New Piper Jaffray Report Identifies Key Merger and Acquisition Value Drivers For Packaging Companies

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.

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