New Consolidator Emerges – November 2025 M&A Activity

The print and packaging industries have long been shaped by cycles of technical reinvention, growth, maturation, and consolidation. Over time, consolidators emerge within the various print and packaging segments. Some maintain a disciplined strategic acquisition strategy, carefully putting the pieces in place to build a solid, durable business, while others move quickly from one deal to the next. Eventually, some become overextended, and the structure begins to wobble.

Newly ascendant consolidators emerge, complete multiple transactions, and another cycle begins. As the new platform company constructs its network, it slowly becomes apparent which type of structure the consolidator is building: disciplined and durable, or overextended and unraveling.

A New Platform Takes Shape

RoyerComm Prism has emerged with surprising momentum as the newest consolidator in the commercial printing industry, with one foot in folding carton production. Beginning less than a year ago, the South Jersey commercial printing company, already a half-century in business, embarked on a parade of acquisitions that strikes an aggressive tone for the future, with three acquisitions announced within the first eleven months of 2025.

The transaction that established the RoyerComm Prism platform was announced just this past January as a merger between RoyerComm and Prism Color. According to the press release announcing the deal, in addition to commercial printing services, RoyerComm brought promotional products and fulfillment services to the combined entity. The foundation of the new platform was strengthened by Prism’s expertise in folding carton production.

In August, the newly established RoyerComm Prism announced it had acquired Victor Printing, a Cherry Hill, New Jersey-based Company. The company's messaging around the acquisition was clear: the deal was a step forward in its mission and long-term vision to expand capacity and grow its team.

In November, RoyerComm Prism announced the acquisition of Brilliant Printing. Based on the other side of the Delaware River, in Exton, Pennsylvania, Brilliant Printing is a high-quality, premium commercial printing company that also produces collector edition books of photography, art, and fashion.

It is worth noting that while there is some directional confusion here (the mix of commercial printing, folding carton production, and premium picture book manufacturing suggests a platform still defining the precise contours of its long-term strategy), a rational geographic focus emanates from the core platform company’s home base. We will keep an eye on this latest consolidator, working to make sense of the contraction that is endemic to our industry. Whether this becomes a disciplined regional platform or a more diffuse roll-up remains a storyline to watch.

Disciplined Consolidators Stay on Course

Modern Litho, headquartered in Jefferson City, Missouri, continued its measured expansion with the acquisition of Mpress in Kansas City. This latest acquisition by Modern Litho enhances the company’s central Midwestern footprint and adds capacity in the Kansas City market, where the company already has a meaningful presence.

Modern has executed a consistent strategy that has built a multi-pronged presence in the major central Midwest Missouri cities of Kansas City and St. Louis, both relatively equidistant from the original headquarters in Jefferson City, a short distance from the exact geographic center of the state. In 2023, the company added a facility in Columbia, Missouri, just 30 miles north of Jefferson City, along the Missouri River, positioned almost exactly midway between Kansas City and St. Louis on Interstate Route 70. Modern Litho truly has Missouri covered, from end to end.

The company has historically focused on publication and catalog printing for niche markets and has used strategic acquisitions to expand not only geographically but also to add other services, including marketing, direct mail, wide-format graphics, and custom packaging. Lest there be any doubt about the company’s intent to maintain its central Midwest presence, its website extols its growth-oriented strategy, expanding its “hub and spoke” manufacturing model.

The regional consolidation play appears to offer endurance and steady growth for those with the discipline to stay the course. The company reported revenue of $67 million in the 2025 industry listings of top companies, a dramatic increase from the $32 million reported in 2018, right before the latest run of acquisitions.

Another disciplined consolidator that has stayed focused geographically is Drummond Printing, headquartered in Jacksonville, Florida, executing a clear strategy to build out the company’s presence in the Atlanta, Georgia, market. The company recently acknowledged how important Atlanta has become in its plans. It announced that it is consolidating all its print manufacturing into two of its Atlanta facilities, while retaining the headquarters and warehousing in Jacksonville. The company reported revenue of $74 million in the 2025 listing, a strong showing from the $34 million in 2017. (See The Target Report: Is M&A Activity in Commercial Print Poised for a Comeback? – May 2025.)

