in packaging and converting.

Blaige says that, in the label industry, more than 80 percent of the top 10 percent largest companies have now either sold or merged, while fewer than 20 percent of the small and mid-size companies have done so.

At the same time, consolidation among suppliers has reduced the number of supplier options for converters.

Blaige says that everyone in the industry, especially smaller companies, needs to pay attention to consolidation, as it is easier than ever to be outcompeted by larger businesses.

‘They need to be looking at their competitive landscape, who’s buying who. It’s like musical chairs,’ Blaige says. ‘They need to pay a lot more attention to their external environment in their strategy and follow a novel, creative strategy every year, not just repeat what was done in the past.’

Overvaluation

After 25 years of consolidation in the industry, some large-cap PE-backed label converters are restructuring their debt or making leadership changes.

Blaige says that acquisition prices are rising as converter companies are repeatedly bought and sold by PE firms, leading to overpaying. Blaige emphasizes that this phenomenon primarily affects large-cap companies because they command the highest multiples and take on substantial debt when making acquisitions.

‘It’s like New York real estate,’ he says. ‘Somebody buys a property. It’s a family, and you get the real estate. It’s a humble little thing. Then someone says, “Oh my gosh, it’s a diamond”, so they pay double for it and take out a big bank loan. Then someone says, “Well, it’s a double diamond”. And five years later, they take out an even bigger bank loan. Then someone says, “That’s a triple diamond”. Now, it’s a quadruple diamond. People are paying four times as much as they would have 20 years ago. They’re borrowing all this money, and it’s not working out, and they’re squeezing all the juice out of the lemon each time they buy it.’

Each time a company is acquired, it is evaluated at a higher price, but that doesn’t mean that it’s worth more, Blaige explains.

This phenomenon is not unique to labels; Blaige has seen it in other industries as well. However, plastic packaging is particularly vulnerable to this overvaluation due to the industry’s high degree of fragmentation and its age. In contrast, metal and glass packaging are older industries, so they’re less fragmented with less potential for consolidation.

‘Each private equity group holds for about five years, and then they flip it. It’s like real estate,’ Blaige says. ‘Every time it gets flipped, they’re trying to get a little more, so that by the time you get to the fourth flipper, the price is super high and it’s very risky.’

Complex landscape

Jonathan White, managing director of Mezzo Investment Banking, attributes the financial challenges to a complex array of factors, including occasional overpaying and/or poor management and integration of new acquisitions. White has been involved in investment banking in the packaging space since the mid-1990s.

“The key is that these acquirers need to maintain discipline on buying right and not overpay”

‘Acquisition models had worked very well for a long time within the label space,’ White says. ‘The key is that these acquirers need to maintain discipline on buying right and not overpay. You’ve got to manage right, do the hard work of integration to enhance growth and enhance margin, and you’ve got to be cognizant of where you are within the cycle. If you miss any one of those three things, you may have a problem.’

Some acquirers have paid amounts for label companies that make it difficult to justify the returns that a PE company would need, White notes. Others may not be making the necessary improvements to increase value.

Meanwhile, growth in the label industry has slowed recently, creating a further challenge. White attributes this slowed growth, which is primarily evident in PS and cut-and-stack labels, to the overall stress currently affecting consumer products in developed markets.

White sees PE companies holding onto businesses for longer periods of time before selling than they used to. This is a challenge because PE companies realize most of their returns when they sell businesses, so holding on to them for longer could indicate underlying issues.

‘Sometimes you have a company that’s not performing as well as you would like, so it’s not the right time to take it to market,’ White says. ‘In other cases, it could be that they’re struggling to find the right buyer. Some of the larger roll-up entities started as smaller entities and then serially traded from one private equity group to the next. It starts with a smaller-market private equity group, then trades up to a middle-market group, and finally to a larger-market group. Eventually, you end up with the largest private equity groups. At that point, to whom are you going to sell?’

Reardon emphasizes the market’s role.

‘These companies have been bought with debt, and that debt is manageable at certain market or business conditions, but if that is softer or goes down, then the debt the company has is much harder to service,’ Reardon says.

The US market

Though there has been some overvaluation in the European market, the US market is particularly vulnerable to overvaluation in mergers and acquisitions activity, given the level of PE in the US.

‘There’s more private equity here, so usually it’s more competitive,’ Blaige says. ‘It’s more prevalent in the US because the premiums are higher, so they’re stretching the companies. They’re stretching a little further on these prices. There’s more risk.’

