KPS Capital Partners to Acquire MM Packaging from MM Group

✦ Meridian Analysis

KPS Capital Partners has signed a definitive agreement to acquire MM Packaging from Mayr‑Melnhof Karton AG for an enterprise value of €2.4 billion. MM Group retains a 30 % holding, and the business will continue to operate under the MM Packaging name. The deal is conditioned on customary corporate and antitrust clearances, with an additional consultation process required for the French business unit under local labour law. KPS is the buyer and MM Group is the seller. Barclays Bank Ireland and Citi are advising KPS on the financing, and Paul Weiss, Rifkind, Wharton & Garrison together with Schönherr serve as legal counsel. MM Packaging is the world’s largest producer of secondary pharmaceutical packaging and a leading European supplier of food‑grade folding cartons, operating more than 50 sites across 19 countries. Investors will watch for the final pricing multiples, the composition of any debt component in the financing package and the timetable for regulatory clearance, especially the outcome of the French employee consultation. Neither the exact capital structure nor the closing date has been disclosed, and the identities of any co‑investors, if any, remain unannounced.

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