Modern Litho and Drummond demonstrate the enduring power of regionally anchored strategies: focused footprints, coherent service mixes, and deliberate expansion within reach of the defined home base.

Is this Diverse National Roll-Up Unraveling?

Marketing.com may very well illustrate the risks inherent in the roll-up model when executed at high velocity across diverse verticals. With backing from private equity firm JAL Equity, the company has been one of the most active acquirers in the printing and related marketing production service industries. It has been an amazing story, with so many acquisitions, many unannounced, that it has been challenging to keep up and record them all. It has been a head-scratcher to figure out if there has been a coherent strategy underlying this national consolidator, or if this is simply an opportunistic run.

JAL Equity was formed in 2008 (under the name Prospect Marketing Group) as an acquisition platform and began assembling a string of small printing companies. Based in Sarasota, Florida, JAL Equity, via its various entities, has scooped up dozens of companies, including some stalwart names that were at one time considered some of the industry's best.

When JAL Equity launched the Marketing.com name in 2023, the press release claimed that the company had already completed 46 transactions. At that time, the company stated that its revenue was in excess of $500 million, it employed approximately 2,000 people and operated 34 locations. The list of acquisitions reads as a who’s who of highly-regarded company names in the industry: Knepper Press (Pittsburgh, PA), Las Vegas Color Graphics (Las Vegas, NV), Frye-Williamson Press (Springfield, IL), NPC (Tampa, FL), Brant InStore (Branford, ON), Stratis Visuals (Torrington, CT), Action Printing (Fond du Lac, WI), and many more that readers of The Target Report would likely recognize. In addition to the Marketing.com brand, which now encompasses these and many other formerly independent companies, JAL Equity owns Tshirts.com, Printing.com, and many other print, promo, mailing, and fulfillment dotcom domains.

The seminal moment when the industry stood up and took notice of this relative newcomer to the printing industry was in August 2021, when JAL Equity formed ColorArt to acquire the former Cenveo commercial printing plants in Eureka, Missouri, Amarillo, Texas, and San Antonio, Texas. The acquisition of the Cenveo plants represented a quantum leap in the size of deals JAL Equity had previously completed. From that point forward, the acquisition spree kicked into high gear, as JAL Equity hoovered up several dozen printing companies, envelope manufacturers, mailing companies, promotional product distributors, and marketing services providers. In a remarkable karmic way, the Cenveo deal kicked off a redux of the original frenzied Mail-Well/Cenveo days that eventually did not end well (See The Target Report: CJK Goes Global as Cenveo Unwinds – September 2020 and The Target Report: Cenveo Returns to its Roots – July 2022.)

November 2025 brought that narrative into sharper focus. Two JAL-related entities filed for protection under Chapter 11 of the US Bankruptcy Code in the District of Nevada. Las Vegas Color Graphics, Inc. filed simultaneously with Color Art, LLC. The company filings reported $1 million to $10 million in assets and $10 million to $50 million in liabilities. The bankruptcy filings were preceded by a lawsuit filed by Aequum Capital in the Missouri Circuit Court, where Color Art is based, alleging a $26 million default and certain irregularities. The Judge in the Missouri case appointed a receiver to manage ColorArt; however, the federal bankruptcy filing supersedes the state court action, placing the company’s assets under the oversight of the federal bankruptcy court. The bankruptcy filing by two key assets raises questions about how other entities within the Marketing.com orbit may manage if financing or operational challenges intensify.

In December 2022, JAL Equity acquired Canadian firm Brant InStore (formerly known as Brant Screen Craft). The acquisition expanded JAL Equity's presence in Point-of-Purchase, display, and signage products. Earlier this year, a long list of printing equipment assets was sold at auction from two Brant InStore production facilities in Ontario. The Brant InStore website now redirects to Marketing.com’s Torrington, Connecticut location.

In September, Marketing.com filed a WARN Act notice in Wisconsin stating that the company was permanently closing the Action Printing facility in Fond du Lac, noting that the product line produced there was being discontinued. Action Printing had been acquired by Marketing.com just a year before, in August 2024.

