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Q1 ‘18WWW.PMCF.COM

INSIDE THIS ISSUE

Packaging Market M&A Overview & Analysis PAGE 3

M&A Activity in Rigid & Flexible Plastic, Paper, and Other Packaging Types PAGES 4–7

Current Public Packaging Valuation Trends PAGE 8

Private Equity M&A Activity PAGE 9

PACKAGING M&A PULSE First Quarter 2018 R e v i e w

2 | PAC K AG I N G M & A P U L S E | 2 017

PMCF Transaction Announcements

PMCF Leadership

JOHN HARTManaging DirectorPlastics & Packaging Group [email protected]

PHIL GILBERTManaging DirectorIndustrials Group [email protected]

MATT JAMISONManaging DirectorBusiness Services Group [email protected]

INVESTMENT BANKING SERVICES:• Company Sales• Mergers & Acquisitions• Divisional Divestitures• Capital Raising• Strategic Assessments &

Sale Planning

ABOUT PMCFP&M Corporate Finance (“PMCF”) is an investment banking and M&A advisory firm, focused on middle market transactions, with professionals in Chicago, Detroit, and globally in 27 countries through its partner firm (Corporate Finance International). PMCF was founded in 1995 and has successfully closed hundreds of transactions.

PMCF’s Plastics & Packaging Group has extensive industry knowledge and advises niche leaders and specialty companies across a wide range of packaging end markets. Offering a depth of advisory services, PMCF’s senior bankers are involved in every step of the transaction to ensure clients meet or exceed their sale, acquisition, financing, and strategic growth objectives. PMCF focuses on serving as a trusted advisor to shareholders and providing unbiased advice over the short and long term.

PMCF is an affiliate of Plante Moran, one of the nation’s largest professional services firms.

INDUSTRIAL & E-COMMERCEPaper Packaging & MachineryCompany Sale to Strategic Buyer

BEVERAGERigid Plastic PackagingStrategic Acquisition

has acquiredhave been acquired by

INDUSTRIAL & MEDICALRigid Plastic PackagingCompany Sale to Strategic Buyer

has been acquired by

W W W. P M C F. C O M | 3

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SELECT PACKAGING TRANSACTIONS: AVERAGE EV / EBITDA MULTIPLE

PACKAGING M&A DEALS BY BUYER TYPE

Market Summary & Outlook - Q1 2018

2012

Q1 2017 Q1 2018 ‘17–’18 Change

# % # % # %

Rigid Plastic 15 21% 20 29% 5 33%

Flexible Plastic 15 21% 11 16% -4 -27%

Paper 23 33% 25 31% 2 9%

Other 17 24% 18 24% 1 6%

TOTAL 70 100% 74 100% 4 6%

PACKAGING M&A DEALS BY TYPE

Sources: Capital IQ, Pitchbook, Thomson Reuters, Company Reports, Factset, PMCF

Note: Other packaging includes machinery/equipment, distributors, glass, and metal

TOTAL PACKAGING M&A BY QUARTER

Global M&A deal value hit a record high in the first quarter of 2018 driven primarily by clarity on US tax reform, economic growth in Eu-rope, and the return of mega deals across the healthcare and energy sectors. Global M&A deal volume on the other hand decreased 11% year-over-year as the trend toward larger deals continues.

Despite the slight pullback in global M&A volume, the packaging sector got off to strong start in 2018 and is on pace to meet or exceed the multi-year high volume of deals observed in 2017. The sector consisted of 74 deals in Q1 2017 representing the 8th straight quarter with +70 packaging transactions. The healthy level of packaging M&A activity was supported by continued strategic buyer interest, however both pri-vate equity platform investments and add-ons continue to increase as a percentage of all packaging transactions.

Packaging deal volume was led by the paper segment as strategic buy-ers continue to look towards M&A to drive top-line growth, consolidate volume, and generate synergies. Deal activity in rigid plastic packaging is up by 5 deals compared to Q1 2017 driven in large part by private equity interest in the bottles and closure segment. Flexible plastic packaging deals were down 27% compared to Q1 2017 due in part to sustained focus from both strategic and private equity buyers and the lack of available targets for acquisition. Although there remains tremendous interest in the segment with key consolidators such as ProAmpac, Constantia Flexibles, Transcontinental, RPC Group all com-pleting flexible plastic packaging deals in Q1 2018.

