Tear Sheet: ProAmpac PG Intermediate LLC

This report does not constitute a rating action. In the third quarter, ProAmpac PG Intermediate LLC reported revenue growth of 7.6% versus the prior year, driven by contributions from acquisitions, partially offset by pricing pressures, an unfavorable product mix, and increased internalization of paper and films production. Positive momentum within ProAmpac's fiber division continued given an increased push toward fiber-based flexible packaging. Performance was also strong within its ecommerce segment, with support from its recent acquisition with PAC Worldwide increasing overall exposure within protective mailers and ecommerce specialty packaging. Tariffs have been a headwind through the first three quarters of 2025, mainly within its foil sourcing. The company noted a potential impact of $50M annually identified thus far. We're forecasting

...November 25, 2025 This report does not constitute a rating action. Further volume gains have led to strong revenue growth. In the third quarter, ProAmpac PG Intermediate LLC reported revenue growth of 7.6% versus the prior year, driven by contributions from acquisitions, partially offset by pricing pressures, an unfavorable product mix, and increased internalization of paper and films production. Positive momentum within ProAmpac's fiber division continued given an increased push toward fiber-based flexible packaging. Performance was also strong within its ecommerce segment, with support from its recent acquisition with PAC Worldwide increasing overall exposure within protective mailers and ecommerce specialty packaging. Tariffs have been a headwind through the first three quarters of 2025, mainly within its foil sourcing. The company noted a potential impact of $50M annually identified thus far. We're forecasting continued volume growth into 2026, leading to organic revenue increasing...

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