M&A

Kongskilde absorbs Matho expertise

Piotr Wnuk — Sun, 11 Oct 2026 21:49:21 +0000

Kongskilde Industries has brought the label waste handling expertise of Matho Absaugtechnik into its global portfolio, making Matho its label specialist and allowing it to offer complete systems from press-side waste capture to central collection.

Matho and the Thor family were among the original innovators of equipment for handling label production waste, pioneering the cutting and extraction of continuous matrix waste and trim at the press. Over several decades, the company built deep knowledge of self-adhesive materials, edge trim and other difficult production waste.

Combined with Kongskilde's pneumatic conveying and material handling technologies, that knowledge supports systems designed around each customer's production process, from compact machine-side units to centralized systems serving multiple production lines, covering cutting and capture at the press, pneumatic conveying, separation, collection and compaction.

The CUB Compact Unit is the first example of the combined development. It captures, cuts, conveys and collects label production waste close to the press in a single compact system, with multiple collection options to suit different materials and waste volumes, significantly reducing manual handling and removal.

Kongskilde says its waste handling systems can reduce press interruptions linked to matrix and trim removal, minimize manual handling of bulky waste, reduce waste volume and keep production areas cleaner and free up floor space. They can serve an individual press or route waste from several machines to centralized collection or disposal equipment, and are configured for specific materials, production speeds, layouts and collection requirements.

Thomas Thor continues to play a central role, supporting Kongskilde teams globally on label applications, best practices and product development. Kongskilde's international engineering, testing, sales and service organization adds the capacity to engineer and support complete systems worldwide.

'Matho helped shape the way label waste is handled today. By bringing that expertise into Kongskilde, we can build on what Matho started and combine it with our wider material handling capabilities to develop even stronger systems for label producers,' said Oscar William Gunner, CEO of Kongskilde Industries.

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6 days 14 hours ago

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Kongskilde absorbs Matho expertise

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Label waste specialist joins Kongskilde's global material handling portfolio.

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Label waste specialist joins Kongskilde's global material handling portfolio.

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Henkel closes acquisition of Stahl

Selah Zighelboim — Thu, 01 Oct 2026 19:38:47 +0000

Henkel has completed the acquisition of the Netherlands-based Stahl Group, a global player in high-performance specialty coatings for flexible materials. Following the fulfillment of all closing conditions, including the required regulatory approvals, the company is now fully part of Henkel as of October 1, 2026.

Stahl serves leading brands across mobility, fashion and lifestyle, luxury and packaging markets around the world. The portfolio comprises leather finishings, performance coatings and packaging coatings. Stahl employs around 1,800 employees globally and generated adjusted sales of 725m EUR in fiscal year 2025.

Henkel CEO Carsten Knobel said: 'The successful closing of the Stahl acquisition marks another important milestone in executing our purposeful growth agenda and in strengthening Henkel’s Adhesive Technologies business. By entering into the highly attractive adjacent category of specialty coatings, we are unlocking new growth opportunities and broadening our technology portfolio with product offerings in core as well as in new end markets. Together with ATP Adhesive Systems and Wetherby Laroc, we have successfully closed three transactions in our Adhesive Technologies business unit this year, adding around one billion euros in combined sales and laying the foundation to further drive profitable growth.'

Mark Dorn, executive vice president who is responsible for Henkel’s Adhesive Technologies business unit, said: 'Stahl’s asset-light, know-how-based and service-driven business model, combined with its strong customization capabilities and sustainability focus, makes it a highly attractive strategic fit for our business. By combining Stahl's leading specialty coatings capabilities with Henkel's global adhesives expertise, we are creating a more comprehensive solutions platform that will help customers innovate faster and advance their sustainability ambitions. We are very excited to welcome our new colleagues to our Adhesive Technologies team to jointly drive further business opportunities.'

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2 weeks 2 days ago

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Henkel closes acquisition of Stahl

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The acquisition expands Henkel's technology portfolio into specialty coatings.