PE interest

Reardon, Blaige and White agree that PE companies are still interested in the label industry.

‘The basic tenets that drew interest to the space are still there,’ White says. ‘It’s still a fragmented, competitive base. It’s relatively low in capital intensity compared to other forms of packaging. It’s one of the smallest percentages of the overall shelf price of a good, so because of that, you tend to make a little bit better margin, because it’s not as noticeable, it’s not worth the investment of your customers to spend a lot of time fighting with you over a half cent. Also, it’s not worth switching; customers can be very sticky, so it’s just not worth the risk of switching suppliers on that. The space is generally resistant to import competition. It’s mainly a local, regional market. None of that has changed.’

According to White, consolidation in the industry peaked around 2021 and 2022. Those years saw 40 and 49 add-ons, respectively, while 2021 saw seven new PE companies enter the label space, and 2022 saw three. Over the last two years, those numbers have dropped to 28 add-ons and four new platforms in 2024, and 23 add-ons and two new platforms in 2025.

‘A little bit of the shine has come off, but it will always be an active market, in my view,’ White says.

AWA analyzes the label market for PE companies looking to enter the space, and Reardon has noticed fewer such companies in recent years.

‘You’re not seeing as many new private equity firms buying into the sector; rather, existing platforms grow through acquisition,’ Reardon says.

Blaige expects PE to continue showing the same level of interest in the label industry, but that the valuation of converter companies will decline.

‘A few people get burned,’ Blaige says. ‘The activity is the same. They just pay less.’

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Lappí expands in flexible packaging

Will Drysdale — Mon, 13 Jul 2026 16:03:47 +0000

Lappí Labels and Flexible Packaging has acquired Alempack, a Portuguese company based in Elvas and specialized in flexible packaging. The acquisition enables Lappí to strengthen its offering with industrial capabilities in doypack and flowpack, two key formats in the evolution of flexible packaging for fast-moving consumer goods.

Additionally, the transaction expands the Lappí’s Iberian industrial platform and represents growth of approximately 15 percent.

With this addition, Alempack becomes part of Lappí while retaining its current management team, supporting the company's operational continuity and preserving its technical, commercial and industrial know-how.

Alempack brings a track record in the Portuguese market and specialized expertise in solutions such as reel-fed films, vacuum bags, shrink bags, high-barrier packaging, doypack, flowpack and other flexible packaging formats.

These capabilities complement Lappí's current offering in labels, sleeves, wraparound labels and flexible packaging, and strengthen its position in markets such as food, beverages, pet food, hygiene, personal care, cosmetics and home care.

From an economic perspective, Lappí expects to reach estimated organic sales of 74M USD (65M Euro) in 2026. Following Alempack's incorporation, estimated aggregate sales will slightly exceed 80M USD (70M Euro).

With this acquisition, Lappí is now a group comprising six companies and seven production sites in the Iberian Peninsula. Alempack has just over 40 employees and, with its incorporation, the group will grow from around 350 professionals to slightly more than 390.

The transaction also increases the group's industrial footprint from approximately 51,000 square meters to around 60,000 square meters of production facilities across Spain and Portugal.

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1 month 1 week ago

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Lappí expands in flexible packaging

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Lappí acquires Alempack and strengthens its growth in the flexible packaging sector.

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Lappí acquires Alempack and strengthens its growth in the flexible packaging sector.

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Precision Roll merges with American Roller

Selah Zighelboim — Fri, 10 Jul 2026 16:30:08 +0000

Precision Roll Solutions and American Roller Company have announced their merger.

The combined organization brings together PRS’s precision roll and cylinder manufacturing, including laser-engraved anilox rolls, gravure and embossing rolls, specialty base rolls, and web handling equipment, with American Roller Company’s expertise in engineered roll coverings and cores, industrial coatings, and broad field service capability.

As part of the merger, Scott Vuchetich will assume the role of CEO, effective July 6. Vuchetich brings more than 30 years of experience leading growth-stage organizations.

Dan Cahalane, who has served as CEO of American Roller since 2005, will transition to executive vice president. Cahalane will work closely with Vuchetich and the broader leadership team, ensuring continuity and direction as the company integrates and scales.

'What the team at American Roller has accomplished over the years is remarkable,' said Cahalane. 'To now merge with an equally accomplished team at PRS dramatically accelerates the possibilities for our customers and our combined teammates.'