While these closures and asset divestitures are not in themselves signs of possible larger issues at Marketing.com (the printing industry experiences many closures in the normal course of events as the industry consolidates). (For more on industry closures, see The Target Report Annual Review – TTM August 2025.) Nonetheless, the closure of Action Printing, the auction of the Canadian Brant InStore equipment, and the Las Vegas bankruptcy filings, taken together, are notable and warrant watching how this hyper-active national consolidator fares in the near future. The following year will reveal whether the platform stabilizes or if the roll-up model, executed at this velocity and breadth, proves unsustainable.

Focus Versus Size and Scope

In a landscape shaped by overcapacity, shifting demand patterns, and rising competitive pressure, the transactions in November provide a clear signal: the future in print does not necessarily belong to the biggest portfolio but is more likely to benefit the most focused platform. As this latest cycle unfolds, the companies that define the next era of commercial print will be those that align acquisitions with a coherent strategic identity and/or geographic rationale, not those that chase scale for its own sake.

   

	2025 November - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries
	Deal Party #1 (Surviving Entity)	Pre-Deal Revenue (US$Mil)	Party #1 Address	Deal Party #2	Pre-Deal Revenue (US$Mil)	Party #2 Address	Date Deal Public	Deal Value (US$Mil)	Deal Structure (Intermediary)	Notes	Links
	PDC Graphics	$8.4	Southhampton, PA	Cox Printers	No Data	Linden, NJ	11/30/25	No Data	Acquisition (Graphic Arts Advisors)	Commercial printing	Link
	Loparex (Port co. Pamplona Capital Mngt.)	No Data	Cary, NC	Enterprise Coated Products	No Data	Manteno, IL	11/24/25	No Data	Acquisition	Release liner manufacturing	Link
	Pacific Nexus	No Data	San Diego, CA	NonStopPrinting	No Data	Los Angeles, CA	11/21/25	No Data	Acquisition	Specialty book printing	Link
	Lakeside Book Company (Port co. Atlas Holdings)	No Data	Warrenville, IL	Baker & Taylor Publisher Services (Div. Baker & Taylor)	No Data	Charlotte, NC	11/21/25	No Data	Acquisition	Book printing & distribution	Link
	Allegra Marketing Print Mail	No Data	Lisle, IL	Allegra Romeoville	No Data	Romeoville, IL	11/19/25	No Data	Acquisition	Printing & copying	Link
	Minuteman Press Wethersfield	No Data	Wethersfield, CT	Academy Printing	No Data	Berlin, CT	11/18/25	No Data	Acquisition	Printing & copying	Link
	Ennis	$388.3	Midlothian, TX	CFC Print & Mail	$8.6	Grand Prairie, TX	11/17/25	No Data	Acquisition	Trade printing & mailing	Link
	Alexander Watson Associates	No Data	Amsterdam, The Netherlands	AIPIA	No Data	Utrecht, The Netherlands	11/14/25	No Data	Acquisition	Industry consulting	Link
	PaperWorks Industries (Port co. Gamut Capital)	No Data	Bala Cynwyd, PA	Color Craft Graphic Arts	No Data	Manitowoc, WI	11/12/25	No Data	Acquisition (Mesirow)	Folding cartons	Link
	Fiery (Sub. Seiko Epson)	No Data	Fremont, CA	Inèdit Software	No Data	Barcelona, Spain	11/12/25	No Data	Acquisition	Digital textile printing software	Link
	Welch Packaging Group	No Data	Elkhart, IN	ABCOR Packaging	No Data	Cleveland, TN	11/11/25	No Data	Acquisition	Corrugated boxes	Link
	X-Rite (Div Veralto)	No Data	Grand Rapids, MI	Rutherford Graphic Products	No Data	Moraine, OH	11/7/25	No Data	Assets Acquisition	Color control systems	Link
	SupplyOne (Port co. Wellspring Capital)	No Data	Newtown Square, PA	Lamb & Associates Packaging	No Data	Maumelle, AR	11/6/25	No Data	Acquisition	Corrugated boxes & displays	Link
	RoyerComm Prism	No Data	Moorestown, NJ	Brilliant Graphics	No Data	Exton, PA	11/5/25	No Data	Acquisition	Commercial printing	Link
	Modern Litho	$67.0	Jefferson City, MO	Mpress	No Data	Kansas City	11/5/25	No Data	Acquisition	Commercial printing	Link
	J. Louis Mullen	No Data	Buffalo, WY	News Printing Company (4 Titles) (Div. Shaw Media)	No Data	Newton, IA	11/5/25	No Data	Acquisition	Community Newspapers	Link
	Creative Solutions in Healthcare	No Data	Fort Worth, TX	Wes-Tex Printing	No Data	Brownwood, TX	11/4/25	No Data	Acquisition	Commercial printing	Link

