September 2025 was marked by the establishment of two new private equity-backed platforms in the packaging segments, underscoring the continued appeal of packaging as a growth and consolidation play for financial sponsors. While the PE-driven fever to acquire new label printing and other packaging companies has steadily cooled down over the past three years, these latest transactions reaffirm that, although lessened, the owners of independent packaging printing companies can expect continued interest from private equity firms to provide at least one possible path to an exit when they are ready.
Portrait Capital Enters the Packaging Segment
A new platform focused on label printing was formed by Portrait Capital, which entered the sector with two acquisitions announced on the same day. The platform was established with the acquisition of AAi Labels & Decals, located in Jonesboro, Arkansas. AAi Labels & Decals utilizes screen printing, flexography, offset, digital, and wide-format printing technologies to produce a diverse range of products, most notably durable labels that can withstand outdoor and industrial environments. Compliance requirements often drive demand for these products, and as such, they must often meet strict performance specifications. These labels include safety notices, informational decals, and nameplates that manufacturers apply to their new equipment products. Durable labels are attractive to private equity due to the regulatory-driven demand, high barriers to entry due to certification processes to meet specifications, and the recurring need for these types of labels on almost everything that is manufactured.
Portrait Capital simultaneously announced its first bolt-on acquisition to the AAi Labels platform, Texas-based Sticker Ranch. The acquired company sells labels via its online shopping portal, which includes a simple-to-use design tool and ordering interface. Sticker Ranch brings an updated sales channel to the mix, layered onto the well-established AAi production platform. The founder of Sticker Ranch has been tapped to be the CEO of the new platform, while the former owners of AAi Labels & Decals begin their transition to retirement. The announcement left no doubt that Portrait Capital will pursue additional strategic acquisitions for its new platform investment.
Read this full story on Printing Impressions, a publication of PRINTING United Alliance, ASI’s strategic partner.
