1) Paper, Plastics and Packaging
Market Monitor
Winter 2016
MOSS ADAMS CAPITAL LLC
2) Table of Contents
Industry Update
3
Public Share Price Performance & Valuations
4
Recent M&A Activity & Valuations
7
Moss Adams Overview
Paper, Plastics & Packaging
12
2
MOSS ADAMS CAPITAL LLC
3) Volatile Markets to Continue in 2016
 Uncertainty is the pervading theme that has caused extreme
global market volatility toward the end of 2015 and continuing
into 2016
S&P: 3â€Year Median EV / EBITDA Multiples
12.0x
 Global uncertainty surrounding corporate earnings growth, the
decelerating Chinese economy, crashing oil prices, and the
strong dollar are putting pressure on global markets
Corporate earnings are expected to be softer in 2016 amid
global growth concerns
China reported Q4 2015 GDP growth of 6.9%, a 25â€year low
but in line with economists’ expectations
 Public market valuations are down in the first few weeks of 2016;
companies are likely to use M&A as a tool to drive growth in 2016
Janâ€16
Octâ€15
Julâ€15
Octâ€14
Julâ€14
Janâ€14
Octâ€13
Julâ€13
Global PPP M&A Deal Volume and Value
 Decelerating Earnings Growth + High Cash Balances = Active
M&A Market
─ Wendel / Constantia Flexibles – $1.7 billion
─ Crown Holdings / Empaque – $1.3 billion
─ Verso / Newpage – $1.4 billion
$100.0
800
$80.0
689
600
636
583
$49.1
596
530
$60.0
477
467
495
471
400
$40.0
200
$24.7
$26.7 $27.4
$34.9
$22.5
$17.5
$20.4
$13.4
0
3
2015
2014
2013
2012
2011
2010
Sources: S&P CapitalIQ, Moss Adams Capital Research.
2009
$0.0
2007
─ Rockâ€Tenn / MeadWestvaco – $11.1 billion
$20.0
Deal Value ($ in billions)
Deal Volume (# of Transactions)
1,000
 Global packaging deal volume in 2015 was down ~5% compared
to 2014 while deal values increased significantly primarily driven
by several multiâ€billion dollar transactions:
Paper, Plastics & Packaging
Aprâ€14
8.0x
Aprâ€15
The strong U.S. dollar is a headwind for forecasting global
sales (U.S. goods are relatively more expensive)
Public market valuations are
down since late 2015 and into the
first few weeks of 2016
Janâ€15
Oil prices continue to trend lower and is expected to remain
low in the nearâ€toâ€medium term
─
9.0x
Janâ€13
─
10.0x
2008
─
11.0x
Aprâ€13
─
S&P 500
MOSS ADAMS CAPITAL LLC
4) Global Uncertainty Leading to Sellâ€Off in Equity Markets
Threeâ€Year Indexed Share Price Performance
80.0%
70.0%
60.0%
50.0%
Plastic Index
+40%
40.0%
30.0%
S&P 500
+26%
20.0%
Rigid Index
+25%
10.0%
Paper Index
+10%
Janâ€16
Octâ€15
Julâ€15
Aprâ€15
Janâ€15
Octâ€14
Julâ€14
Aprâ€14
Janâ€14
Octâ€13
Julâ€13
Aprâ€13
Janâ€13
0.0%
Note: The indices in the chart above are composed of the publicly-traded companies listed on page 6.
Source: S&P CapitalIQ.
