Mezzo advises ValorBridge Partners on its Strategic Investment in Always Underground
Mezzo advised ValorBridge Partners on its strategic investment in Always Underground, positioning the company for continued growth and expanded capabilities across utility infrastructure construction markets.
Mezzo, formerly Mazzone & Associates, is pleased to announce that it acted as exclusive financial advisor to ValorBridge Partners (“ValorBridge”) with respect to its investment in Always Underground (“AUI”).
AUI specializes in design-build utility construction for wireless, wireline, aerial, and underground projects. Founded in 2013, AUI is known for delivering innovative solutions while providing 24/7 emergency response to the most demanding and complex projects.
David Paulin, Manager of AUI commented, “We are thrilled to partner with ValorBridge and believe their experience and strategic approach make them an ideal fit for our next phase of growth. We’re excited about what we can accomplish together and look forward to what the future holds.”
“We’re excited to partner with David and the AUI team. AUI has built an impressive reputation for excellence in underground utility construction, and we look forward to supporting its continued growth and future success,” remarked Chris Durham, General Manager at ValorBridge.
Dustin Ramsey, Director at Mezzo, noted, “AUI has achieved impressive scale in a short period of time, a testament to the strength of its team and platform. We look forward to this partnership flourishing over the coming years.”
About ValorBridge Partners
ValorBridge Partners is an Atlanta-based private evergreen holding company that owns, operates, and invests in companies in a wide range of industries. With a track record spanning over two decades, ValorBridge possesses substantial entrepreneurial, operational, and classic value investing expertise. Its long-term investment orientation has positioned the company as a strong partner in providing capital to growing businesses. ValorBridge also offers a wealth of strategic guidance and experience gained from successfully growing companies at all stages of the business life cycle. For more information, please visit valorbridge.com.
About Always Underground
Always Underground is a full-service utility construction company specializing in a wide range of infrastructure projects. AUI provides design-build solutions and 24/7 emergency response services for complex utility projects across the Midwest. The Company serves customers throughout Illinois, Indiana, Wisconsin, Michigan, Iowa, Ohio, Kentucky, and eastern Missouri with capabilities spanning design, construction, testing, and turn-up services. AUI is recognized for its commitment to safety, operational excellence, and rapid response capabilities supporting both infrastructure development and emergency restoration efforts. For more information, please visit alwaysunderground.net.
Industry Insights: Fasteners – Spring 2026
Mezzo’s Spring 2026 Industry Insights: Fasteners report explores tariff-driven market shifts, reshoring trends, valuation dynamics, and the evolving M&A landscape within the U.S. fastener industry.
Executive Summary
In Winter of 2025, we published our initial report on the U.S. Fastener industry, highlighting its attractiveness as an investmentinvestment vertical. 2024 proved to be a strong year, led by robust corporate add-on activity.
As the industry enters Spring 2026, it does so from a position of fundamental resilience. Despite a year of macroeconomic headwinds, most notably the expanded U.S. tariff regime that disrupted import flows from China and Taiwan and contributed to a pullback in deal activity, the structural investment thesis for the industry remains intact. Fasteners are a non-discretionary, high-mix component embedded across virtually every end market, and the companies that manufacture and distribute them benefit from recurring demand, deep customer relationships, and meaningful barriers to switching.
This durability is increasingly reflected in financial investor behavior. Platform investment activity reaccelerated in 2025, with six new platforms established, exceeding the combined total of the prior two years. Notably, manufacturing targets outpaced distribution for the first time in five years, reflecting heightened investor focus on domestic production capabilities amid ongoing supply chain realignment. This shift is closely tied to the evolving tariff environment, which has accelerated reshoring initiatives and increased the strategic value of U.S.-based manufacturing assets. In turn, investors have prioritized platform investments in domestic manufacturers to capitalize on these dynamics and pursue follow-on consolidation.
Despite this shift, valuation dynamics continue to favor distribution businesses. Their relatively low fixed cost structures and variable operating models provide flexibility to scale with demand, contributing to more consistent and defensible cash flow generation. This is supported by public market data, where distribution-focused companies commanded a premium of 50%+ relative to manufacturing-focused companies as of March 31, 2026.