Other notable transactions that were announced or closed in Q1 2018 included the following:

• PAI Partners acquisition of Albéa S.A. for $1.6 billion

• AEA Investors acquisition of Spectrum Plastics Group

• WestRock’s acquisition of Kapstone Paper and Packaging Corpo-ration for $4.9 billion (announced)

• Wellspring Capital Management’s acquisition of SupplyOne, Inc.

• Leonard Green & Partner’s acquisition of ProMach, Inc.

From a valuation perspective, the limited number of disclosed and available packaging transaction multiples during the first quarter of 2018 reflect similar pricing levels to 2017. These strong valuation lev-els can be attributed to the availability and low cost of capital and the aggressiveness exhibited by both strategic and private equity buyers in pursuing acquisition targets.

With strong equity and debt markets and favorable macroeconomic trends, the outlook for packaging M&A remains positive. We believe the sector is constrained in large part by scarce, quality acquisition targets. There remains a supply and demand imbalance which has cre-ated a prolonged ‘seller’s market’ and the resultant multi-year highs in valuations. These market conditions could prompt additional share-holders to contemplate a transaction in the short term as most M&A experts are expecting a correction in the next 12 - 18 months.

Q2 ‘17 Q3 ‘17 Q4 ‘17 Q1 ‘18

89 72 76 74

Q2 ‘16 Q3 ‘16 Q4 ‘16 Q1 ‘17

73 77 71 70

Source: PMCF Estimates, Capital IQ, Thomson Reuters Data based on proprietary collection of select transactions


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Rigid Plastic Packaging Transaction Activity

TRENDS IN M&A:• In Q1 2018, rigid plastic packaging M&A activity increased by 5 deals – representing a 33% year-over-year increase

• Transactions involving companies producing bottles increased from 2 deals in Q1 2017 to reach 6 deals in Q1 2018. The growth in activity was driven by high levels of private equity acquisitions as financial sponsors became the most active participants in sector deal activity. The sub-sector’s relative insulation from shifts to flexible packaging has remained a key factor in buyer interest

• Transactions involving closures companies increased from 1 deal in Q1 2017 to 7 deals in Q1 2018. 71% of the deals involved a target outside of the United States, demonstrating global consolidation within the sub-sector

• Other rigid packaging transactions fell significantly from 12 deals in Q1 2017 to 7 deals in Q1 2018. The decline was driven by lower strategic buyer activity

TRANSACTIONS BY BUYER TYPE RIGID PLASTIC PACKAGING M&A BY PACKAGE TYPE

Sources: Capital IQ, Thomson Reuters, Company Reports, Factset, PMCF

Note: Other Rigid Packaging Includes Primarily Thermoforming and Injection Molding

Q1 2018 SELECT TRANSACTIONS IN RIGID PLASTIC PACKAGING

Date Buyer Target Industry / ApplicationE n t e r p r i s e Value ($mm) EV/EBITDA

Jan-18 CDS Srl Manufacturas Inplast SA Beverage - -

Jan-18 Compass Diversified Holdings LLC (NYSE:CODI) Foam Fabricators, Inc. Industrial 246 8.2x

Feb-18 Nexus Group Sinea Beverage - -

Feb-18 Plastek Industries, Inc. Costapacking Indústria Consumer - -

Feb-18 Weener Plastics Group BV ArtPack Ltd Consumer - -

Mar-18 Garda Plast Ifap spa Beverage - -

Mar-18 Sonoco (NYSE: SON) Highland Packaging Solutions Food 150 -

Mar-18 PAI Partners Albéa S.A. Consumer 1,564 8.2x

FEATURED SEGMENT TRANSACTIONSMarch 2018 – PAI Partners, a private equity investor based in France, has acquired Albéa S.A. from Sun Capital Partners affiliate Sun European Partners. Albéa is a global manufacturer of rigid plastic packaging focused on health & beauty and consumer end markets. The company is headquartered in France and operates 38 production sites in Europe, North & South America, and Asia. Albéa products include tubes, cosmetic packaging, pumps & dispensers, accessories, and pro-motional items. Albéa was previously known as Alcan Beauty Packaging prior to its sales to Sun European Partners in 2010.

