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Articles by Peter F. Schaefer
The Six-Step Path to Successful M&A in Printing and Packaging
In the printing and packaging industries, growth rarely happens by chance. Whether you’re expanding capabilities, entering new markets, or planning an exit, meaningful progress comes from following a clear, intentional process. Mergers and acquisitions are no different. While every deal has its own nuances, the most successful transactions — those that create value for buyer and seller as well as all other stakeholders — tend to follow the same six-step path.
Why the Pace of M&As Remains Brisk for Label Companies
For several years now, the pace of mergers and acquisitions in the packaging and label space has remained strong. Many buyers have concluded that growth by acquisition is easier than organic growth. That makes them willing to spend significant amounts of money on adding the kinds of companies they want to the investment platforms they are building.
The Six-Step Path to Successful M&A in Printing and Packaging
In the printing and packaging industries, growth rarely happens by chance. Whether you’re expanding capabilities, entering new markets, or planning an exit, meaningful progress comes from following a clear, intentional process. Mergers and acquisitions are no different. While every deal has its own nuances, the most successful transactions — those that create value for buyer and seller as well as all other stakeholders — tend to follow the same six-step path.
The Six-Step Path to Successful M&A in Printing and Packaging
In the printing and packaging industries, growth rarely happens by chance. Whether you’re expanding capabilities, entering new markets, or planning an exit, meaningful progress comes from following a clear, intentional process. Mergers and acquisitions are no different. While every deal has its own nuances, the most successful transactions — those that create value for buyer and seller as well as all other stakeholders — tend to follow the same six-step path.
How ‘Philosophical Alignment’ Led to a Textbook Deal
If there’s such a thing as a textbook M&A transaction — one in which every step of the process is tantamount to a best practice for selling a company to a new owner — we’d nominate the sale we recently helped to close on behalf of our client, Enterprise Marking Products (EMP) of Fishers, Indiana. On Dec. 1, 2025, EMP became a member of the Inovar Packaging Group family, a network of label and packaging producers that has grown by acquisition to comprise 13 locations nationwide.
The State of M&A in the Commercial Printing Segment
As we reflect on the past year, which was a healthy one overall for mergers and acquisitions in the printing industry, it’s a good moment to assess what drove the activity in 2025 and what’s likely to carry the momentum forward into 2026. The industry’s two principal segments — packaging and commercial printing — have different financial parameters. But the macroeconomic trends underpinning them are the same, and those forces remain encouraging for buyers and sellers alike.
State of M&A in the Packaging Segment: Recap and Forecast
As we near the end of a year that was healthy overall for mergers and acquisitions in the printing industry, it’s a good moment to assess what drove the activity in 2025 and what’s likely to carry the momentum forward into 2026. The industry’s two principal segments — packaging and commercial printing — have different financial parameters. But the macroeconomic trends underpinning them are the same, and those forces remain encouraging for buyers and sellers alike.
Why M&A Will Remain Prevalent in the Printing Industry
The printing industry is undergoing a significant transformation driven by technological innovation, shifting market demands, and economic pressures. Companies that have embraced these changes and reinvested in themselves are thriving, while those that have resisted are merely surviving. However, one constant remains — in order to succeed, you need to both grow and maximize efficiencies.
Why M&A Will Remain Prevalent in the Printing Industry
The printing industry is undergoing a significant transformation driven by technological innovation, shifting market demands, and economic pressures. Companies that have embraced these changes and reinvested in themselves are thriving, while those that have resisted are merely surviving. However, one constant remains — in order to succeed, you need to both grow and maximize efficiencies.
From ‘Virtually Worthless’ to Richly Rewarding
A sale of a business that goes from the buyer’s first introduction to the seller, to a signed letter of intent in just six days? It isn’t a typical deal, but we had one that actually unfolded that way. This is its story. It begins with another sale: that of a heavily indebted flexible packaging company on the verge of bankruptcy. The owner, an inactive investor, focused only on top-line results and didn’t pay sufficient attention to bottom-line margins.
From ‘Virtually Worthless’ to Richly Rewarding
A sale of a business that goes from the buyer’s first introduction to the seller, to a signed letter of intent in just six days? It isn’t a typical deal, but we had one that actually unfolded that way. This is its story. It begins with another sale: that of a heavily indebted flexible packaging company on the verge of bankruptcy. The owner, an inactive investor, focused only on top-line results and didn’t pay sufficient attention to bottom-line margins.
What Does a Picture-Perfect Acquisition Look Like?
At New Direction Partners, we try to keep our clients mindful of the need to be a “have”: a progressively-managed printing business that prospers in the present by investing for the future. Today, the “haves” are thriving because they have made themselves “sticky” to their customers, moving away from the commodity business in which pricing is the sole focus.
A Great Year Ahead for M&As
By the time this column is published, the 2024 Presidential election will be behind us — and so will the uncertainty that marked everything leading up to this historic event. The feeling of not knowing what would come next was strong enough to put a bit of a damper on the pace of mergers and acquisitions in the printing industry this year. But now that the wait-and-see moment has passed, we could be looking at a blockbuster year for deals in 2025.