Managing Director Jonathan White to Speak at the 2026 Global Pouch Forum
Mezzo Managing Director Jonathan White will speak at the 2026 Global Pouch Forum, sharing industry perspectives shaped by decades of experience advising packaging manufacturers, converters, and related businesses.
Mezzo is pleased to share that Managing Director Jonathan White will be speaking at the 2026 Global Pouch Forum alongside leaders from across the flexible packaging industry.
As part of the firm’s continued focus on packaging and industrial markets, Jonathan will provide insights informed by decades of advisory experience working with packaging manufacturers, converters, and related businesses throughout the middle market.
The Global Pouch Forum is one of the packaging industry’s leading events, bringing together executives, suppliers, and innovators to discuss emerging trends, technologies, and market developments shaping the future of flexible packaging.
The conference will take place May 27–29, 2026, at the Sheraton Sand Key Resort in Clearwater Beach, Florida.
Attendees can receive 40% off conference registration using code SPKVIP40. For additional event information and registration details, visit the Global Pouch Forum website.
New Name, Continued Success: Mezzo Highlights Nine Recent Transactions
Mezzo’s May 2026 Activity Update highlights nine recently completed transactions across the industrials, business services, and materials sectors, reflecting the firm’s continued momentum in the middle market.
Mezzo (formerly Mazzone & Associates) is pleased to highlight nine recently completed transactions across the industrials, business services, and materials sectors.
The transactions reflect Mezzo’s continued momentum advising middle-market companies on strategic mergers, acquisitions, and capital solutions across a diverse range of end markets, including manufacturing, distribution, facility services, packaging, and building products.
Mezzo combines senior-level attention with deep sector expertise to deliver tailored advisory services and extraordinary outcomes for business owners, private equity firms, and corporate clients.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
Managing Director Dominic Mazzone to Co-Moderate Panel at the 2026 Smart Business Dealmakers Conference
Mezzo Managing Director Dominic Mazzone will co-moderate a panel at the 2026 Smart Business Dealmakers Conference focused on the dynamics of selling family-owned businesses and navigating middle-market M&A transactions.
We’re pleased to share that Dominic Mazzone, Managing Director at Mezzo, will be co-moderating a panel alongside Bill Dupree of Aprio at the Smart Business Dealmakers Conference on May 6th at the Atlanta Athletic Club.
The panel, “Aligning the Family, Executing the Deal: Selling a Family-Owned Business,” will focus on the dynamics of family-owned businesses navigating M&A transactions and feature perspectives from experienced operators and advisors in the middle market.
The Dealmakers Conference brings together CEOs, investors, lenders, and advisors for a full day of programming spanning capital raising, transaction strategy, and alternative investments.
Mazzone & Associates Renamed Mezzo
Mazzone & Associates is now Mezzo. Our name has changed, but our team, leadership, and commitment to delivering extraordinary outcomes remain the same.
We are pleased to announce that Mazzone & Associates is now Mezzo.
This new name reflects the evolution of our firm while maintaining the same team, leadership, and commitment to delivering extraordinary outcomes for our clients.
For more than two decades, our firm has advised founders, family-owned businesses, and private equity groups on critical strategic transactions. As we continue to grow, we felt it was important that our brand better reflect who we are today and the market we serve.
The name Mezzo, derived from the Italian word for “middle,” reflects our focus on the middle market, where deep relationships, senior attention, and disciplined execution matter most. While our name has changed, our approach remains the same:
Senior-led engagement on every transaction
Deep relationships across the private equity and strategic buyer universe
A rigorous, process-driven approach to achieving extraordinary outcomes
All of our employees remain in their same roles, and you will continue to work with the same professionals you know and trust.
We look forward to this next chapter as Mezzo.
The Boardroom Briefing: Market Insights for Executives – 2026
Mezzo’s 2026 Boardroom Briefing, a resource designed to provide strategic guidance to deal makers in the C-suite, highlights key trends shaping the M&A landscape, including private equity activity, valuation dynamics, and emerging market drivers.
Mezzo is pleased to release The Boardroom Briefing: Market Insights for Executives, a resource designed to provide strategic guidance to deal makers in the C-suite.
Inside, we offer insight on eight critical topics shaping the transaction landscape in 2026:
What’s the current state of M&A?
How are tariffs affecting deal multiples?
What’s the VIX?
Which sectors are standing out in today’s market?