Paper, Plastics & Packaging
4
MOSS ADAMS CAPITAL LLC
5) Strong M&A Expected Despite Volatile Equity Markets
 The sales growth outlook for packaging companies is expected
to grow at a modest rate of 1% – 2% over the next 12 months,
inâ€line with the S&P 500
 EBITDA multiples for packaging companies are lagging the overall
market entering 2016 but remain well above recession levels
 Valuation multiples across many sectors are feeling pressure from
the aforementioned global market uncertainty
 Similarly, EBITDA growth over the next 12 months is expected
to be onâ€pace with the overall market
 Slower growth is expected in 2016 amid concerns surrounding
global economic growth
 However, valuation multiples for topâ€tier assets will standâ€out in
the current market environment and should expect to receive
valuations akin to 2014 and early 2015 levels
Next 12 Months: Estimated Growth
Public Company Packaging Valuations
18.0x
Estimated NTM Sales Growth
Estimated NTM EBITDA Growth
16.0x
Paper Packaging
14.0x
6.3%
1.1%
S&P 500
12.5x
Plastic Packaging
Rigid Packaging
2.1%
EV / TTM EBITDA
12.0x
5.6%
7.5%
1.2%
Plastic Index
10.7x
10.0x
8.0x
Rigid Index
9..9
6.0x
Paper Index
7.3x
4.0x
2.0x
1.7%
6.5%
0.0x
Janâ€07
Julâ€07
Janâ€08
Julâ€08
Janâ€09
Julâ€09
Janâ€10
Julâ€10
Janâ€11
Julâ€11
Janâ€12
Julâ€12
Janâ€13
Julâ€13
Janâ€14
Julâ€14
Janâ€15
Julâ€15
Janâ€16
S&P 500
Source: S&P CapitalIQ.
Paper, Plastics & Packaging
5
MOSS ADAMS CAPITAL LLC
6) Share Prices Trading Toward 52â€Week Lows
($ in millions, except where noted)
Company Name
TTM Data
Share
Price
52wk High / Low
Market
Cap
Enterprise
Value
NTM Estimated Growth
Revenue
EBITDA
EBITDA
Margin
Revenue
EV Multiple
EBITDA
TTM
Revenue
TTM
EBITDA
NTM
Revenue
NTM
EBITDA
Paper Packaging
International Paper Company
$35.64
$57.90 / $35.02
$15,081
$25,169
$22,865
$3,725
16.3%
(5.4%)
6.2%
1.10x
6.8x
1.16x
6.4x
WestRock Company
36.46
71.47 / 36.22
9,284
14,835
11,381
1,850
16.3%
34.9%
44.9%
1.30x
8.0x
0.97x
5.5x
Smurfit Kappa Group plc
24.64
32.81 / 21.96
5,882
9,337
9,071
1,232
13.6%
1.1%
11.5%
1.03x
7.6x
1.02x
6.8x
Packaging Corporation of America
57.34
84.88 / 56.41
5,563
7,725
5,785
1,074
18.6%
0.3%
6.3%
1.34x
7.2x
1.33x
6.8x
Graphic Packaging Holding Company
11.99
16.14 / 11.52
3,965
5,878
4,136
725
17.5%
3.6%
6.6%
1.42x
8.1x
1.37x
7.6x
Sonoco Products Co.
38.13
47.94 / 34.68
3,904
4,932
5,014
636
12.7%
(0.5%)
1.5%
0.98x
7.8x
0.99x
7.6x
Multi Packaging Solutions International Limited
16.30
18.81 / 15.08
3,379
4,493
1,683
238
14.2%
4.6%
15.1%
2.67x
18.9x
2.55x
16.4x
Mayr-Melnhof Karton AG
114.46
128.58 / 96.20
2,289
2,261
2,382
322
13.5%
3.5%
1.0%
0.95x
7.0x
0.92x
7.0x
KapStone Paper and Packaging Corporation
16.92
35.88 / 16.14
1,652
3,238
2,589
405
15.6%
25.6%
20.3%
1.25x
8.0x
1.00x
6.6x
Greif, Inc.
26.37
44.55 / 25.88
1,260
2,429
3,617
401
11.1%
(3.6%)
5.3%
0.67x
6.1x
0.70x
5.7x
8.91
9.24 / 4.47
840
2,232
2,811
320
11.4%
(2.0%)
(1.9%)
0.79x
7.0x
0.81x
7.1x
Average
$4,827
$7,503
$6,485
$993
14.6%
5.6%
10.6%
1.23x
8.4x
1.16x
7.6x
Median
$3,904
$4,932
$4,136
$636
14.2%
1.1%
6.3%
1.10x
7.6x
1.00x
6.8x
Cascades, Inc.