   

	2025 November - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries
	Filing Party	Date Case Filed	Pre-Petition Revenue (US$Mil)	Case #	Filing Party Address	Circuit	Region & City	Judge	Attorney for Debtor	Notes
	Chapter 11 Filings:
	Envelope 1 Inc.	11/12/25	No Data	25-23400	Boca Raton, FL	11th	Southern FL West Palm Beach	Mindy A. Mora	Susan D. Lasky	Envelope manufacturing
	Las Vegas Color Graphics, Inc. (Port co. JAL Equity)	11/5/25	No Data	25-16701	Las Vegas, NV	9th	Nevada Las Vegas	Natalie M. Cox	Teresa Pilatowicz	Commercial printing
	Color Art, LLC (Port co. JAL Equity)	11/5/25	No Data	25-16697	Las Vegas, NV	9th	Nevada Las Vegas	Natalie M. Cox	Teresa Pilatowicz	Commercial printing
	Klöckner Pentaplast of America, Inc. (Div. Klöckner Pentaplast)	11/4/25	No Data	25-90660	Gordonsville, VA	5th	Southern TX Houston	Christopher M. Lopez	John F. Higgins, IV	Flexible packaging & films
	Chapter 7 Filings:
	No Chapter 7 Filings Found this Month	---	---	---	---	---	---	---	---	---

 

	2025 November - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries
	Closed Company / Facility	Date of Closure	Pre-Closure Revenue (US$Mil)	Closing Address	Related Party	Related Party Address	Date Closure Public	Notes	Press Releases
	Executive Mailing Services	12/16/25	No Data	Palos Hills, IL	None	N/A	11/26/25	Mailing & presort services	Link
	House of Printing	12/11/25	No Data	Burtonsville, MD	None	N/A	11/17/25	Commercial Printing	Link
	International Paper - Packaging facility	Jan-26	No Data	Compton, CA	International Paper	Memphis, TN	11/14/25	Corrugated boxes	Link
	International Paper - Packaging facility	Jan-26	No Data	Louisville, KY	International Paper	Memphis, TN	11/14/25	Corrugated boxes	Link
	Spiral Binding	1/28/26	No Data	Totowa, NJ	None	N/A	11/13/25	Bindery supplies & equipment	Link
	YP Print	12/31/25	No Data	Kenner, LA	None	N/A	11/12/25	Direct mail printing	Link
	Printpack - Flexible manufacturing plant	1/5/26	No Data	Elgin, IL	Printpack	Atlanta, GA	11/12/25	Flexible packaging	Link
	Smurfit Westrock - Packaging facility	1/5/26	No Data	Atlanta, GA	Smurfit Westrock	Dublin, Ireland	11/10/25	Corrugated boxes	Link

Corrugated Sheet and Box Production – October 2025 M&A Activity

In 1856, tall top hats were the height of fashion for men. Two English gentlemen in the hatter trade, Edward G. Healy and Edward E. Allen, resolved to find a material that would maintain the tall shape, yet was flexible to fit individual noggins. The solution they arrived at was to form paper into pleats, giving it a wavy shape for strength. They fed paper through a very simple hand-cranked machine that had two intersecting fluted rollers, typically used to create ruffled fabric, such as on collars or cuffs. They patented the invention in England, but never made the leap to using their invention to create a shipping box.

American ingenuity was behind the next step forward in the form of a US patent filed in 1871 by Albert L. Jones for “an improvement in paper for packing,” which described the use of “corrugated or crimped sheet of paper to one side of which is attached a flat sheet of paper by pasting” to create an effective cushion for the contents being packed. A common use was to wrap the corrugated paper around fragile items such as bottles or kerosene lamp chimneys.