What’s changing in private equity?
What’s driving take-private activity?
When will the IPO market reemerge?
What’s the current status of AI-related deal activity?
Whether you're preparing for a sale, considering a strategic acquisition, or monitoring market momentum, The Boardroom Briefing delivers actionable insights.
Mezzo was previously known as Mazzone & Associates.
Industry Insights: Global Packaging – Winter 2026
Mezzo’s Winter 2026 Packaging Industry Insights reviews M&A activity, label consolidation trends, and key market dynamics shaping the packaging sector.
We entered 2025 with expectations of growth and opportunity, only to be whipsawed by uncertainty in policy, trade, and overall economic growth. Nevertheless, Packaging remained a dynamic, innovation-driven industry with great opportunity to build value both organically and via M&A. There are several learnings from 2025 that we are watching as we progress into 2026.
Transaction Volumes were up again in 2025
Packaging transactions increased volume by 11% in 2025, defying an overall uneven market in M&A across all industries. As indicated in our Fall edition, 2025 deal volumes reached a new high on a Q1 surge, then normalized, with Q2–Q4 1.6% below the same periods of 2024. This included a cautionary note for Q4, where volume was down -20% over Q4-24, reflecting the lack of new processes which would have begun in Q2 but were postponed due to the uncertainty created by evolving trade policy. We believe that the M&A market is stabilizing and will return to modest growth in 2026 as both Buyers and Sellers become inured to policy volatility and those who paused in 2025 will re-enter processes in 2026.
Label Rollups appear to have peaked
Combined, LBO Platforms and Platform Addons accounted for 74% of 432 Label acquisitions tracked for 2018 through 2025. As of December 2025, there were no less than 45 active sponsor platforms in Labels. Of these, 71% of these platforms are aged 5+ years, including 21% at 7+ years. This is important as the average private equity holding period is five to seven years. In general, longer hold periods mathematically yield lower rates of return (IRRs), a key metric by which sponsors are measured. With platforms “aging out” with lower IRRs, there is both urgency for sponsors to exit and simultaneous downward pressure on Label M&A pricing. Labels have transitioned from peak rollup to selective consolidation: aging platforms create exit pressure while buyers prioritize differentiation and synergy capture.
Technologies Driving Change
We see this in both adoption of RFID and digital printing technologies. RFID technology continues to gain traction across packaging workflows, driven by demand for traceability, inventory accuracy, and smart packaging solutions. With RFID infrastructure becoming a gating factor for supplier selection, targets with RFID capabilities are increasingly attractive. Gaining end market exposure to RFID will allow converters to maintain or increase market share. Secondly, next-generation digital printing assets are making inroads into broader, traditionally flexographic markets as converters adjust business models to optimize digital printing. Multiple OEMs have launched wider, faster digital printing platforms that offer lower costs per converted unit and faster changeovers, putting flexographic printing under pressure in segments beyond historically short-run, SKU-heavy environments. Converters investing in next generation digital converting assets, digital printing IP/service networks, and consumables for this market are well-positioned for growth.
Machinery & Equipment Markets Struggling
A number of equipment providers to packaging converters noted shrinking pipelines in 2025. Following “Liberation Day” and successive whipsawing announcements, it is no surprise that consumers of equipment were reticent to place orders for new lines. This curtailment of demand was particularly hard felt among those with large selling price installations (coating lines, extrusion lines, custom installations, etc.); less impacted were smaller installations (e.g., slitters, die cutters) and standard systems, and positively impacted were those offering service and parts to keep existing lines in service. In the immediate term, investors should focus on those equipment providers with a lower average selling price and more substantial aftermarket business lines.
Paper Capacity Rationalization
2025 witnessed structural adjustment in upstream paper production, with North American producers taking out 6 million tons of capacity, including a nearly 10% reduction in containerboard. The rationalization in NA was in response to years of softening demand following the race to meet the pandemic volume surge. The adjustment has also been noted in Europe, though yet not to the same degree. As demand eventually stabilizes, non-integrated packaging converters will face a more disciplined supply base. Paper capacity rationalization shifts bargaining power toward integrated players; independents should double down on procurement strategy and value‑added niches.