Plastic Packaging
Amcor Limited
$9.04
$10.34 / $8.39
$10,790
$13,791
$9,612
$1,381
14.4%
(4.3%)
(0.5%)
1.43x
10.0x
1.50x
10.0x
Sealed Air Corporation
39.95
55.84 / 38.42
8,372
12,687
7,251
1,111
15.3%
(5.0%)
5.6%
1.75x
11.4x
1.84x
10.8x
Bemis Company, Inc.
44.19
49.44 / 38.91
4,363
5,584
4,141
573
13.8%
(1.9%)
3.0%
1.35x
9.8x
1.37x
9.5x
Berry Plastics Group, Inc.
31.05
37.59 / 28.41
3,832
7,340
4,881
771
15.8%
38.2%
49.8%
1.50x
9.5x
1.09x
6.4x
Huhtamaki Oy
34.50
38.04 / 25.22
3,576
4,296
2,920
337
11.5%
6.1%
16.6%
1.47x
12.8x
1.39x
10.9x
Multi Packaging Solutions International Limited
16.30
18.81 / 15.08
3,379
4,493
1,683
238
14.2%
4.6%
15.1%
2.67x
18.9x
2.55x
16.4x
Winpak Ltd.
29.81
32.75 / 23.14
1,937
1,745
798
177
22.2%
2.1%
5.0%
2.19x
9.9x
2.14x
9.4x
Average
$5,178
$7,134
$4,469
$655
15.3%
5.7%
13.5%
1.77x
11.7x
1.70x
10.5x
Median
$3,832
$5,584
$4,141
$573
14.4%
2.1%
5.6%
1.50x
10.0x
1.50x
10.0x
10.9x
Rigid Packaging
Ball Corporation
$69.34
$77.20 / $57.95
$9,780
$12,908
$8,225
$1,101
13.4%
0.1%
7.5%
1.57x
11.7x
1.57x
Crown Holdings Inc.
44.83
57.08 / 43.85
6,229
11,867
8,862
1,208
13.6%
1.6%
8.5%
1.34x
9.8x
1.32x
9.1x
CCL Industries Inc.
145.28
159.74 / 82.44
5,012
5,316
2,147
426
19.8%
6.5%
9.9%
2.48x
12.5x
2.32x
11.4x
AptarGroup, Inc.
68.12
75.96 / 60.73
4,264
4,600
2,370
471
19.9%
0.2%
0.8%
1.94x
9.8x
1.94x
9.7x
Silgan Holdings Inc.
50.04
59.26 / 47.00
3,027
4,855
3,845
491
12.8%
(0.7%)
(4.0%)
1.26x
9.9x
1.27x
10.3x
Owens-Illinois, Inc.
12.59
26.62 / 12.33
2,040
7,739
6,133
936
15.3%
4.7%
35.2%
1.26x
8.3x
1.20x
6.1x
Greif, Inc.
26.37
44.55 / 25.88
1,260
2,429
3,617
401
11.1%
(3.6%)
5.3%
0.67x
6.1x
0.70x
5.7x
Average
$4,516
$7,102
$5,028
$719
15.1%
1.2%
9.0%
1.50x
9.7x
1.47x
9.0x
Median
$4,264
$5,316
$3,845
$491
13.6%
0.2%
7.5%
1.34x
9.8x
1.32x
9.7x
Note: Not meaningful (NM) if EV/Sales is greater than 5.0x, or EV/EBITDA is greater than 30.0x. NA if denominator is 0 for percentages and multiples, or if estimates are not available. NTM figures are based on the median
estimate of Wall St. analysts.
Source: S&P CapitalIQ, company filings and Moss Adams Capital research.