March 2018 - Sonoco (NYSE:SON) completed the acquisition of privately held Highland Packaging Solutions for $150 million. Highland is a Plant City, Fla.-based manufacturer of thermoformed packaging for fresh fruits, vegetables and eggs for use in supermarkets and other retail settings. Highland has net sales of approximately $90 million and operates a production facility in Plant City and distribution warehouses in the U.S. Southeast and West Coast. The Highland acquisition represents Sonoco’s third significant investment in thermoformed packaging for fresh food products in recent years. In 2017, Sonoco completed the acquisitions of Peninsula Packaging and Clear Lam for $230 million and $170 million, respectively.


Flexible Plastic (Film) Packaging Transaction Activity


FEATURED SEGMENT TRANSACTIONSMarch 2018 - Transcontinental Inc. (TSX:TCL.A) acquired Multifilm Packaging Corporation, a flexible plastic packaging supplier located in Elgin, Illinois. Multifilm specializes in the high-end candy and chocolate packaging markets with products including in piece-wraps and high-barrier laminates for the confectionery, snacks and dry foods markets. Transcontinental has completed numerous acquisitions in flexible packaging sector in recent years and recently announced the acquisition of Coveris’ U.S. packaging business for $1.32 billion.

March 2018 – RPC Group (LSE:RPC), a global leader in plastic packaging, acquired German packaging and film business Nordfolien GmbH for 75 million euros (or approximately $93 million). Nordfolien specializes in the production of polythene films for both industrial and consumer packaging markets. The company has two facilities located in Germany and Poland. RPC Group entered the flexible packaging space in 2016 with the acquisi-tion of British Polythene Industries plc for 261 million euros. RPC Group stated plans to continue growing its flexibles platform via the acquisitions of additional European flexible packaging businesses.

FLEXIBLE PLASTIC PACKAGING M&A BY END MARKET

Date Buyer Target Industry / ApplicationEnterprise Value ($mm)

EV / EBITDA

Jan-18 AEA Investors LP Spectrum Plastics Group Medical - -

Feb-18 Rexam Ltd.; Delta Plastics, Inc. Command Packaging Consumer - -

Feb-18 M&Q Holdings LLC Flavorseal LLC Food - -

Feb-18 API Group plc DUNMORE Corporation Industrial - -

Mar-18 Transcontinental Inc. (TSX:TCL.A) Multifilm Packaging Corporation Food - -

Mar-18 RPC Group Plc (LSE:RPC) NORDFOLIEN GmbH Consumer 93 7.0x

Mar-18 ePac, LLC Precision Pouches LLC Food - -

Mar-18 Constantia Flexibles Group GmbH Creative Polypack Limited Consumer - -

Q1 2018 SELECT TRANSACTIONS IN FLEXIBLE PLASTIC PACKAGING

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TRENDS IN M&A:

• Flexible packaging M&A activity declined from 15 deals in Q1 2017 to 11 deals in Q1 2018. Leading industry consolidators remained active through the

beginning of 2018, suggesting that the decline in transaction volume was driven by the supply of acquisition targets as opposed to lack of buyer interest

• Strategic buyers continued to drive the majority of deal activity, constituting more than 60% of volume in both the first quarter of 2017 and 2018

• Food & beverage also remained the largest sub-sector, although transaction mix from consumer increased from 6% to 27% driven by both strategic and private

equity activity, including acquisitions by Constantia Flexibles and RPC Group

TRANSACTIONS BY BUYER TYPE


Paper Packaging Transaction Activity

TRENDS IN M&A:• Paper packaging activity has continued to grow year-over-year as deal activity in the sector reached 25 transactions in Q1 2018, compared to 23 in the first

quarter of 2017• Private equity buyers have increased their activity nearly 50% to reach 9 deals in the first quarter of the year. The mix of 36% of transactions represents the

highest levels from private equity buyers since 2014• The interest in the sector from financial sponsors across the globe is supported by the availability of acquisition financing and represents competitive

valuations for select targets• Other paper packaging, which includes bags, cores and tubes, volume increased from 17% in Q1 2017 to 28% in Q1 2018 as global buyers continued to