Relative Resin Price Stability
We have not commented on resin prices in several years – which is unusual for a market driven by commodity inputs. Not since 2021 have we seen major disruptions and widespread force majeure declarations. Certain specialty inputs (e.g., antimony for fire retardance) have seen volatility due to tariffs and/or trade frictions, but the overall result has been a more stable input and pricing environment among major packaging resins such as HDPE, LDPE, PET, and PP. This has been a welcome respite for both operators and acquirers. We caution that resin stability is a real but likely temporary tailwind — helpful for managing today’s margins but insufficient as a strategy. Building discipline into contracts and scenarios is still essential to overall strategy and long-term success.
Stress on Sustainable Business Models
The drumbeat for sustainability did not subside in 2025, particularly for resin-based and composite packaging. We struggle, however, to reconcile the demand for sustainability against an equally loud drumbeat of recycling companies failing (Alpek’s Pennsylvania PET plant, Danimer Scientific, Brightmark, rPlanet Earth, Blue Cycle – we can go on). The market has not yet found a way to support economic models for recycling, particularly in the face of competitively priced virgin resins (see above). There is a reckoning in recycling that needs to happen if we are to break out of this cycle. As Sustainability remains non-negotiable for brands (and regulators), the Packaging Industry should prioritize design‑led technologies (downgauging, mono‑materials) over unproven recycling economics.
Mezzo was previously known as Mazzone & Associates.
Industry Insights: Building Products & Services – Winter 2026
Mezzo’s Winter 2026 Building Products & Services Industry Insights examines M&A activity, housing market dynamics, and macroeconomic trends shaping the sector outlook.
The building products industry is a diverse ecosystem that encompasses the manufacturing, distribution, and sale of materials used in construction and renovation. The diverse products include a wide range of products such as:
•Structural materials: Concrete, steel, lumber, and bricks.
•Insulation: Materials that provide thermal or sound insulation.
•Roofing: Shingles, tiles, and membranes.
•Windows, Siding, and doors: Various types of doors, siding, and window frames.
•Finishes and fittings: Paints, tiles, flooring, countertops, and cabinetry, including related install services.
•Plumbing and electrical supplies: Pipes, fixtures, wiring, and related hardware.
The Mezzo building products industry report leverages our deep understanding, knowledge, and experience with various economic indicators and trends analysis to provide our current view on the U.S. market. Dom Mazzone is a former executive at The Home Depot, so he and the Mezzo team are entrenched in the building products industry, regularly working on transactions and advising owners, chief executive officers, management teams, and private equity groups interested and working in the space.
Macroeconomic Perspective
The building products industry plays a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. It's essential for urban development, sustainability initiatives, and the overall economy.
In 2025, U.S. housing economic indicators presented a mixed but gradually improving backdrop over the second half of the year. Declining interest rates are beginning to ease pressure on buyers who have faced affordability challenges over the past several years. Unsold home inventory remains near 16-year highs, yet gradual home price declines suggest that listings may start to move more freely without prices dropping dramatically. Interest rate cuts are promising (albeit perhaps not stalled), potentially supporting renewed homebuyer activity and encouraging development, as modest price adjustments could unlock inventory and help rebalance the market. The struggles in the sector in 2025 are likely to continue in 2026. Changing trade and immigration policies have presented challenges throughout the year, but the housing market has proven resilient to these upward price pressures. President Trump’s recent focus on funds that purchase homes hopefully will not lead to any legislation or presidential actions that further chills the marketplace.
Industry Outlook
The building products and services sector is expected to remain under pressure in early 2026, as elevated material costs and residual effects of higher interest rates continue to weigh on activity. However, the recent decline in borrowing costs should help support renewed homebuying and residential construction activity, easing affordability pressures for buyers. In the non-residential segment, growth in data center development and sustained public infrastructure investment are likely to underpin demand, providing stability amid broader market headwinds. Together, these factors suggest that while challenges persist, the sector may begin to see gradual recovery and more balanced activity as the year progresses, supporting opportunities across both residential and commercial construction markets. In particular, the current macroeconomic environment where luxury, high-end products remain strong seems to apply in both residential and commercial buildings.
Public Company Information & Analysis
Public building products and services equities returns underperformed returns in the broader equity markets in 2025, reversing a multi-year trend of relative outperformance. The S&P 500 generated strong gains driven largely by an AI-led expansion concentrated in mega-cap technology and growth-oriented sectors. Conversely, building products and services stocks, like many other sectors, have lagged amid subdued housing demand and slower construction activity.