Hail to the Chief, and to a Great Year Ahead for M&As
By the time this column is published, the 2024 Presidential election will be behind us — and so will the uncertainty that marked everything leading up to this historic event. The feeling of not knowing what would come next was strong enough to put a bit of a damper on the pace of mergers and acquisitions in the printing industry this year. But now that the wait-and-see moment has passed, we could be looking at a blockbuster year for deals in 2025.
Hail to the Chief, and to a Great Year Ahead for M&As
By the time this column is published, the 2024 Presidential election will be behind us — and so will the uncertainty that marked everything leading up to this historic event. The feeling of not knowing what would come next was strong enough to put a bit of a damper on the pace of mergers and acquisitions in the printing industry this year. But now that the wait-and-see moment has passed, we could be looking at a blockbuster year for deals in 2025.
The Inside Scoop: Mergers and Acquisitions
Mergers and acquisitions (M&A) in the printing industry have never been more relevant, with record-breaking activity in 2021 and 2022, followed by blockbuster activity in 2023 and continuing into 2024. The result of this surge of activity has been that, today, there are more buyers for printing companies than ever before. This is surprising to many given that print was largely blacklisted by buyers during the dark days of the Great Recession.
The Inside Scoop: Mergers and Acquisitions
Mergers and acquisitions (M&A) in the printing industry have never been more relevant, with record-breaking activity in 2021 and 2022, followed by blockbuster activity in 2023 and continuing into 2024. The result of this surge of activity has been that, today, there are more buyers for printing companies than ever before. This is surprising to many given that print was largely blacklisted by buyers during the dark days of the Great Recession.
A Guide to Determining What Your Business is Actually Worth
It’s true in personal transactions as well as in business deals: to place a value on something, begin with the number of people who show interest in buying it. By that yardstick, printing and packaging companies are looking golden. There are more buyers in the industry today than ever before. But, in order to be in a strong position to maximize your proceeds, you must have a clear idea of what the business is worth.
M&A Slowdown in 2024: Not Likely
There was some talk last year to the effect that the pace of mergers and acquisitions in the printing and packaging industries was starting to slow down. Frankly, we thought the same thing might be true around the beginning of 2023, as we watched rising interest rates and fears of recession dampen the enthusiasm of many business owners and would-be buyers.
Reports of an M&A Slowdown Are Off the Mark
There was some talk last year that the pace of mergers and acquisitions in the printing and packaging industries was starting to slow down. Frankly, we thought the same thing might be true around the beginning of 2023, as we watched rising interest rates and fears of recession dampen the enthusiasm of many business owners and would-be buyers.
Trade Shows: A Learning Experience for the M&A-Minded
As many of us plan our trips to Atlanta for PRINTING United Expo in October, it’s a good moment to reflect on how trade shows can connect to the general trend of mergers and acquisitions in the printing and packaging industries. Of course, company owners and their teams don’t go to trade shows with M&As uppermost on their agendas.
6-Step Guide to Successful M&As
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6-Step Guide to Successful M&As
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M&A Directions: Momentum Drives M&As in 2023
None of us owns a crystal ball, but even if we did, the economic outlook we could see inside it would be murky. Inflation has receded a bit, but no one knows if the trend will continue. Fear of a recession is a little less than it was, but the prospect of entering one this year is still very real. And, who can say what will happen if there is a Congressional showdown over the national debt limit in Washington in June, as some are predicting?
Year-End M&A Wrap-up: Enthusiasm, Energy, and Continuity
Anyone wondering about the present pace of mergers and acquisitions in the printing industry need look no further than December’s announcement of the merger agreement between RR Donnelley & Sons and Chatham Asset Management, LLC. The fact that this blockbuster news came toward the end of 2021 is no surprise, since the entire year has been churning with deals that resemble it in intent if not in size.
Year-End Printing Industry Mergers and Acquisitions Wrap-up
Anyone wondering about the present pace of mergers and acquisitions in the printing industry need look no further than December’s announcement of the merger agreement between RR Donnelley & Sons and Chatham Asset Management, LLC. The fact that this blockbuster news came toward the end of 2021 is no surprise, since the entire year has been churning with deals that resemble it in intent if not in size.
Strategic Versus Financial Buyers
Selling a printing or a packaging business is about more than just pocketing the proceeds — it’s also about finding the right steward for your business going forward as you turn the page to the next chapter of your life. That’s why it’s important to be certain the business objectives of the buyer are going to align with the seller’s personal plans. What those objectives will look like depends strongly upon the type of buyer the seller is dealing with.
Update: The M&A Outlook for Printing and Packaging in 2021
We haven’t arrived yet, but at least we know that there’s a “there” there – and that we’re closing the distance between ourselves and it. With a return to normal business conditions in sight, we are already seeing a pickup in activity for mergers and acquisitions in printing and packaging in 2021. 2020 put a serious damper on industry sales, although packaging firms generally fared better than commercial printing businesses.