Paper, Plastics & Packaging
6
MOSS ADAMS CAPITAL LLC
7) Middle Market M&A Volume Down in Q4 2015; Multiples Up
 Overall, 2015 was a record year for M&A with transaction values
totaling $4.7 trillion, according to Thomson Reuters
 EBITDA multiples in middle market transactions in Q4 2015
finished the quarter at 8.3x EBITDA, equal to the 5 year average
for this metric and up from Q2 and Q3 2015
 In Q4 2015, U.S. middle market M&A deal volumes declined 15%
from Q3 2015, and declined 26% from Q4 2015
 Q4 2015 EBITDA margins of reportable transactions increased
modestly but remained consistent with the 5 year average â€â€â€
Reported EBTIDA margins in Q4 2015 were 9%, while the 5 year
average is 8%
 U.S. middle market M&A activity in 2014 2015, measured by deal
values, remained consistent with prior quarters at $94 billion
U.S. MIDDLE MARKET M&A 1
U.S. MIDDLE MARKET M&A VALUATIONS 2
1) Middle market M&A includes transactions with undisclosed values, and disclosed values where EV < $500 million.
2) Middle market M&A includes transactions with disclosed EBITDA, where EV < $500 million and EV/EBITDA between 3.0x and 15.0x. Note: transactions with disclosed EBITDA represent <5% of all transactions.
Source: CapitalIQ.
Paper, Plastics & Packaging
7
MOSS ADAMS CAPITAL LLC
8) 2015 M&A Values Higher Led by Multiâ€Billion Transactions
Paper Packaging Transactions
($ in millions, except where noted)
Close Date
Target Description
Implied Enterprise
Value
EV / Revenue
Multiple
EV / EBITDA
Multiple
-
-
Acquirer / Investor
Target
Pending
WestRock Company (NYSE:WRK)
Cenveo Inc., Packaging Business
Packaging business of Cenveo
$105
Pending
Svenska Cellulosa Aktiebolaget
SCA (publ) (OM:SCA B)
Wausau Paper Corp. (NYSE:WPP)
Manufactures towel and tissue products
$689
Pending
Graphic Packaging Holding
Company (NYSE:GPK)
Walter G. Anderson, Inc.
Manufactures folding cartons and
paperboard packaging
Pending
Graphic Packaging Holding
Company (NYSE:GPK)
Colorpak Limited (ASX:CKL)
Manufactures folding cartons and
paperboard packaging
Dec-15
Smurfit Kappa Group plc (ISE:SK3)
Indústria de Embalagens Santana
S.A. and Paema Embalagens
Manufactures paper-based packaging
products in Brazil
Sep-15
Hood Container Corporation
KPAQ Industries, LLC
Manufactures pulp and paper products
Sep-15
Crown Paper Group, Inc.
Montebello Container Corp.
Manufactures corrugated sheets for
corrugated sheet plant customers
Aug-15
WestRock Company (NYSE:WRK)
SP Fiber Holdings, Inc.
Produces recycled containerboard, kraft, and
bag paper
Jul-15
New-Indy Containerboard LLC
Shillington Box Company LLC
Manufactures corrugated packaging
materials for various industries
Jul-15
New-Indy Containerboard LLC
Hartford City Paper, LLC and Ivex
Specialty Paper LLC
Manufactures recycled papers
Jul-15
PaperWorks Industries, Inc.
CanamPAC ULC
Provides graphic, packaging and marketing
material solutions
Jul-15
Rock-Tenn Company (NYSE:RKT)
MeadWestvaco Corporation
(NYSE:MWV)
Provides a broad range of consumer
packaging solutions
Jun-15
Gateway Packaging Company LLC
Apex Bag Company
Manufactures multi-wall paper bags
Jun-15
KapStone Kraft Paper Corporation
Victory Packaging L.P.