M&A Trends
Merger and acquisition volume in the building products and services space fell slightly in 2025 due in large part to a mid-year slowdown induced by trade policy changes and economic uncertainty. Throughout the second half of 2025, the building products and services M&A market showed significant signs of improvement as volume picked up and several meaningful transactions closed. M&A activity for the broader market remained relatively stable in terms of both volume and valuation. At Mezzo, we successfully closed nine transactions during the year, including two within the building products and services space, reflecting continued buyer appetite for high-quality assets. As for 2026, we already have two building products companies for sale under letter of intent and have been engaged by two others, including a building services business with over $20 million in TTM EBITDA, to begin a sale process. We are in discussions with several others for buy-side, financing, and sell-side assignments.
Mezzo was previously known as Mazzone & Associates.
Managing Director Jonathan White featured in Label & Narrow Web
In the article Have we reached “peak sponsor M&A” in labels?, Jonathan examines how sponsor-led consolidation has reshaped the label industry and what the data suggests about where the market is headed next.
In the article Have we reached “peak sponsor M&A” in labels?, Jonathan examines how sponsor-led consolidation has reshaped the label industry and what the data suggests about where the market is headed next.
After peaking in 2021–2022, add-on activity declined by ~40%, even as the number of sponsor-backed platforms continued to grow. Today, 71% of platforms are five years or older, increasing pressure on returns and accelerating the need for exits.
While the fundamentals that attracted investors, including fragmentation, strong cash flow, and customer stickiness, remain intact, the M&A playbook is evolving.
Mezzo was previously known as Mazzone & Associates.
Mezzo advises on management buyout and secures senior debt financing for J.J. Jardina
Mezzo advised J.J. Jardina on a management buyout and senior debt financing, supporting ownership transition and positioning the company for continued growth.
Mezzo is pleased to announce it acted as exclusive financial advisor to J.J. Jardina (“Jardina” or the “Company”) in the successful execution of a management buyout (“MBO”) and the closing of a new senior debt financing from Synovus, now Pinnacle Financial Partners.
Based in Atlanta, GA and founded in 1925, Jardina is a third-generation, family-owned wholesale distributor of fresh produce serving the Southeast. Jardina offers a broad portfolio of locally, nationally, and internationally-sourced produce and serves a diversified customer base across retail, foodservice, and wholesale channels.
The financing will support a shareholder buyout while ensuring the Company’s continued growth and operational stability. Following the transaction, Larry and Matt Jardina will continue to lead the Company, maintaining its century-long legacy and strong relationships with customers and suppliers.
Larry Jardina, President of Jardina commented, “This transaction represents the start of a new chapter for J.J. Jardina, and I am proud of the legacy that we will continue. The Mezzo team was instrumental in helping us navigate the financing and transaction to position the Company for long-term success.”
Matt Jardina, Vice President of Jardina added, “We are committed to honoring our century-long history and values as we move forward. Synovus is an exceptional financial institution, and we look forward to our partnership ahead.”
Dustin Ramsey, Director at Mazzone, noted, “We’re pleased to have supported the Jardina team in securing financing and executing the MBO transaction. This success underscores our ability to deliver tailored capital solutions that align with our clients’ long-term objectives.”
About J.J. Jardina
Founded in 1925, J.J. Jardina has grown from a small family operation into a leading produce wholesaler in the Southeast, known for premium-quality fruits and exceptional service. Now in its third generation of family leadership, the Company combines a commitment to quality with strong customer and vendor relationships, maintaining a loyal client base and Blue Book ratings. Rooted in tradition, yet responsive to evolving market needs, J.J. Jardina continues to set the standard for produce distribution in the Southeast. For more information, please visit www.jjjardina.com.
We help companies achieve extraordinary outcomes.
Connect with an experienced advisor to explore what that could look like for your business.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
Mezzo Advises Matter Surfaces on its Sale to Gerflor
Mezzo advised Matter Surfaces on its sale to Gerflor, supporting the company’s continued growth and expansion in the global surfacing market.
Mezzo is pleased to announce that it acted as exclusive financial advisor to Matter Surfaces (“Matter” or the “Company”) with respect to its sale to Gerflor Group (“Gerflor”).