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The acquisition expands Henkel's technology portfolio into specialty coatings.

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Exclusive: Durst and MPS outline growth plans

Will Drysdale — Wed, 30 Sep 2026 13:46:47 +0000

Durst Group and MPS have emphasized continuity for customers while outlining opportunities for investment, international growth and future technology integration following Durst’s planned acquisition of the Dutch flexo press manufacturer.

The acquisition, announced at Loupe Americas in Chicago, will take effect on January 1, 2027, subject to closing conditions and regulatory approvals. The business will operate as MPS – A Durst Group Company, retaining the MPS name, its existing management team and its focus on flexographic printing equipment.

The acquisition will expand Durst’s label and flexible packaging portfolio beyond digital and hybrid printing by bringing dedicated flexographic press technology into the group. It also provides MPS with the financial backing, international infrastructure and technology resources of a larger, family-owned business.

Speaking exclusively to Labels & Labeling at Loupe Americas, Thomas Macina, sales director of Labels and Flexible Packaging at Durst, said the acquisition reflected the company’s ambition to provide converters with a broader range of technologies.

‘We are always looking for new growth opportunities,’ Macina said. ‘We want to be very close to the industry and give label converters all kinds of solutions.

‘We develop solutions within our own company, we collaborate with Omet, we have our own software development and ink laboratories, and now we also have MPS within the group.'

MPS adds further flexographic technology, engineering expertise and application know-how to Durst’s existing digital and hybrid platform.

Adding flexo to the Durst portfolio

Durst has established its position in the labels market through its Tau digital press portfolio and the KJet and XJet hybrid platforms developed in partnership with Omet. That partnership continues unchanged. Durst has also invested heavily in software, automation, workflow management and ink development.

MPS gives Durst a flexographic press portfolio, coupled with an established installed base and specialist engineering and application knowledge. This will allow the group to address converters that continue to rely on flexo, alongside those investing in digital or hybrid production.

Macina said the decision reflected feedback received from converters and Durst’s belief that the future of label production would involve multiple complementary technologies rather than a single printing process.

‘At the end of the day, we listen to feedback from customers around the world and try to serve them with the broadest portfolio possible,’ he explained.

Although Durst sees potential to bring the companies’ respective capabilities closer together, Macina stressed that the immediate priority would be to stabilize and support its existing customers.

‘For now, the most important thing is to give continuity to the MPS project and serve customers with flexographic printing equipment,’ he said. ‘So we are giving them security and continuity in what they have started, as well as a brighter outlook for the future.’

The acquisition comes only months after a management-led buyout at MPS. L&L also had the opportunity to sit down with MPS CEO Michiel Borst, who explained the two companies were already familiar with one another following discussions involving MPS and a number of businesses across the industry in recent years.

Borst said the relationship developed further as MPS rebuilt its operations and began to regain momentum during 2026.

MPS recovery exceeds expectations

According to Borst, MPS has performed better than anticipated since its restructuring, helped by the continued support from existing customers and confidence in the employees who remained with the business.

‘Business has been very good,’ he said. ‘We anticipated a certain level of business, but we have already overperformed. We have some very loyal customers who know that the team is still on board.

‘The faces in the market and the knowledge are still there, and that has created confidence among existing customers. We have also received orders from new customers.’

Retaining employees and technical expertise has been particularly important as MPS has worked to rebuild relationships across its installed base. Borst said customers were reassured by the presence of people who already understood their presses, applications and production requirements.

The company has deliberately concentrated its recovery efforts on regions where the MPS brand has traditionally held a strong position. These include the UK, Spain, Germany, Benelux and Bulgaria, where it has an established installed base and agent or service networks.

‘We focused on specific regions where we are strong, where we have a strong installed base and a strong agent network, mainly in Europe,’ Borst explained. ‘Those are traditional strong markets for us, and that has helped us get up and running.’