TRANSACTIONS BY BUYER TYPE PAPER PACKAGING M&A BY PACKAGE TYPE


EV / EBITDA

Jan-18 Hood Container Corporation Ideal Box Co. Corrugated - -

Jan-18 Welch Packaging Group PackSpec Corrugated - -

Jan-18 WestRock Company (NYSE:WRK) KapStone Paper and Packaging Corporation (NYSE:KS)

Corrugated 4,900 10.0x

Feb-18 Wellspring Capital Management LLC SupplyOne, Inc. Corrugated - -

Feb-18 Golden West Packaging Group LLC Fleetwood-Fibre Packaging & Graphics, Inc. Folding Carton - -

Mar-18 Boxon AB Maxbox Emballage AB Corrugated - -

Mar-18 Autajon C.S. Thoro Packaging Inc. Folding Carton - -

Mar-18 PartnerFonds AG romwell GmbH & Co. Corrugated - -

Mar-18 Hood Container Corporation Cardinal Container Corrugated - -

Q1 2018 SELECT TRANSACTIONS IN PAPER PACKAGING

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FEATURED SEGMENT TRANSACTIONS

January 2018 – WestRock Company (NYSE:WRK) signed a definitive agreement to acquire KapStone Paper and Packaging Corporation (NYSE:KS) for $35 per share and the assumption of $1.36 billion in net debt, for a total enterprise value of approximately $4.9 billion. The deal is expected close in the third quarter of 2018. WestRock will bolster its leadership position in the U.S. corrugated packaging industry and presence on the West Coast via the KapStone acquisition. The transaction is also expected to create approximately $200 million of cost annual synergies by 2021.

February 2018 – Wellspring Capital Management LLC, a New York-based private equity firm with a track record of investing in packaging businesses, has acquired SupplyOne Inc., a leading value-added distributor and converter of packaging products. SupplyOne primarily serves middle-market customers in the food & beverage, manufacturing, consumer products, e-commerce and healthcare end markets. SupplyOne manufactures custom corrugated products, plastic thermo-forming trays and clamshells, and custom pressure-sensitive labels. It distributes a wide variety of packaging supplies, packaging equipment, safety products, and janitorial and sanitary supplies.



EV / EBITDA

Jan-18 Hood Container Corporation Ideal Box Co. Corrugated - -

Jan-18 Welch Packaging Group PackSpec Corrugated - -

Jan-18 WestRock Company (NYSE:WRK) KapStone Paper and Packaging Corporation (NYSE:KS)

Corrugated 4,900 10.0x

Feb-18 Wellspring Capital Management LLC SupplyOne, Inc. Corrugated - -

Feb-18 Golden West Packaging Group LLC Fleetwood-Fibre Packaging & Graphics, Inc. Folding Carton - -

Mar-18 Boxon AB Maxbox Emballage AB Corrugated - -

Mar-18 Autajon C.S. Thoro Packaging Inc. Folding Carton - -

Mar-18 PartnerFonds AG romwell GmbH & Co. Corrugated - -

Mar-18 Hood Container Corporation Cardinal Container Corrugated - -

Date Buyer Target Industry / ApplicationEnterprise Value ($)

EV / EBITDA

Jan-18 Duravant LLC Ohlson Packaging, Inc. Machinery/Equipment - -

Jan-18 Leonard Green & Partners, L.P. ProMach Inc. Machinery/Equipment - -

Jan-18 ITMGroup RNT Machinery SA Machinery/Equipment - -

Feb-18 Svenska Pump AB Capsson AB Machinery/Equipment - -

Feb-18 Kyoto Seisakusho Co. Ltd. PMI Cartoning, Inc. Machinery/Equipment - -

Feb-18 Pirlo GmbH & Co KG A. B. Nicklaus Weißblechprodukte Metal - -

Feb-18 Pearson Packaging Systems, Inc. Flexicell, Inc. Machinery/Equipment - -

Feb-18 Albéa S.A. Covit S.L. Metal -

Mar-18 Berlin Packaging L.L.C. H. Erben Ltd. Distributor - -

Mar-18 Douglas Machine, Inc. Integrated Packaging Machinery LLC Machinery/Equipment - -