Matter is a Massachusetts-based provider of branded architectural surface solutions and entryway systems for commercial use across a variety of end markets, with retail, corporate, education, hospitality, multi-family, and healthcare applications. The Company was founded in 1971 by Bob and Catherine Schiffmann as a provider of roll-out entryway mats for the local Boston market. In the five decades since its founding, Matter has developed into a leader in the specialty surfacing space with tens of millions of square feet of sustainable flooring installed across the United States and Canada.
Gerflor is a global provider of resilient flooring and surface solutions headquartered in Lyon, France, with operations in over 100 total countries.
“From the start, it was clear that Matter and Gerflor speak the same language: design-forward, customer-driven, and focused on delivering excellence,” said Benjamin Bachman, CEO of Gerflor North America. “This is not a story of change, but one of continuity and momentum. We’re excited to welcome the Matter team into the Gerflor family.”
Barry Hume, CEO of Matter Surfaces, added, “Joining Gerflor allows us to continue doing what we love most—serving our customers and supporting our associates—while gaining new opportunities to grow and scale. The Mezzo team led Matter and our shareholders through a complex negotiation during a period both when our company and industry have been rapidly evolving. Mezzo’s guidance and industry expertise proved invaluable in bringing this transaction to a successful outcome for all parties.” Mr. Hume will continue to lead Matter going forward.
Dustin Dawson, Director at Mezzo, noted, “It was a pleasure to work with the Schiffmann family, Barry, and the entire Matter Surfaces team. Matter is a premier brand in the sustainable surfacing space, led by a stellar management team. We’re excited to watch both companies thrive in their new partnership.”
Please contact Dom Mazzone or Dustin Dawson for further information.
Blank Rome LLP served as legal advisor to Matter on the transaction. The terms of the transaction were not disclosed.
About Matter Surfaces
Matter surfaces is an industry-leading provider of branded surfacing and entryway systems with facilities in Massachusetts, Georgia, and New York. Throughout the Company’s 50+ year history, it has prided itself on promoting thoughtful design, holistic wellness, responsible sustainability, and unmatched service. The Company’s talented team maintains an unwavering dedication to the quality and dependability of its products. For more information, please visit www.mattersurfaces.com.
About Gerflor
Gerflor is a global leader in innovative, resilient flooring and surface solutions. With more than 80 years of experience, Gerflor designs, manufactures, and markets decorative and eco-responsible interior surfaces serving commercial environments in over 100 countries. Gerflor’s extensive product line caters to commercial healthcare, education, sports, and industry spaces. For more information, please visit www.gerflorusa.com.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
Industry Insights: Packaging – Fall 2025
Mezzo’s Fall 2025 Packaging Industry Insights highlights M&A activity, including uneven deal volumes, rising automation demand, and shifting investor focus toward resilient end markets.
Last month we met with industry colleagues at Pack Expo in Las Vegas, all of whom reaffirmed Packaging’s role as a dynamic, innovation-driven industry. Investor interest is intensifying around automation, digital transformation, and niche engineered solutions. Conversations with private equity sponsors, strategic buyers, and operators revealed a clear pivot toward resilient, regulated end markets and asset-light business models. These insights from Pack Expo mirror the broader themes shaping today’s Packaging market.
Transaction Volumes are Up Year-to-date
However, this comes with an asterisk. Volumes were very strong in Q1 but then declined significantly, with uncertainty dampening investments following Q1. We have yet to see an uptick in activity but believe that this will appear in 2026 as buyers and sellers adjust to the environment of heightened uncertainty that shows no sign of abating. We also encourage investors to revisit failed processes from 2023–2024 (with adjusted expectations). Investors should be proactive in sourcing off-market opportunities and re-engaging with previously shelved assets and carveouts/divestitures.
RFID Adoption Accelerates
RFID technology is no longer experimental—it has finally become foundational. RFID technology continues to gain traction across packaging workflows, driven by demand for traceability, inventory accuracy, and smart packaging solutions. With RFID infrastructure becoming a gating factor for supplier selection, targets with RFID capabilities are increasingly attractive. Gaining end market exposure to RFID will allow converters to maintain or increase market share. For supply chain partners, consider bolt-ons in RFID software, sensor manufacturing, and systems integration.