The recovery has not been limited to new equipment sales. Borst highlighted the importance of spare parts, press retrofits and service work, which provide immediate support to customers while generating recurring business for MPS. This installed-base activity will also benefit from Durst’s wider international service and spare-parts infrastructure once the acquisition has been completed.

MPS identity to remain

Both companies were keen to make clear that the acquisition would not result in the disappearance of the MPS brand or an immediate overhaul of its product strategy.

MPS will continue to develop, manufacture and sell its existing flexographic presses. Its current management will remain in place, with Borst continuing to lead the company as managing director of MPS – A Durst Group Company.

‘A lot will stay the same,’ Borst said. ‘It will be the same people and the same brand within Durst Group. We have all the flexo knowledge, and the main goal is to continue positioning ourselves as a strong flexo player.

‘The focus for now is to keep doing what we do well and concentrate on the areas in which we are strong. We will continue serving all our customers, and they will see the same people. The difference is that we are now backed by a strong partner, which can only be better for customers.’

Borst added that customers should expect the acquisition to strengthen service and support rather than create additional distance between MPS and its installed base.

‘Customers should not feel that this combination will lead to a lower level of service or a greater distance between us,’ he said. ‘They should feel that it is at least the same and preferably much better, with stronger service and support.’

MPS’s existing direct sales channels will remain in place across Europe, in the US, however, Durst US will assume responsibility for the sales and service of MPS equipment from January 2027.

This will give MPS access to Durst’s established regional organization in the country and provide US customers with a larger sales, service and support infrastructure.

‘MPS customers will now be part of a bigger group,’ said Macina. ‘We can bring them a broad portfolio, whether that is digital, hybrid with Omet or, of course, continuity with the flexo systems.’

Investment and product development

Durst intends to support continued investment in MPS and its technology development.

Macina said the group would assess where resources could be applied to strengthen MPS’s existing portfolio and respond to the changing requirements of label and packaging converters.

‘We will strengthen MPS wherever we can,’ he said. ‘We will look at the different opportunities to strengthen its portfolio and provide the best solutions to the market.

‘We will invest together in what is needed to offer the best solutions in the marketplace.’

However, the companies cautioned that no firm product roadmap had yet been agreed, as Borst stated the MPS strategy had not been altered during the discussions leading up to the acquisition and that decisions on potential shared developments would follow later.

‘The roadmap has not changed already,’ he said. ‘With the Durst combination, we will have greater power in innovation and the ability to work more quickly on future solutions and help customers through more integrated systems.

‘At some point, we will look at what kind of integrated solutions could be developed, but nothing has been decided or defined. We have only just announced the acquisition, so the focus is on making sure that we continue doing what we do.’

The two companies also have their own software and workflow capabilities. Borst acknowledged the potential for these technologies to be brought together but said it was too early to confirm how this might work.

Any future integration is likely to be guided by practical customer requirements rather than the immediate consolidation of products, as both executives repeatedly stressed the importance of listening to converters before determining where investment should be directed.

Omet partnership continues

One of the most immediate questions raised by the transaction concerns Durst’s relationship with Omet, with which it already develops and markets hybrid presses combining digital and conventional printing and finishing.

Durst and Omet have worked together for almost a decade and currently offer the KJet and XJet hybrid platforms. Macina confirmed that the partnership would continue independently of the MPS acquisition.

‘We have a great partnership with Omet that has been in place for almost 10 years,’ he said. ‘We have been very successful together, and hybrid machines are a key element of our growth.’

Macina said there are currently no plans for an MPS-Durst hybrid press and confirmed that Omet remains Durst’s hybrid partner.

‘We always evaluate new ideas and possibilities, and there may be new developments in the future, but not in the short term,’ Macina added. ‘For now, our hybrid platforms will continue to be developed in collaboration with Omet, which is a partnership we value very much.’

Rather than replacing the Omet relationship, MPS provides Durst with a separate route into flexographic production.

Borst also acknowledged that Durst already had a hybrid press relationship and said any future MPS development would be based on where the companies could add value without simply duplicating existing systems.