Other Packaging Transaction Activity


TRENDS IN M&A:• M&A activity in other packaging segments, which include machinery/equipment, distribution, metal, and glass increased slightly from 17 deals in Q1 2017 to 18

in Q1 2018

• Deal activity was driven by higher activity from strategic buyers who increased their activity from 7 deals in Q1 2017 to 11 in Q1 2018 – representing 57% growth

• The majority of strategic buyer activity in Q1 2018 was driven by continued momentum in the machinery/equipment sub-sector. Private equity buyers also demonstrated a similar trend with 4 transactions in the sub-sector during Q1 2018

• Deal activity involving distributors has declined significantly from 6 transactions in Q1 2017 to zero in the first quarter of 2018. This will be an important trend to monitor as acquisition targets have become more scarce

TRANSACTIONS BY BUYER TYPE OTHER PACKAGING M&A BY TYPE

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25%

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63%

11%D I S T R I B U T O R

Q1 2018 SELECT TRANSACTIONS IN OTHER PACKAGING

FEATURED SEGMENT TRANSACTIONS

January 2018 – Private equity investment firm Leonard Green & Partners acquired ProMach, a leader in packaging machinery solutions, from AEA Investors. ProMach provides a wide range of integrated packaging equipment solutions. ProMach’s portfolio of product brands includes Allpax, Axon, Benchmark, Brenton, Dekka, Edson, EPI, Federal, Greydon, ID Technology, KLEENLine, Matrix, NJM, Orion, Ossid, P.E. Labellers, Pace, Pacific, PackLab, Rennco, Roberts PolyPro, Shuttle-worth, Texwrap, Wexxar Bel, WLS, Zalkin, and ZPI, along with the ProMach Performance Services line.

March 2018 – Leading packaging distributor Berlin Packaging has acquired H. Erben Ltd., a supplier of closures, packaging, and packaging equipment with a focus on food and beverage sectors. Erben is headquartered in the United Kingdom with dedicated operations in South Africa and the United States through its California Capsules business. The Erben acquisition bolsters Berlin’s global footprint and is a highly complementary fit. Berlin’s Bruni Glass division is a long-term supplier of glass products to Erben and the company will now operate under the name Bruni Erben, a Berlin Packaging Company.

Note: Effective Q1 2018, PMCF has revised its criteria for packaging machinery transactions. Q1 2017 has been updated for comparison purposes


Packaging Stock Market Valuations

Source: Capital IQ

PERFORMANCE OF PMCF INDICES VS. S&P 500 KEY TAKEAWAY AND ANALYSIS• Publicly traded packaging companies experienced

lower market valuations in Q1 2018, as average EV/EBITDA multiples were down across all sectors with the exception of Paper Packaging

• The paper packaging index experienced multiple expansion, reaching 9.2x EV/EBITDA

• The paper packaging index has performed in line with the S&P 500 through Q1 2018, while the remaining indices have lagged the S&P 500 in the first quarter of 2018

PACKAGING STOCK MARKET VALUATIONS

Rigid Plastic Packaging: 104.2 Flexible Plastic Packaging: 99.1

Other Packaging: 102.2 Paper Packaging: 112.2

S&P 500 Index: 110.2

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Financials / Metrics ($USD) (03/31/2018) EV / EBITDA Multiples

Company NameHeadquarters

LocationLTM

RevenueLTM

EBITDAMarket

CapPrice/

Earnings Q1 2018 Q1 20173 Year

Average

Rigid Plastic PackagingAptarGroup, Inc. United States 2,571$ 498$ 5,600$ 26.3x 12.9x 11.2x 11.3xBerry Global Group, Inc. United States 7,530 1,333 7,187 16.3x 9.6x 9.8x 10.5xNampak Limited South Africa 1,393 206 794 41.6x 5.5x 5.5x 7.4xRPC Group Plc United Kingdom 4,554 628 4,403 15.6x 9.0x 13.8x 13.5xSilgan Holdings Inc. United States 4,297 598 3,074 11.5x 9.9x 10.4x 10.5xRigid Plastic Packaging Average 22.3x 9.4x 10.1x 10.7x