Justin Glass, who has served as CEO of Precision Roll Solutions since 2024, will become the chief commercial officer of the combined company.

'This merger gives our customers immediate access to a broader set of capabilities, backed by the same teams and the same standard of precision they've always counted on,' Glass said. 'I couldn't be more energized about what this team builds next.'

'I'm honored to step into this role at such an exciting inflection point,' said Vuchetich. 'The foundation Dan, Justin and their respective teams have built is exceptional, and I'm committed to building on that momentum for our employees, customers and partners.'

Together, ARCO and PRS deliver an integrated capability set that spans the full roll lifecycle: precision-engineered base rolls and cylinders, laser-engraved and mechanically engraved surfaces, specialty rubber and elastomer coverings, thermal and UV-cure coatings, and the service infrastructure to support them. These capabilities serve flexographic, gravure, laminating, coating, embossing, metal and industrial converting applications.

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1 month 2 weeks ago

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Precision Roll merges with American Roller

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The combined organization brings together PRS’s precision roll and cylinder manufacturing with American Roller’s expertise in engineered roll coverings and cores.

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The combined organization brings together PRS’s precision roll and cylinder manufacturing with American Roller’s expertise in engineered roll coverings and cores.

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Jessup Manufacturing acquires D&K Coating

Selah Zighelboim — Tue, 07 Jul 2026 14:13:25 +0000

Jessup Manufacturing, a manufacturer of specialty coated materials, tapes, films and converting technologies, has acquired D&K Coating Technologies, a Janesville, Wisconsin-based provider of custom coating and toll coating services.

The acquisition strengthens Jessup's manufacturing capabilities and supports the company's long-term growth strategy. D&K Coating Technologies will continue to operate under its existing brand and serve customers from its Janesville, Wisconsin, facility.

'D&K Coating Technologies is an excellent strategic fit for Jessup Manufacturing,' said Rob Jessup, president and CEO of Jessup Manufacturing. 'The company has earned a strong reputation for quality, technical expertise, and customer service. We are excited to welcome the D&K team and build on that legacy together.'

The acquisition includes the assets and operations of D&K Coating Technologies, located in Janesville, Wisconsin. D&K Coating Technologies was previously part of D&K Group, headquartered in Elk Grove Village, Illinois. The transaction applies specifically to the D&K Coating Technologies business and does not include the other businesses or operations of D&K Group.

'Innovation has always been driven by talented people working together to solve complex challenges,' Jessup said. 'The expertise and experience the D&K team brings to Jessup will strengthen our ability to develop new solutions, expand our technical capabilities, and continue delivering the quality and service our customers expect.'

Customers of both companies can expect a smooth transition with no immediate changes to products, services or points of contact.

The terms of the transaction were not disclosed.

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1 month 2 weeks ago

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Jessup Manufacturing acquires D&K Coating

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The acquisition strengthens Jessup's manufacturing capabilities and supports its long-term growth strategy.

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The acquisition strengthens Jessup's manufacturing capabilities and supports its long-term growth strategy.

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Nazdar acquires Fujifilm ink business

Selah Zighelboim — Thu, 25 Jun 2026 18:04:04 +0000

Nazdar has acquired Fujifilm’s US, Canada and Latin America screen and flexographic ink business through a sale and licensing arrangement. Transition activities began on June 24, with completion targeted for  July 13. This investment strengthens Nazdar’s long‑standing commitment to the screen and flexographic/narrow web markets and expands the company’s capabilities across product performance, regulatory support and technical services.

Screen and narrow web have been core parts of Nazdar’s business for decades. As the company continues to invest in its manufacturing capabilities, this acquisition reflects a deliberate expansion and opportunity for long‑term growth. This deep expertise will support Fujifilm’s customers with high‑quality, future‑ready products.

Tommy Katagiri, division president, Fujifilm North America, business innovation division, said: 'Nazdar has been a valued, longtime partner of the business innovation division. Its acquisition of this ink business is a natural next step for both organizations to meet our mutual business goals. It allows Nazdar to continue to advance its ink business and supports Fujifilm’s focus on other priorities under the business innovation/printing umbrella.'

Nazdar confirms that all core product attributes will remain consistent following the acquisition. Product formulations, specifications and manufacturing locations will not change, and current SDS/TDS documentation will continue to be fully supported. This ensures a smooth transition with no disruption to product performance, supply or quality.