Borst said: ‘They have an Omet hybrid machine, and that will continue.’

‘With the development and innovation capabilities we will have together, we will assess how we can integrate the solutions that both companies have in ways that strengthen the position of customers.’

Automation and the longer-term plan

Looking three to five years beyond the completion of the acquisition, Borst said his ambition was for MPS to remain a strong and recognizable flexo brand while achieving renewed growth.

He expects the backing of Durst to help MPS continue the progress it has made since restarting its operations, while creating opportunities to develop joint solutions based on customer demand.

‘I see MPS as we are today: a strong brand with a very strong position in flexo, but hopefully with further growth,’ Borst said. ‘Since we restarted, we have begun walking that path.

‘Hopefully, we will also have been able to develop solutions together with Durst that fit the needs of customers, whatever the application. We have a growth ambition.’

For Durst, the long-term opportunity lies in building production systems that reflect the direction in which label and packaging manufacturing is moving. Macina identified sustainability, automation and reducing resource requirements as central priorities for future development.

Macina said Durst would work closely with converters to understand what they would need to remain competitive over the next five to 10 years. Those converters, in turn, would be responding to changing requirements from brands for more efficient and sustainable production.

The immediate message from MPS is that customers can expect continuity of products, personnel and support. Durst’s initial role will be to provide stability and resources while the companies assess where closer cooperation can deliver measurable benefits.

Borst said the early reaction from customers had been positive, with converters interested in the greater range of technologies and services that the combined organization could eventually provide.

‘Customers are increasingly looking for one-stop-shop solutions, and this enables that,’ he concluded. ‘The first response has been very good. Customers are positive and interested to see what it will bring for them.’

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2 weeks 3 days ago

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Exclusive: Durst and MPS outline growth plans

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Durst and MPS discuss the recent acquisition, where both companies outlined plans for continuity, investment and growth.

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Durst and MPS discuss the recent acquisition, where both companies outlined plans for continuity, investment and growth.

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Durst Group to acquire MPS

Selah Zighelboim — Tue, 15 Sep 2026 16:09:35 +0000

Durst Group has announced that MPS Printing will become part of the Durst Group on January 1, 2027, through the acquisition of its holding company and will operate under the name MPS – A Durst Group Company.

The acquisition will represent a further strategic step in Durst’s long-term commitment to the labels and flexible packaging market. The industry is undergoing a fundamental transformation. Customers of all sizes are looking for greater automation, more connected workflows and production environments that can efficiently handle a growing variety of applications, run lengths and business models.

Digital printing will play an increasingly important role in this transformation, but the future of label production will not be based on one technology alone. Durst has built a strong position in digital printing, software and automation and, together with Omet, in high-performance hybrid production. MPS adds further flexographic technology, engineering expertise and deep application know-how to the group. By bringing these capabilities together, Durst will be able to pursue additional technology and integration paths in parallel, accelerate innovation and respond more quickly to different customer and market requirements. This will broaden the group’s technology platform, shorten development cycles and enable a faster go-to-market for new technologies connecting digital and flexographic printing with software, automation and finishing.

'Label production is becoming increasingly connected, automated and data-driven,' said Christoph Gamper, CEO and co-owner of Durst Group. 'Our customers need production environments that allow them to manage different applications, run lengths and business models with maximum efficiency and flexibility. Durst already has strong capabilities in digital printing, software and hybrid production. With MPS, we are adding further flexographic expertise, technology and engineering capabilities to the group. This will give us additional integration options and allow us to pursue complementary development paths in parallel. It means we can innovate faster, address a broader range of customer requirements and bring new solutions to market more quickly.'

Beginning January 1, 2027, MPS will operate as MPS – A Durst Group Company. MPS will continue to develop, manufacture and market its existing portfolio of flexographic printing systems. The existing MPS management team will remain in place. Michiel Borst will continue to lead the company and will become managing director of MPS – A Durst Group Company, reporting within the Durst Group management structure.