Three years later, a machine was developed for producing large quantities of corrugated material. That same year, another inventor, Oliver Long, added a liner sheet to the second side, trapping the corrugation in the middle and producing the corrugated material we know today. In 1894, the first corrugated box was manufactured in the US. The cheaper product quickly replaced the previously dominant wooden crates and boxes used to ship products.

Corrugated’s Long Boom

For the past decade, the corrugated packaging sector has stood apart from the ups and downs of the broader general commercial print industry. Corrugated production surged before, during, and after the Covid pandemic shutdown. Every click by an online shopper echoed down the supply chain to a box converter, corrugated sheet production line, kraft linerboard mill, and yes, even to the loggers bringing in the raw timber for pulp. Business was good, which drove a steady stream of mergers and acquisitions.

As we observed as far back as 2015, the transactional activity in the manufacturing of boxes of all sorts was brisk, unlike its troubled cousin, commercial printing. Not only was the box far less susceptible to disruption by the transition of content to online sources, but the inherent recurring nature of packaging production also made the entire box supply chain desirable for investment. (See The Target Report: The Box is in Demand – October 2015.)

Three years later, we chronicled how the sector shed its image as a mature commodity business. At that time, the CEO of DS Smith (now merged into International Paper), commenting on the company’s acquisition, exclaimed that the corrugated segment was “an exciting and fast-paced environment where we are experiencing strong momentum.” (See The Target Report: Corrugated Gets Glam - May 2018.)

The enthusiasm for the corrugated box business continued unabated at the local supplier level with consolidators such as Welch Packaging. The company executed one acquisition after another in its laser-focused campaign of acquiring family-owned corrugated box companies. (See The Target Report: Catching the Wave in Corrugated Cartons – February 2020.)

The Covid pandemic certainly did not cool acquirers’ ardor for the corrugated business. In a classic bidding war that played out globally in the public markets, International Paper announced in April 2024 that it had prevailed over Mondi in the competition to land DS Smith. The industry was in a full-scale frenzy of roll-ups and consolidation plays. (See The Target Report: Corrugated Consolidation – June 2024.)

Corrugated Sheet and Box Producers Hit the Brakes

Now the story has turned. The Wall Street Journal reported in September 2025 that U.S. box shipments had fallen to their lowest levels since 2016 and that nearly nine percent of domestic containerboard capacity had gone offline within eight months. The Journal article stated that this was an unprecedented and sudden decline that represents roughly twice the capacity lost during the 2009 recession. The M&A and plant closure data from October confirms what many operators already feel: the corrugated market has entered an uncompromising correction phase. In October, corrugated producers announced the closure of four plants.

Georgia-Pacific is closing its corrugated box production facility in Mt. Olive, Illinois. This follows the company’s closure of its large containerboard mill in Cedar Springs, Georgia, announced in May 2025.

Smurfit-Westrock, headquartered in Ireland, announced the closure of a corrugated sheet & box production facility in the City of Industry in California. The company has been aggressively downsizing since Smurfit acquired Westrock in July 2024. The CEO noted that subsequent to the merger, the company has shed 4,500 employees and closed mill capacity of 500,000 tons of containerboard and consumer board grades. However, it is not all gloom and doom about the corrugated business at Smurfit-Westrock; the company recently announced that it would invest nearly $19.3 million in its Saltillo, Mississippi operation over the next year, expanding its production of corrugated cases, boxes, and trays.

Packaging Corporation of America (PCA) announced the closure of two corrugated sheet & box production facilities, one in Allentown, Pennsylvania, and the other in Salisbury, North Carolina. This follows the company’s earlier announcement this year that it would close its corrugated box manufacturing facility in East Point, Georgia.

As we previously reported, it was only a week after their respective shareholders had separately approved the sale of DS Smith to International Paper that International Paper announced the closure of six facilities. (See The Target Report: Paper Industry Transformation Moves Forward – October 2024.) Shortly after the deal closed on January 31, 2025, the drumbeat of plant closure announcements resumed. A total of eighteen plants have closed since International Paper won the bidding war for DS Smith.