Planning Essentials for Sellers in an Unpredictable Time
In the insurance business, risk management consists of identifying potential causes of loss and then taking steps to eliminate them. In an M&A marketplace still under the shadow of COVID-19, selling owners have to be risk managers as well as printers and converters as they prepare their companies for appraisal by buyers. Buyers, understandably, are cautious right now — the pandemic and its effects on the economy have alerted them to risks they may not have known they were exposed to.
Top Traits of the Most Attractive Companies
We have been saying for a long time now that M&A opportunities are abundant both for sellers and for buyers of printing and packaging companies. We all know that the economic climate for M&As is bound to change sooner or later. But, while market conditions remain as they are, we aren’t likely to see a better moment for testing the waters and, hopefully, striking profitable deals.
All in the Family: A Strategy for Selling Closely Held Businesses
Family-owned businesses are the backbone of the printing industry – by one estimate, six in 10 U.S. printing companies are held in this way. That’s been good for the industry, as the shared vision and sacrifice of parents, children, and siblings is usually the main driver of the success that family businesses achieve. But, when the time comes for closely held firms to put themselves up for sale, family ties don’t always pull in a helpful direction.
M&A Recap and Forecast for 2019
Although the stock market’s December debacle might have left us all feeling a bit shaken, closing 2018 on that jittery note didn’t change the fact that the year as a whole had been another good one for mergers and acquisitions in the printing industry. At New Direction Partners, we’re still reasonably confident that 2019 can be favorable for buyers and sellers of printing companies. But we’re also counseling our clients about what to do in case it isn’t.
Mining Sources of Capital for Growth by Acquisition
As we never hesitate to remind our clients, anyone who owns a printing company today is an owner who should be planning either to sell it or to grow it. Today, the straightest path to growth is through mergers and acquisitions in a market that remains very receptive to these transactions. We see four reasons why the M&A climate continues to be as healthy as it is: The third point will be of special interest to owners who are ready to grow by acquisition.
Peter Schaefer Reports on the NDP EBITDA Trend
Peter Schaefer of New Direction Partners, discusses the trend in EBITDA multiples for the printing and packaging industry segments.
Find and Contact Merger and Acquisition Targets
As we make our way into 2018, a healthy economy, optimism in the private sector, still-low interest rates, and the ongoing consolidation of our industry, are keeping the pace of mergers and acquisitions brisk among printing and packaging companies.
Peter Schaefer on the NDP Stock Price Index - Printing Impressions
Peter Schaefer, a partner at New Direction Partners (NDP), discusses the NDP Stock Price Index. New Direction Partners began monitoring two metrics in late 2014 that are being shown quarterly in Printing Impressions — the two charts are the NDP printing Show More »Peter Schaefer, a partner at New Direction Partners (NDP), discusses the NDP Stock Price Index.
Fair To Middling To Marvelous - By Peter Schaefer
Many printing companies belong to what investors call the “middle market:” businesses that we define as having annual revenues between $5 million and $100 million. Not all that long ago, it seemed that investors seeking middle-market opportunities wanted to look at anything but printing — the stigma unfairly placed on the industry during and after the recession frightened the “smart money” away in the 2009 timeframe.
Keys To Your Succession Plan-New Direction Partners
Do you, as the owner of a printing business, have a plan for no longer being the owner of that business? If it’s a question that you have put off dealing with, you have company. Sixty-nine percent of those who attended our recent webinar on succession planning told us that they hadn’t yet taken their first steps toward what we like to call “the walk on the beach:” the point where owners put ownership behind them and move on to whatever life holds in store for them next.
Why Six Is The Number That Counts In Successful M&As
Preflight. Imposition. Proofing. Printing. Postpress. Delivery. Every production job takes place as a series of interlinked events that lead to a satisfying result. It’s the same with buying or selling a printing business. At New Direction Partners, we have found that closing a deal is almost always the culmination of a number of steps — six, to be precise — in a process that applies both to buying and to selling. After introducing them here, we’ll discuss the steps in greater detail in posts to follow.
Year-End Recap: How Did We Do, and How Will We?
In our recent webinar, “Year-End Recap and Mega Trends in the Printing & Packaging M&A Market,” we were happy to report that the pace of dealmaking in the industry remains strong and that opportunities for buyers and sellers should continue to be abundant at least in the near term. How long these conditions will last is impossible to predict. For the moment, though, as M&A advisers, we like what we’re seeing. The economy is stronger, and so are many printing and packaging companies.
A New Year Of Opportunity For Mergers And Acquisitions (M&A) -Paul Reilly And Peter Schaefer
If you’ve been clocking mergers and acquisitions in the printing industry this year, you’ve had plenty to keep you busy. The fast pace of transactions in 2016 tells us that the market is sound and that many looking for opportunities to buy or sell have had little difficulty in locating them. We think 2017 should be another propitious year for owners who move ahead with their plans before the business climate — as it invariably does — becomes less accommodating to M&A dealmaking.
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