'What changes is not who we are, but what we will be able to achieve,' said Borst, CEO of MPS. 'MPS will retain its entrepreneurial approach, its customer focus and its commitment to flexographic innovation. At the same time, becoming part of the Durst Group gives us access to a broader technology platform, a global organization and the long-term perspective of a family-owned company. This creates new opportunities for our customers, our partners and our employees, while building on the strengths and culture that have made MPS successful.'

MPS’s existing direct sales channels will remain in place across Europe. In the US, Durst US will assume responsibility for sales and service of the MPS portfolio, providing customers with direct access to Durst’s established regional organization. MPS will also increasingly benefit from Durst’s international service and spare-parts infrastructure, strengthening local support and response capabilities for customers worldwide. Existing contracts and service commitments remain in place in accordance with their terms, and continuity of service and support will remain a key priority throughout the integration.

Durst’s existing partnership with Omet remains in place and continues independently of the MPS transaction. Together, Durst and Omet develop, manufacture and market the KJet and XJet hybrid platforms. These technologies remain an important part of Durst’s hybrid strategy and continue to be developed, marketed and supported through the established partnership and channels. The cooperation with Omet has enabled Durst to establish successful high-performance end-to-end technologies combining flexographic printing, digital printing and finishing. The addition of MPS gives Durst further technology and integration options for different customer requirements, applications and market segments.

'Our partnership with Omet remains strategically important and continues,' Gamper said. 'At the same time, the label market is highly diverse and there is no single production concept that meets every requirement. Our objective is not to duplicate solutions, but to give customers the right technology, level of automation and production concept for their individual requirements.'

The acquisition will reflect Durst’s long-term strategy of connecting printing systems, software, workflow automation and production intelligence into increasingly integrated production environments. Durst’s ambition is to create a broader and more scalable technology platform in which converters can select the most appropriate combination of digital, hybrid and flexographic production for their individual applications. The transaction remains subject to customary closing conditions and regulatory approvals.

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1 month ago

Short title

Durst Group to acquire MPS

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MPS will become part of the Durst Group on January 1, 2027.

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MPS will become part of the Durst Group on January 1, 2027.

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Sun Chemical and Cyngient form narrow web partnership

Will Drysdale — Thu, 10 Sep 2026 11:14:27 +0000

Sun Chemical and Cyngient have formed a strategic partnership to develop specialty coatings and adhesives for narrow web label and package printing converters.

The companies will formally introduce the partnership at Loupe Americas 2026, held September 15-17 in Rosemont, Illinois.

Central to the collaboration is a co-branded Sun Chemical and Cyngient product line featuring advanced coatings and high-performance adhesives. The portfolio is intended to help converters produce differentiated visual and tactile effects while maintaining on-press performance.

The partnership combines Sun Chemical’s technology portfolio and global research and development resources with Cyngient’s specialty products, technical support and service capabilities.

The companies will also jointly support converters throughout product selection, application development, testing and commercial production.

Dennis Sweet, vice president, NWTL Commercial at Sun Chemical, said: ‘We are pleased to add Cyngient as a trusted supplier and partner to Sun Chemical’s offerings. This partnership will add several specialty products to Sun Chemical’s broad portfolio in the narrow web tag and label segment.’

Andrew Wasserman, managing partner of Cyngient, said: ‘The Sun Chemical and Cyngient platform provides converters with a true one-stop equipment – from color to coating – backed by responsive technical support and fast-turn service.

‘The goal is to make it easier for converters to explore new applications and create something different without making the production process more complicated.’

Sun Chemical will exhibit at booth 326 during Loupe Americas, while Cyngient will be located at booth 1101.

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1 month 1 week ago

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Sun Chemical and Cyngient form narrow web partnership

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Sun Chemical and Cyngient will announce a strategic partnership at Loupe Americas.

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Sun Chemical and Cyngient will announce a strategic partnership at Loupe Americas.