Rationalization, Not Retreat

It would be a mistake to read the current downturn as existential for the corrugated business. The corrugated sector remains indispensable, but it is adjusting after a decade of relentless consolidation. The closures announced in October and over the past year represent the squeezing out of redundant and less efficient facilities. The combination of Smurfit with Westrock, each in itself the result of a series of mergers, and International Paper’s purchase of DS Smith were both huge deals, bringing together extensive networks of mills and production facilities. Such large deals are bound to require rationalization of facilities to eliminate redundancies. The surprise is not that these two behemoths are closing facilities; rather, it is the magnitude and scope of the reductions that tells us that the company’s leadership teams perceive soft underlying market conditions in addition to the need to rationalize their production networks.

The Wall Street Journal has hypothesized that the corrugated market is a harbinger of the state of the larger economy. As demand for corrugated sheet has retreated to the lowest levels since 2016, some see this as an indication that we are headed into a recession. Among other reasons, trade tensions have led to a decline in exports, thereby reducing demand. The housing market has been softer, resulting in reduced new purchases of appliances and furniture that require a lot of corrugated packaging. These and other trends find their way up through the supply chain, reducing demand for packaging.

Another theory for the dramatic reduction in demand for corrugated is that the big e‑commerce companies are revising their shipping processes, reducing box size, shipping more items in paper and plastic envelopes, and avoiding box-in-a-box packing. On-demand box-making machines that customize each box to the exact required size also reduce the use of packaging materials.

A Month of Mixed Signals

In contrast to all the plant closures in corrugated products, adjacent paper-based segments are holding their own. ProAmpac’s purchase of International Paper’s bag converting operations extends its sustainable-materials portfolio. Cascades sold its Cascades Flexible Packaging business to Texas-based Five Star Holding, which takes Cascades out of the printed plastic packaging and films business, allowing greater focus on its fiber-based businesses. The paper recycling business consolidated further with FV Recycling, a Mississippi-based portfolio company of Jones Capital, as it acquired Mid America Paper Recycling, a Chicago-based company.

At the level of the local box manufacturer, the aforementioned Welch Packaging added another notch to its belt. In October, Welch announced the “merger” with Phoenix/Packaging of Mount Joy, Pennsylvania. Welch has completed a continuous stream of 42 acquisitions and now has in excess of 1,700 employees with over 26 manufacturing plants. It is an extraordinary story of a steady and deliberate 40‑year execution of a mission-focused acquisition strategy.

Corrugated paper products remain at the heart of the physical economy. Boxes still move goods, convey brands, and while doing so, protect the contents inside. While it may be an indication of an economic slowdown or possibly an imminent recession, the present downturn may simply be the corrugated packaging industry catching its breath after a remarkable run.

   

	2025 October - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries
	Deal Party #1 (Surviving Entity)	Pre-Deal Revenue (US$Mil)	Party #1 Address	Deal Party #2	Pre-Deal Revenue (US$Mil)	Party #2 Address	Date Deal Public	Deal Value (US$Mil)	Deal Structure (Intermediary)	Notes	Links
	Taylor Corporation	No Data	North Mankato, MN	Gooten	No Data	New York, NY	10/27/25	No Data	Acquisition	Print-on-Demand system	Link
	Arrow International	No Data	Brooklyn, OH	Grover Gaming Printing	No Data	Ayden, NC	10/23/25	No Data	Assets Acquisition	Specialty gaming products	Link
	Welch Packaging Group	No Data	Elkhart, IN	Phoenix/Packaging	No Data	Mount Joy, PA	10/21/25	No Data	Acquisition	Corrugated boxes	Link
	CastlePierce	No Data	Oshkosh, WI	Quality Assured Label	No Data	New Hope, MN	10/20/25	No Data	Acquisition	Labels and carded packaging	Link
	ProAmpac (Port co. Pritzker Partners)	No Data	Cincinnati, OH	Bag converting operations (Div. International Paper)	No Data	CA, OR & TX (Memphis, TN)	10/17/25	No Data	Acquisition	Paper bag manufacturing	Link
	FV Recycling (Port co. Jones Capital)	No Data	Hattiesburg, MS	Mid America Paper Recycling	No Data	Chicago, IL	10/14/25	No Data	Acquisition	Paper recycling	Link
	Lewis Color	No Data	Statesboro, GA	Commercial Print Business (Div. Apex Color)	No Data	Jacksonville, Fl	10/13/25	No Data	Acquisition (Corp Dev Assoc)	Commercial printing	Link
	Wise	No Data	Alpharetta, GA	Business Forms Business (Div. Apex Color)	No Data	Jacksonville, Fl	10/13/25	No Data	Acquisition (Corp Dev Assoc)	Business forms	Link
	Five Star Holding	No Data	Houston, TX	Cascades Flexible Packaging (Div. Cascades)	No Data	Kingset Falls, QC	10/8/25	$22.2	Divestiture	Flexible packaging films	Link
	CAI Software (Port co. STG Partners)	No Data	Lincoln, RI	Print ePS	No Data	Pittsburgh, PA	10/8/25	No Data	Merger	MIS system for printing	Link
	Blazing Trails Media	No Data	Flagstaff, AZ	The Sidney Sun-Telegraph (+3 Titles)	No Data	Sidney, NE	10/3/25	No Data	Acquisition (Cribb & Associates)	Community newspapers	Link
	Sheridan Div. CJK Group	No Data	Brainerd, MN	Vicks Lithograph & Printing	No Data	Yorkville, NY	10/3/25	No Data	Select Assets Acquisition	Publication printing	Link
	Alexander Watson Associates	No Data	Amsterdam, The Netherlands	Stirling Consulting	No Data	Yarmouth, ME	10/1/25	No Data	Acquisition	Industry consulting	Link