Flexible Plastic PackagingAmcor Limited Australia 9,136 1,436 12,612 20.2x 11.9x 12.4x 12.2xBemis Company, Inc. United States 4,078 553 3,959 42.7x 9.9x 10.0x 10.1xTranscontinental Inc. Canada 1,627 356 1,521 8.7x 4.6x 5.5x 4.9xHuhtamäki Oyj Finland 3,665 476 4,578 19.3x 11.4x 11.1x 12.2xSealed Air Corporation United States 4,560 775 7,162 138.7x 13.5x 11.9x 12.3xWinpak Ltd. Canada 887 199 2,442 21.0x 11.2x 12.1x 11.6xFlexible Plastic Packaging Average 41.8x 10.4x 10.5x 10.6x

Paper PackagingCascades Inc. Canada 3,422$ 308$ 983$ 2.6x 7.2x 6.8x 6.9xGraphic Packaging Holding Co. United States 4,818 747 4,763 16.0x 10.1x 8.3x 9.0xInternational Paper Company United States 22,232 3,440 22,063 10.6x 9.3x 10.2x 8.5xKapStone Paper and Packaging Co. United States 3,349 443 3,341 13.9x 11.8x 10.2x 9.3xGreif, Inc. United States 3,723 457 2,636 14.7x 8.1x 8.9x 8.0xMondi plc United Kingdom 8,521 1,671 13,004 15.6x 8.7x 9.3x 9.3xPackaging Corporation of America United States 6,599 1,362 10,550 15.9x 9.7x 9.5x 8.8xWestRock Company United States 15,667 2,541 16,182 9.3x 9.2x 8.3x 8.6xSmurfit Kappa Group plc Ireland 10,281 1,421 9,568 18.7x 9.1x 7.5x 7.8xSonoco Products Company United States 5,037 631 4,829 27.9x 9.4x 9.3x 9.3xPaper Packaging Average 14.5x 9.2x 8.8x 8.5x

Other PackagingBall Corporation United States 11,295$ 1,833$ 13,920$ 37.8x 11.5x 14.8x 13.6xCrown Holdings, Inc. United States 8,994 1,390 6,816 21.3x 8.8x 9.1x 9.9xOwens-Illinois, Inc. United States 6,990 983 3,533 19.5x 8.1x 7.5x 7.7xToyo Seikan Group Holdings, Ltd. Japan 7,394 766 3,022 77.1x 4.5x 5.1x 6.3xOther Packaging Average 39.0x 8.2x 9.1x 9.4x


Overall Private Equity M&A Trends

OVERALL PRIVATE EQUITY:

• U.S. private equity M&A deal volume

through the first quarter of 2018 is in

line the same period in 2017, indicating

a continuation of the robust levels

experienced from 2014 to 2017

• Overall deal value is tracking below recent

historical levels through Q1 2018 as private

equity buyers turn to the middle market for

attractive investment opportunities

• Private equity fundraising decelerated in

the first quarter of 2018 following a multi-

year high point in 2017. Despite a slower

start in 2018 private equity funds have

a significant amount of “dry powder” to

deploy for platform and add-on investments

PACKAGING PRIVATE EQUITY TRENDS:

• Private equity buyers were highly active in

packaging in Q1 2018, completing 6 more

deals compared to the same period in

2017, with increased deal volume for both

platform and add-on acquisitions

• The first quarter of 2018 included marquee

private equity platform investments in each

of the packaging segments tracked by

PMCF. Private equity ownership will seek

additional add-on acquisitions to grow their

new platforms and support a continuation

of the momentum in packaging M&A

• Private equity transactions accounted for

42% of total packaging deal volume in Q1

2018, up approximately 7% compared to

the three year average from 2015 to 2017

Source: Pitchbook, PMCF Estimates

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PRIVATE EQUITY ACQUISITIONS: DEAL COUNT AND AMOUNT INVESTED

PRIVATE EQUITY M&A ACTIVITY IN PACKAGING

U.S. PRIVATE EQUITY FUNDRAISING: CAPITAL RAISED

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Our U.S. Locations

DETROITP&M Corporate FinanceTwo Towne SquareSuite 425Southfield, MI 48076Phone: 248.223.3300

