New Piper Jaffray Report Identifies Key Merger and Acquisition Value Drivers For Packaging Companies
19 February 2004 - 2:47AM
PR Newswire (US)
New Piper Jaffray Report Identifies Key Merger and Acquisition
Value Drivers For Packaging Companies CHICAGO, Feb. 18
/PRNewswire-FirstCall/ -- Piper Jaffray & Co. today released
its latest report on the packaging industry: Mergers and
Acquisitions Value Drivers for Companies in the Packaging Industry,
written by Doug Lawson, vice president in Piper Jaffray's Middle
Market Mergers and Acquisitions (M&A) group. In the report,
Lawson examines characteristics of packaging companies that drive
high value in M&A transactions. He has categorized these
characteristics, also known as value drivers, into two groups:
fundamental value drivers and exceptional value drivers. These
value drivers influence the ability of acquirers to continue their
growth and enhance their profitability. "The presence of
fundamental value drivers has the potential to drive strong
interest and strong valuations; however, without some combination
of the exceptional value drivers, they alone will generally not
result in exceptional valuations," said Lawson. "The absence of
these value drivers is likely to result in low interest and low
valuations." According to Lawson, valuations among M&A
transactions in the packaging industry can vary significantly, but
generally fall between five to seven times enterprise
value/earnings-before-interest-taxes-depreciation and amortization
(EBITDA). The report is the latest in a series of reports by Piper
Jaffray's Middle Market M&A group that explore M&A in the
packaging industry.Other recent reports published by Doug Lawson
include: -- Packaging Industry Valuation Considerations: Capital
Expenditures (December, 2003) -- Caps and Closures: A Mergers and
Acquisitions Review (August, 2003) -- Valuations in the Packaging
Industry (May, 2003). -- Packaging Industry Public Acquirers -
Earnings per Share Accretion/Dilution Considerations (March, 2003).
-- Mergers and Acquisitions Activity in the Packaging Industry -
2002 Year in Review (February, 2003). In addition, Piper Jaffray
publishes a monthly packaging M&A newsletter. To subscribe to
the newsletter or to request a copy of Mergers and Acquisitions
Value Drivers for Companies in the Packaging Industry, or any of
the aforementioned reports, please contact Doug Lawson at or
312-920-2139. Headquartered in Minneapolis, Piper Jaffray &
Co., a subsidiary of Piper Jaffray Companies (NYSE:PJC), is a
focused securities firm dedicated to delivering superior financial
advice, investment products and transaction execution within
selected sectors of the financial services marketplace. The company
operates through two primary revenue-generating segments -- Capital
Markets and Private Client Services. Investment Research, an
independent group reporting to the CEO, supports clients of both
segments. The firm serves corporations, government and non-profit
entities, and institutional investors on a national basis and
serves the financial advisory needs of private individuals
predominantly across the western half of the United States. The
firm has over 2900 employees in 123 offices in 23 states across the
country and also maintains an office in London, England through its
affiliate, Piper Jaffray Ltd. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/ . Since
1895. Member SPIC and NYSE. DATASOURCE: Piper Jaffray & Co.
CONTACT: Dana H. Wade, Public Affairs and Media Relations of Piper
Jaffray & Co., +1-415-277-1556 Web site:
http://www.piperjaffray.com/
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