   

	2025 October - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries
	Filing Party	Date Case Filed	Pre-Petition Revenue (US$Mil)	Case #	Filing Party Address	Circuit	Region & City	Judge	Attorney for Debtor	Notes
	Chapter 11 Filings:
	Bunting Graphics	10/9/25	No Data	25-22741	Verona, PA	3rd	Western PA Pittsburgh	Gregory L. Taddonio	Andrew K. Pratt	Architectural graphics & signage
	Altman & Nelson Printing Co., Inc.	10/1/25	No Data	25-60091	Victoria, TX	5th	Southern TX Houston	Christopher M. Lopez	Robert C. Lane	Commercial printing
	Chapter 7 Filings:
	Thermal Label Warehouse, LLC	10/30/25	No Data	25-32046	Knoxville, TN	6th	Eastern TN Knoxville	Suzanne H. Bauknight	Maurice K. Guinn	Thermal label distributor
	HI Wind Down Corporation (FKA Humanoids, Inc.)	10/13/25	No Data	25-11828	Los Angeles, CA	3rd	Delaware Wilmington	Thomas M. Horan	David M. Klauder	Comic & graphic novel publishing

   

	2025 October - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries
	Closed Company / Facility	Date of Closure	Pre-Closure Revenue (US$Mil)	Closing Address	Related Party	Related Party Address	Date Closure Public	Notes	Press Releases
	Jet Packaging	12/7/25	No Data	Dickson, TN	ValorFlex	Dickson, TN	Oct-25	Flexible packaging & printed films	Link
	Rogers Printing	11/13/25	No Data	Ravenna, MI	None	N/A	Oct-25	Publication printing	Link
	Georgia-Pacific - Corrugated box plant	12/31/25	No Data	Mt. Olive, IL	Georgia-Pacific (Div. Koch Industries)	Atlanta, GA	10/30/25	Corrugated box production	Link
	Smurfit Westrock - Corrugated box plant	12/14/25	No Data	City of Industry, CA	Smurfit Westrock	Dublin, Ireland	10/29/25	Corrugated sheet & box production	Link
	Reindl Bindery (Div. Taylor Corp.)	11/12/25	No Data	Germantown, WI	Taylor Corporation	North Mankato, MN	10/7/25	Bindery & finishing services	Link
	PCA - Full-line corrugated box plant	12/1/25	No Data	Allentown, PA	Packaging Corporation of America (PCA)	Lake Forest, IL	10/7/25	Corrugated sheet & box production	Link
	PCA - Full-line corrugated box plant	12/19/25	No Data	Salisbury, NC	Packaging Corporation of America (PCA)	Lake Forest, IL	10/7/25	Corrugated sheet & box production	Link
	Flexoprint	Nov-25	No Data	Mesa, AZ	None	N/A	10/6/25	Flexible packaging films	Link
	Flexoprint	Nov-25	No Data	Baldwin, WI	None	N/A	10/6/25	Flexible packaging films	Link