The packaging M&A market has been active: private equity has taken significant positions across corrugated, flexible, and folding carton. One consistent consequence is the professionalisation of board governance — and with it, a growing demand for Non-Executive Directors with genuine sector expertise rather than generic commercial or financial backgrounds.
What Private Equity Wants From Packaging NEDs
PE-backed packaging businesses typically seek NEDs who can fulfil one or more of three roles:
- The operational challenge function — an experienced operator who can credibly interrogate management’s operational assumptions and identify risks that financial investors would miss
- The commercial door-opener — a senior figure with active relationships in the customer base who can facilitate introductions and provide market intelligence
- The exit-preparation specialist — an individual with experience of packaging business sales processes who can help management think clearly about value creation and positioning for exit
The Supply Challenge
Genuinely effective packaging NEDs — with the right combination of sector depth, board-level credibility, and availability — are in short supply. The most sought-after profiles are former CEOs and CFOs of mid-market packaging businesses who left on their own terms (not as a consequence of underperformance) and who have sufficient board availability to be genuinely engaged rather than just nominally present.