CHICAGOP&M Corporate Finance120 S RiversideSuite 2100Chicago, IL 60606Phone: 312.602.3600

OUR CHICAGO & DETROIT OFFICES

PMCF’s Value and Approach

PMCF’s M&A advisory and investment banking services are designed to provide company shareholders with a trusted advisor to oversee all transaction related aspects of a company sale or strategic acquisition. Our service levels, industry expertise in packaging, and approach to managing transactions goes well beyond a typical investment banker. See below for some examples of our differentiation:

• Proven track record with 100% closing rate on all packaging sale transactions since 2010

• Differentiated approach via senior banker leadership and direct involvement through every step of the transaction providing a consistent and highly experienced point of contact

• One of the largest, most active investment banking boutiques with a focus on niche businesses. Proven positioning and marketing processes to obtain premium valuations

• Tailored sale process provides for extensive upfront preparation, detailed company review and identification of any potential issues in advance, and buyer evaluation/diligence ensuring the right fit

• Direct access and credibility with most of the packaging consolidators and top middle market players

• Unique sale planning approach can best prepare for a future sale 6 months out or in several years

• Long term consultative approach allows us to provide unbiased feedback

W W W. P M C F. C O M | 11

Recent PMCF Awards

CROSS BORDER M&A DEAL OF THE YEAR

CROSS BORDER CORPORATE AND STRATEGIC ACQUISITION DEAL OF THE YEAR

ACG’S 2016 ALL-STAR DEAL OF THE YEAR

SELECT PMCF PACKAGING TRANSACTIONS:

THE M&A ADVISOR INTERNATIONAL M&A AWARDS

AND

SELECT CLIENT FEEDBACK“We are very happy with our decision to hire PMCF as our M&A advisor. John and his team are clearly experts in the packaging industry and knew how to best position a unique company like ours to the right group of prospective buyers. They provided heavy senior level involvement throughout each stage of the process and were instrumental in making this a successful transaction for us. We would highly recommend PMCF to other packaging companies considering a transaction”

Greg Magnell, President, Plymouth Packaging and Box on Demand

“We are very pleased with our decision to hire PMCF and would highly recommend them to other owners considering a sale transaction. Their expertise and significant involvement in every step of the transaction was critical to making this transaction a success.”

Charlie Frey, Former Owner and President, Plas-Pak Industries

“We consider ourselves fortunate to have located and retained PMCF to represent our Company. They helped us prepare for and execute each step of a once in a lifetime transaction. They are clearly experts in our industry and we would highly recommend them to anyone considering a transaction in plastic packaging.”

Peter Haas, President, Hillside Plastics

2017 USA BOUTIQUE INVESTMENT BANK OF THE YEAR

2017 MIDDLE MARKETS CORPORATE DEAL OF THE YEARAND

This market overview is not an offer to sell or a solicitation of an offer to buy any security. It is not intended to be directed to investors as a basis for making an investment decision. This market overview does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision.P&M Corporate Finance, LLC will seek to provide investment banking and/or other services to one or more of the companies mentioned in this market overview.P&M Corporate Finance, LLC, and/or the analysts who prepared this market update, may own securities of one or more of the companies mentioned in this market overview. The information provided in this market overview was obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not to be construed as legal, accounting, financial, or investment advice. Information, opinions, and estimates reflect P&M Corporate Finance, LLC’s judgment as

of the date of publication and are subject to change without notice. P&M Corporate Finance, LLC undertakes no obligation to notify any recipient of this market overview of any such change.The charts and graphs used in this market overview have been compiled by P&M Corporate Finance, LLC solely for illustrative purposes. All charts are as of the date of issuance of this market overview, unless otherwise noted.The PMCF Plastics Index may not be inclusive of all companies in the plastics industry and is not a composite index of the Plastic industry sector returns. Index and sector returns are past performance which is not an indicator of future results.This market overview is not directed to, or intended for distribution to, any person in any jurisdiction where such distribution would be contrary to law or regulation, or which would subject P&M Corporate Finance, LLC to licensing or registration requirements in such jurisdiction.

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