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ABG establishes flexible packaging center in Girona

Will Drysdale — Thu, 03 Sep 2026 13:12:10 +0000

The move follows the acquisition of the Girona-based business by ABG and Kocher+Beck in 2019. The rebrand brings the team’s engineering expertise more closely under the ABG identity and strengthens the site’s role within the group’s global operations and will be designated as its Center of Excellence for Flexible Packaging.

ABG Girona designs and manufactures non-stop equipment, converting systems, sleeve solutions and automated lines for the flexible packaging and label industries. It also develops bespoke systems intended to improve productivity, efficiency and automation.

As ABG’s Center of Excellence for Flexible Packaging, the operation will have a strategic role in developing the company’s flexible packaging portfolio, including its growing FlexPack offering. Its engineering capabilities will be supported by ABG’s global sales, service, manufacturing and product development resources.

Simon Nadin, group CEO of ABG, said: ‘With Girona’s considerable engineering knowledge and expertise, particularly in flexible packaging, the transition from Enprom Solutions to ABG Girona is a natural progression.

‘Establishing the site as our Center of Excellence for Flexible Packaging brings that specialist capability together with ABG’s global resources, providing a strong platform for the continued development of FlexPack and our wider flexible packaging offering.

‘This is much more than a name change; it demonstrates our commitment to Girona, to continued investment and innovation, and to expanding our presence in the global flexible packaging market.’

Joan Marc Taboas, CEO and executive director of ABG Girona, said the transition would give the operation a stronger and more visible identity within the ABG group while retaining the engineering experience, customer relationships and entrepreneurial approach developed under the Enprom Solutions name.

He added: ‘The support of ABG and Kocher+Beck is helping us strengthen our international position, expand our capabilities and pursue new opportunities in flexible packaging, while remaining focused on engineering excellence, collaboration and customer success.’

Lars Beck, managing director of Kocher+Beck, commented: ‘This integration sends a clear signal to the market, creating a strong foundation for new customers in flexible packaging, while reaffirming our commitment to our converter customers and workforce through a long-term vision and sustainable corporate strategy.’

The business will continue collaborating with Kocher+Beck in Germany on specialist projects and new technology development. Its legal entity will become ABG International Solutions Girona SL, subject to final administrative approval.

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1 month 2 weeks ago

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ABG establishes flexible packaging center in Girona

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A B Graphic International (ABG) has rebranded Enprom Solutions as ABG Girona.

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A B Graphic International (ABG) has rebranded Enprom Solutions as ABG Girona.

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Asteria acquires Dutch label maker GT Etiketten

Piotr Wnuk — Sun, 30 Aug 2026 22:45:38 +0000

Asteria Group has acquired GT Etiketten and Labels, a label manufacturer based in Schoonebeek, the Netherlands, adding 8-color UV LED flexographic and digital printing capabilities to its Dutch network.

GT Etiketten serves the food, beverage and cosmetics markets with a production range spanning digitally and flexographically printed labels, in-house blank label manufacture and specialist constructions, including duo-layer and multilayer labels. The company offers a broad choice of materials and adhesives across its application portfolio.

The acquisition extends Asteria's geographical footprint in the Netherlands, complementing its existing Dutch production sites and creating opportunities to share capacity and specialist capabilities across the group's European network.

'GT Etiketten represents exactly the kind of business we want to bring into Asteria: technically strong, flexible and close to its customers,' said Ives Declerck, CEO of Asteria Group. 'Their expertise adds real value to our capabilities in the Netherlands, while their location strengthens our network geographically.'

Asteria Group describes itself as one of Europe's leading label and packaging providers. One of the latest acquisitions also includes Merican Labels in the UK.

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1 month 2 weeks ago

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Asteria acquires Dutch label maker GT Etiketten

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Schoonebeek converter becomes group's 42nd acquisition.

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Schoonebeek converter becomes group's 42nd acquisition.

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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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2 months 1 week ago

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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 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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Selah Zighelboim

North American Editor

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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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3 months 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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Lappí expands in flexible packaging