Manufactures packaging products for the
moving and storage industry
$640
0.67x
11.6x
May-15
DS Smith Plc (LSE:SMDS)
Duropack GmbH
Manufactures corrugated boards and
specialty products
$341
1.10x
7.3x
1.90x
-
$63
0.60x
$201
13.0x
7.0x
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$289
$125
$11,638
2.00x
-
-
11.5x
-
Source: S&P CapitalIQ, company filings and Moss Adams Capital research.
Paper, Plastics & Packaging
8
MOSS ADAMS CAPITAL LLC
9) 2015 M&A Values Higher Led by Multiâ€Billion Transactions
Plastic Packaging Transactions
($ in millions, except where noted)
Close Date
Acquirer / Investor
Target
Target Description
Implied Enterprise
Value
Amcor Limited (ASX:AMC)
Deluxe Packages
Provides flexible packaging products for a
variety of end markets
Jan-16
AEA Investors LP
Inovar Packaging Group, LLC
Custom label printer / converter in the southcentral United States
-
-
-
Dec-15
ProAmpac LLC
Coating Excellence International,
LLC
Provides flexible packaging and technical
products
-
-
-
Dec-15
Charter NEX Films Inc.
Bloomer Plastics, Inc.
Manufactures custom engineered films
-
-
-
Nov-15
CCL Design GmbH
Worldmark International Ltd.
Manufactures labels, branding products, and
custom engineered die cut components
$189
-
-
Oct-15
Schweitzer-Mauduit International
Inc. (NYSE:SWM)
Argotec LLC
Manufactures custom engineered
polyurethane films and sheets
$280
-
Oct-15
Transcontinental Inc. (TSX:TCL.A)
Ultra Flex Packaging Corp.
Manufactures flexible packaging products for
various markets
Sep-15
Hilex Poly Co. LLC
Wisconsin Film & Bag, Inc.
Custom manufactures mono-layer
polyethylene bags and films
-
-
-
Aug-15
Sun Coast Packaging, Inc.
Ams Associates, Inc.
Doing business as Shapiro Packaging,
provides plastic packaging solutions
-
-
-
Aug-15
Prolamina Corporation
Ampac Holdings, LLC
Manufactures flexible packaging solutions,
retail shopping bags, and security bags
-
-
-
Jun-15
Mason Wells
Advanced Web LLC
Provides labels and flexible packaging
-
-
-
Jun-15
A. Schulman, Inc.
(NasdaqGS:SHLM)
Citadel Plastics Holdings, Inc.
Manufactures thermoplastic compounds and
thermoset resins
May-15
Multi-Color Corp. (NasdaqGS:LABL)
Mr Labels Pty Ltd
Manufactures self-adhesive labels for a
broad range of consumer end markets
-
-
-
Apr-15
Berwind Corporation
Caplugs, LLC
Manufactures and sells plastic protection
products
-
-
-
Mar-15
Schweiter Technologies AG
(SWX:SWTQ)
Polycasa N.V.
Manufactures plastic sheets
Mar-15
Wendel (ENXTPA:MF)
Constantia Flexibles Group GmbH
Manufactures various flexible packaging
products
Paper, Plastics & Packaging
9
1.07x
EV / EBITDA
Multiple
Jan-16
Source: S&P CapitalIQ, company filings and Moss Adams Capital research.
$45
EV / Revenue
Multiple
$80
1.11x
$800
1.52x
-
10.0x
6.7x
10.7x
$136
0.67x
-
$1,715
0.84x
6.7x
MOSS ADAMS CAPITAL LLC
10) 2015 M&A Values Higher Led by Multiâ€Billion Transactions
Rigid Packaging Transactions
($ in millions, except where noted)
Close Date
Acquirer / Investor
Target
Target Description
Implied Enterprise
Value
$9,112
EV / Revenue
Multiple
1.50x
EV / EBITDA
Multiple
Pending
Ball Corporation (NYSE:BLL)
Rexam plc (LSE:REX)
Manufactures and sells beverage cans
Jan-16
Gruppo ASA
Crown Speciality Packaging Italia
Srl
Manufactures metal packaging products
-
-
-
Nov-15
Berlin Packaging, LLC
Diablo Valley Packaging, Inc.
