Butterfly Equity takes majority stake in EPAC
Context
Butterfly Equity acquired ePac Flexible Packaging, the Austin-based producer of digitally printed flexible packaging, from its investor consortium, which included Amcor and Indevco North America, in a deal announced in January 2026 after a broad sale process. Indevco had taken a stake in ePac in 2017, and Amcor had invested in 2021 and 2022. Baird advised ePac on the sale, while William Blair acted as buy-side advisor to Butterfly, which invested through its Fund II. The existing management team, led by co-founder and chief executive Virag Patel, continued to run ePac and kept a significant ownership interest. The deal was Butterfly's first investment in packaging, after three to four years spent looking for a platform in the sector. Butterfly based its investment on the growth of digitally printed flexible packaging and on ePac's customer base of mid-sized and emerging brands in healthier and premium food categories. It planned to support ePac's commercial strategy, in particular by winning more repeat business from small and medium-sized brands, to improve manufacturing efficiency and to look for add-on acquisitions in a fragmented market of privately owned packaging companies.
EPAC, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Founded in Wisconsin in 2016, ePac Flexible Packaging produces digitally printed flexible packaging, principally pouches, for consumer-packaged goods brands. The company serves small and medium-sized brands that require faster and more flexible packaging supply, with a particular focus on food end markets, and it also targets pet food and nutraceutical customers. Production runs on a proprietary technology platform, ePacONE, which enables order-to-demand manufacturing across the network, and the company offers automated quoting, short turnaround times and consistent quality across numerous product specifications. ePac operates interconnected facilities in the United States and Canada, allowing a customer to start at small volumes and scale as it grows.
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REFERENCES
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Press release: view release
Target: epac
Acquirer: butterfly equity