M&A Deal Summary

Five Star Holding Acquires Cascades - Flexible Packaging Division

On October 8, 2025, Five Star Holding acquired packaging company Cascades - Flexible Packaging Division from Cascades for 31M USD

Acquisition Highlights
  • This is Five Star Holding’s 2nd transaction in the Packaging sector.
  • This is Five Star Holding’s largest (disclosed) transaction.
  • This is Five Star Holding’s 1st transaction in Canada.
  • This is Five Star Holding’s 1st transaction in Ontario.

M&A Deal Summary

Date 2025-10-08
Target Cascades - Flexible Packaging Division
Sector Packaging
Buyer(s) Five Star Holding
Sellers(s) Cascades
Deal Type Divestiture
Deal Value 31M USD

Target

Cascades - Flexible Packaging Division

Mississauga, Ontario, Canada
Cascades's Flexible Packaging Division manufactures printed flexible plastic packaging and films. Cascades's Flexible Packaging Division is based in Mississauga, Ontario.

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Buyer(S) 1

Buyer

Five Star Holding

Houston, Texas, United States

Category Company
Founded 2014
Sector Packaging
DESCRIPTION

Five Star Holding is a group of companies that manufacture and design a broad range of flexible packaging, printed films, and sustainability programs focused on Pet Care, Food & Beverage, and Consumer & Industrial markets. Five Star Holding was founded in 2014 and is based in Houston, Texas.


DEAL STATS #
Overall 2 of 2
Sector: Packaging M&A 2 of 2
Type: Divestiture M&A Deals 1 of 1
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-24 Anduro Manufacturing

Atlanta, Georgia, United States

Anduro Manufacturing is a supplier of flexible packaging, including laminated woven sacks for pet food, animal nutrition, and other consumer product companies. Anduro Manufacturing was founded in 2009 and is based in Atlanta, Georgia.

Buy -

Seller(S) 1

SELLER

Cascades

Kingsey Falls, Quebec, Canada

Category Company
Founded 1964
Sector Consumer Products
Employees9,600
Revenue 4.7B CAD (2024)
DESCRIPTION

Cascades offers sustainable, innovative and value-added solutions for packaging, hygiene and recovery needs. The company employs 11,000 women and men, who work in over 90 production units in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on while contributing to the well-being of people, communities and the entire planet. Cascades was founded in 1964 and is based in Kingsey Falls, Canada.


DEAL STATS #
Overall 6 of 6
Sector: Packaging M&A 3 of 3
Type: Divestiture M&A Deals 5 of 5
State: Ontario M&A 1 of 1
Country: Canada M&A 3 of 3
Year: 2025 M&A 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-05 RDM Group

Milan, Italy

RDM Group is a producer of coated recycled carton board, the largest in Italy, France, and the Iberian Peninsula. RDM group’s portfolio of products includes mainly recycled cardboard, used mainly for packaging and folding cartons in all the major product sectors. RDM Group is based in Milan, Italy.

Sell -