Provides food, beverage, beer, liquor, and
wine packaging solutions
-
-
-
Oct-15
Wadinko N.V.
Euro Mouldings B.V.
Manufactures bottles, jerry cans, stackable
containers, and technical parts
-
-
-
Sep-15
Gerresheimer AG (DB:GXI)
Centor, Inc.
Manufactures closures, snap caps, ointment
jars, and oval bottles
$725
-
-
Sep-15
Owens-Brockway Glass Container,
Inc.
Food And Beverage Container
Business
Manufactures food and beverage containers
$2,150
-
-
Aug-15
Berlin Packaging, LLC
Vivid Packaging, Inc.
Manufactures containers and packaging
solutions
-
-
-
Aug-15
Consolidated Container Company
LLC
Precision Plastics, Inc.
Manufactures high-density polyethylene
plastic containers
-
-
-
Jun-15
CC Industries, Inc.
J.L. Clark, Inc.
Specialty packaging design and
manufacturing company
$48
0.62x
-
Apr-15
Pratt Industries, Inc.
Robert Mann Packaging, Inc.
Provides a broad range of plastic and rigid
packaging products
$60
0.40x
-
Mar-15
Oricon Enterprises Limited
(BSE:513121)
Oriental Containers Ltd.
Manufactures packaging products primarily
for liquor, beverage, and cosmetic industries
$24
Feb-15
Owens-Brockway Glass Container,
Inc.
Bennu Glass LLC
Manufactures glass bottles, including
bordeaux and burgundy glass bottles
Feb-15
Crown Holdings Inc. (NYSE:CCK)
Empaque
Produces metal beverage cans, glass
bottles, and other components
Feb-15
Maynard & Harris Group Limited
PET Power B.V.
Manufactures various bottles, jars, caps, lids,
and decorations
Jan-15
Rexam plc (LSE:REX)
Rexam UAC
Manufactures aluminum beverage cans and
ends
-
$1,225
-
-
-
1.86x
-
$239
10.2x
9.4x
-
-
-
-
Source: S&P CapitalIQ, company filings and Moss Adams Capital research.
Paper, Plastics & Packaging
10
MOSS ADAMS CAPITAL LLC
11) Overview of Select, Notable Transactions
Rockâ€Tenn Company’s Merger with MeadWestvaco Corporation
 Rockâ€Tenn is one of North America's leading providers of packaging solutions and manufacturers of containerboard and paperboard with
27,000 employees operating from locations in the United States, Canada, Mexico, Chile and Argentina
 MeadWestvaco Corporation is a global packaging company providing packaging solutions to customers in the healthcare, beauty and personal
care, food, beverage, home and garden, tobacco, and agricultural industries from 125 facilities in North America, South America, Europe and
Asia
 Rockâ€Tenn is paying 0.78 of a share (equal to $49.13 per MeadWestvaco share) for all of MWV shares outstanding representing an
approximately 11.5x EV/EBITDA multiple before approximately $300 million in synergies
 The merger results in numerous strategic and financial benefits, including:
─ Estimated annual synergies of $300 million to be realized by the end of the third year
─ Reduced cyclicality and enhanced financial flexibility
─ Plan to merge U.S. pension plans resulting reduced cash contributions of $300 million over next three years and $550 million by 2024
─ Enhanced global footprint and increased emerging market exposure with growth platforms in North America, Europe, Brazil, India and
China
Ball Corporation’s Pending Acquisition of Rexam plc
 Ball Corporation supplies packaging solutions for beverage, food and household products customers, as well as aerospace and other
technologies and services primarily for the U.S. government and employees 14,500 people worldwide
 Rexam PLC is a leading metal beverage can maker operating 55 can making plants in more than 20 countries across the globe and around
8,000 employees
 Ball Corporation has offered to acquire Rexam plc for approximately $6.9 billion which represents a 10.2x EV/EBITDA multiple
 "The combination of Ball and Rexam creates a global metal beverageâ€packaging supplier capable of... generating significant shareholder value” â€â€
†John Hayes, CEO, Ball Corporation
Source: Company press releases, S&P CapitalIQ.