'Bringing these Fujifilm product lines into Nazdar represents a strategic investment in the markets and customers that matter most to our future,' said Richard Bowles, CEO at Nazdar. 'We’re expanding our capabilities, deepening our expertise, and positioning ourselves to deliver industry‑leading solutions for many years to come.'

In addition, customers will gain the benefits of Nazdar’s expanded resources, including dedicated screen and narrow web technical support, focused R&D and regulatory expertise, and long‑term investment in innovation and market leadership.

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2 months ago

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Nazdar acquires Fujifilm ink business

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Nazdar has acquired Fujifilm’s US, Canada and Latin America screen and flexographic ink business.

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Nazdar has acquired Fujifilm’s US, Canada and Latin America screen and flexographic ink business.

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Elkem Silicones rebrands as Bluestar Silicones

Selah Zighelboim — Tue, 23 Jun 2026 15:14:04 +0000

Elkem Silicones has rebranded as Bluestar Silicones following the closing of Bluestar's acquisition of the majority of Elkem’s silicones division on April 30, 2026.

Reviving Bluestar Silicones, the name the business held from 2007 to 2017, reconnects the company with a globally recognized and industry-leading brand, while the new visual identity, including the tagline 'Living the difference', expresses its forward-looking ambition and distinct position in the silicones market.

'Returning to the Bluestar Silicones name reconnects us with an established brand and a recognized heritage while expressing our renewed ambition for the future,' said Sandy Chen, head of Bluestar Silicones. 'This is both a continuity move and a step forward for our company, our people, our customers and our partners.'

The announcement marks the beginning of a phased transition that will unfold over the next several months as the new identity is deployed across touchpoints and geographies.

For customers and partners, the transition is designed to go smoothly, with the same reliable operations, products and relationships in place, while opening the way for renewed ambitions in innovation, capabilities and sustainable growth. Manufacturing sites, production processes, raw materials, product names and commercial trademarks will remain unchanged.

'Bluestar’s ambition is to build on the company’s strong industrial, scientific and commercial foundation to further invest in its development as a leading global player, while continuing to serve customers with the proximity, agility, market understanding and application expertise they have come to know us for,' Chen added.

Bluestar Silicones is committed to continuing to anticipate changes and communicating transparently throughout the transition whenever it will affect our customers, partners, communities, or other stakeholders.

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2 months ago

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Elkem Silicones rebrands as Bluestar Silicones

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This move follows Bluestar's acquisition of the majority of Elkem’s silicones division.

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This move follows Bluestar's acquisition of the majority of Elkem’s silicones division.

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Italian ink suppliers acquire color specialist

Adyasha Sinha — Tue, 23 Jun 2026 10:08:20 +0000

Kolor+Service and T&K, two of Italy’s leading suppliers of inks, products and services for the graphic arts industry, have acquired Tecnologie Grafiche, a Verona-based company specializing in systems for measuring and controlling color and quality across printing and packaging. The deal broadens the group’s offering and extends its presence along the entire production chain—from pre-press and printing through to finishing.

Founded in 1983, Tecnologie Grafiche was the first company in Italy to introduce color and quality evaluation systems, training courses on methods and standards for printing processes and consultancy on calibration and certification. The Vipdens densitometers, distributed by the company, were the first to introduce objective color measurements to the trade, replacing visual assessment.

A Fogra member for thirty-five years and a Ugra Certified Expert (UCE), the company is the exclusive Italian distributor for Datacolor/Techkon, including the SpectroDens instruments and software; ColorLogic by Hybrid Software; Barbieri electronics and PrintFlow. It also resells the GTI Graphic Technology and Peret brands.

Through the acquisition, Kolor+Service and T&K combine their nationwide sales and service network, active throughout the country, with Tecnologie Grafiche’s technologies and know-how. The result is an integrated offer that supports clients at every stage: pre-press and digital printing with ColorLogic and Barbieri, in-press color control with Datacolor/Techkon, workflow automation with PrintFlow, visual assessment with GTI and folding-carton inspection with Peret.

The brands distributed exclusively by Tecnologie Grafiche are used in more than one hundred countries across Europe, the US and Asia, in sectors ranging from textiles and apparel to paints and coatings, automotive and plastics, and on to photography, design and videography.