Paper, Plastics & Packaging
11
MOSS ADAMS CAPITAL LLC
12) Moss Adams at a Glance
Leadership through Experience and Results
Moss Adams Capital LLC







Fullâ€service investment bank
and strategic advisor
Dedicated industry specialists
Advisory and execution
Private equity
Debt
Mergers and acquisitions
Restructuring
Longâ€Term Industry
Relationships

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All product types
Major markets and metro
areas
Public and private entities
Full range of the capital stock
Moss Adams LLP
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International Presence
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Paper, Plastics & Packaging
Fully integrated accounting, tax,
and business advisory firm
100+ years old
Dominant in western US
Middleâ€market specialists
Accounting, tax, and transaction
Experience
Real estate accounting best
practices
Senior, experienced tax
specialists
Leverageâ€able transaction
resources
Dominance in Western US
2,000 employees in 24 offices
Presence on national/global
basis
Praxity affiliates across US and
more than 100 countries
around globe
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MOSS ADAMS CAPITAL LLC
13) Global Reach
Moss Adams is a founding member of Praxity, AISBL, a global alliance of independent accounting firms. In addition to its deep, direct
international relationships, Praxity provides access and trusted advisory expertise worldwide.
Europe
Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Hungary, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway,
Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom ,
Ukraine
North America
United States, Canada
Asia
China, Indonesia, Japan, South Korea,
Malaysia, Singapore, Taiwan, Thailand,
Vietnam
Middle East and
Indian
Subcontinent
Latin America and
Caribbean
Argentina, Brazil, Cayman
islands, Chile, Colombia,
Mexico, Puerto Rico, Uruguay,
Venezuela
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India, Israel, Lebanon,
Pakistan, United Arab
Emirates
Africa
Algeria, Angola, Benin, Botswana, Cameroon, Cape
Verde, Djibouti, Egypt, Ghana, Ivory Coast, Lesotho,
Madagascar, Mauritius, Morocco, Senegal, South
Africa, Tunisia, Zambia
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Australasia
Australia, New Zealand
MOSS ADAMS CAPITAL LLC
14) Global M&A Reach Through Local Relationships
Local, National and Global Reach
Our affiliation with CFxB consists of 150+ Corporate Finance Professionals across the U.S. and in over 25 countries
Paper, Plastics & Packaging
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MOSS ADAMS CAPITAL LLC
15) Contact Us
Contributing Authors:
Andrew Suen
Vice President
(949) 517â€9428
andrew.suen@mossadams.com
Richard Anderson
Managing Director
(949) 221â€4006
rich.anderson@mossadams.com
Moss Adams Capital LLC
2040 Main Street
Suite 900
Irvine, CA 92614
999 Third Avenue
Suite 2800
Seattle, WA 98104
Wiley Kitchell
Managing Director
(206) 302â€6780
wiley.kitchell@mossadams.com
Robert Miranda
Vice President
(949) 221â€4021
robert.miranda@mossadams.com
Bradley Erhart
Associate
(949) 517â€9452
bradley.erhart@mossadams.com
Harman Wales
Managing Director
(206) 302â€6770
jet.wales@mossadams.com
James Rothenberger
Vice President
(206) 302â€6777
james.rothenberger@mossadams.com
James Parr
Analyst
(949) 221†4099
james.parr@mossadams.com
Tyler Dale
Vice President
(949) 221â€4030
tyler.dale@mossadams.com
Scott Porter
Vice President
(206) 306â€6326
scott.porter@mossadams.com
Paper, Plastics & Packaging
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MOSS ADAMS CAPITAL LLC