'This acquisition is an important step in the growth strategy of Kolor+Service and T&K,' stated Claudio Parietti, general manager of Kolor+Service. 'By welcoming Tecnologie Grafiche, we broaden our pressroom portfolio with a complete range of instruments for measuring and controlling color and quality, and we move into the world of prepress and digital printing. That allows us to offer clients end-to-end support, from pre-press through to finishing. Andrea De Rossi’s expertise will be a decisive asset to the group as we continue our mission to help customers achieve the right color, every time and at every stage of the production chain.'

'This union will allow the company I founded in 1983 to be revitalized and strengthened with fresh, highly motivated energy,' said Andrea De Rossi, director of Tecnologie Grafiche. 'With a solid, well-organized commercial structure behind me, I will be able to devote more time to the work I love most: training and consultancy. We have just opened a new training room to welcome young operators and clients who want to learn the techniques of this extraordinarily technical and creative craft. I believe it is right to pass on what I have learned over more than fifty years in the trade to those who will be the technicians and entrepreneurs of tomorrow, and I am confident that sharing this goal will bring great rewards in the years ahead.'

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2 months ago

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Italian ink suppliers acquire color specialist

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The deal broadens the group’s offering and extends its presence from pre-press and printing through to finishing.

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The deal broadens the group’s offering and extends its presence from pre-press and printing through to finishing.

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Asteria acquires Mercian Labels

Piotr Wnuk — Mon, 22 Jun 2026 22:36:14 +0000

Asteria Group has acquired Mercian Labels, a self-adhesive label converter based in Burntwood, Staffordshire, marking the group's 41st acquisition and expanding its UK label manufacturing presence.

Founded in 1969, Mercian Labels serves customers in the food, beverage and pharmaceutical sectors with flexographic and digital printing capabilities, including inkjet and embellishment options, alongside blank labels and variable data printing. The company also produces LabelLock tamper-evident security labels and tape, featuring micro text, in-register void messages, unique sub-surface printed codes and resistance to temperature and chemical attack.

Mercian holds AA+ BRCGS Packaging Materials certification and is certified to ISO 9001 and ISO 14001 standards.

'Mercian has earned an excellent reputation for quality, expertise and customer focus,' said Ives Declerck, CEO of Asteria Group. 'Their capabilities complement our existing UK operations perfectly, while their strong position in food, beverage and pharmaceutical markets strengthens opportunities for future growth

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2 months ago

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Asteria acquires Mercian Labels

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Staffordshire, UK-based converter becomes the group's 41st acquisition.

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Staffordshire, UK-based converter becomes the group's 41st acquisition.

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Arcline to acquire AstroNova for 272m USD

Piotr Wnuk — Thu, 18 Jun 2026 23:09:39 +0000

AstroNova has entered into a definitive agreement to be acquired by private equity firm Arcline Investment Management in an all-cash transaction with a total enterprise value of approximately 272m USD.

The transaction was unanimously approved by AstroNova's board of directors and is expected to close in the third quarter of 2026, subject to regulatory approvals and shareholder consent. Upon completion, AstroNova will become a privately held company.

West Warwick, Rhode Island-based AstroNova operates two segments: an aerospace division supplying flight deck printing and avionics products, and a Product Identification division delivering label and packaging printing hardware, software and consumables for OEMs, commercial printers and brand owners across label, flexible packaging, corrugated and industrial substrates.

'Our growing portfolio of label and packaging printers drives critical operations our customers depend on every day,' said Padraig Finn, senior vice president and general manager of product identification at AstroNova. 'With our recently expanded product portfolio and Arcline's backing, we can continue to serve our customers and deepen those relationships globally.'

'This transaction marks an important milestone for AstroNova,' noted Jorik Ittmann, president and CEO of AstroNova. 'Arcline's interest in our entire enterprise makes them the right partner for AstroNova's next chapter.'

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2 months 1 week ago

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Arcline to acquire AstroNova for 272m USD

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Private equity firm buys label and packaging printer maker in all-cash deal.

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Private equity firm buys label and packaging printer maker in all-cash deal.

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Iconex acquires Heartland Label Printers

The state of private equity

Selah Zighelboim

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Lappí expands in flexible packaging

Precision Roll merges with American Roller

Jessup Manufacturing acquires D&K Coating

Nazdar acquires Fujifilm ink business

Elkem Silicones rebrands as Bluestar Silicones

Italian ink suppliers acquire color specialist

Asteria acquires Mercian Labels

Arcline to acquire AstroNova for 272m USD