Digital Printing Challenges Flexo
Next-generation digital printing assets are making inroads into broader, traditionally flexographic markets. Multiple OEMs have launched wider, faster digital printing platforms in 2025 with installations underway and ramping into 2026. These systems offer lower cost per converted unit and faster changeovers, putting flexographic printing under pressure in segments beyond historically short-run, SKU-heavy environments. Converters investing in next generation digital converting assets, digital printing IP/service networks, and consumables for this market are well-positioned for growth.
Automation Demand Remains Strong
2025 has seen a marked shift away from full-scale equipment replacements and toward incremental control upgrades and retrofits. Rising costs and uncertainty in 2025 volumes have driven more capital-efficient, productivity-focused initiatives as well as a pivot to flexible systems with smaller footprints. Only by late Summer 2025 were we seeing end users start to move forward on major capex initiatives. Also, we note that engineering and automation firms with robust aftermarket parts, capabilities, and services are outperforming. These firms with higher portions of business focused on recurring revenue models are receiving increased levels of interest from both private equity and strategic acquirers.
Canadian Recycled Plastics Market Gains Structure
Under the new regulatory framework, the Canadian market for recycled plastics is maturing quickly, following trends in Europe and offering a more secure and structured supply chain for rigid and flexible packaging providers. Players in this market are starting to secure offtake agreements, which will play out further as we head into 2026. Investors should consider cross-border plays in recycled content, material recovery, and circular packaging platforms. Partnering with firms who have secured quality, consistent feedstock will be powerful in the years to come.
Regulated End Markets Attract Capital Amid CPG Softness
Over the past decade, sectors like Flexibles and Labels that serve large CPGs have enjoyed growth of at least two percentage points above GDP. With CPGs facing softness in volumes/pricing, these premia have shrunk. Combined with weak real GDP growth, these markets have become more challenging for both operators and acquirers. This is driving investors to seek resilience and margin stability among participants in value chains for medical, aerospace, and other regulated end markets.
Mezzo was previously known as Mazzone & Associates.
Mezzo Featured in Label & Narrow Web’s 2025 Mid-Year Economic Report
Mezzo professionals Jonathan White and Stuart Sanford contributed to Label & Narrow Web’s 2025 report, highlighting trends in label M&A activity, valuations, and evolving market dynamics.
Mezzo is pleased to share that Managing Director Jonathan White and Director Stuart Sanford were featured contributors to Label & Narrow Web’s 2025 Mid-Year Economic Report. Their section, The Shifting Landscape in Label M&A, offers perspective on how evolving market conditions are influencing deal activity and valuations in the label industry.
In their commentary, Jonathan and Stuart highlighted:
Shifts in overall M&A activity and valuation trends within the label sector.
The evolving role of financial sponsors and rollup strategies in driving consolidation.
Broader market dynamics and economic factors influencing deal flow going forward.
Their insights reflect Mezzo’s deep expertise advising clients across the packaging, labels, and broader industrial sectors.
Read the full report here: Mid-year Economic Report – Label & Narrow Web
Mezzo Closes Five Transactions in the First Half of 2025
Mezzo closed five transactions in H1 2025, reflecting continued execution across industries despite a more selective and challenging M&A environment.
The first half of 2025 has been a selective market for M&A, with longer timelines and greater execution risk across the board. Against that backdrop, Mezzo is proud to share that we closed five transactions across a range of industries and deal types. These closings reflect the focused effort of our team, the trust of our clients, and our ability to consistently deliver results in a more demanding market.
Sell-Side Advisory: MVP Granite Countertops acquired by Construction Resources
Mazzone advised MVP Granite and Flooring, a Charleston-based provider of countertop fabrication and installation services, on its sale to Construction Resources, a subsidiary of The Home Depot. The transaction strengthens CR’s presence in the South Carolina Lowcountry and supports MVP’s continued growth under a new platform with a broader product offering.
Sell-Side Advisory: New Era Converting Machinery sold to IPCO AB
Mazzone advised New Era Converting Machinery, a global supplier of web converting equipment and systems, on its sale to IPCO AB, a Sweden-based industrial process solutions provider. The transaction combines New Era’s engineering and end market expertise with IPCO’s global scale and product portfolio, creating a turnkey leader in roll-to-roll processing solutions across high-growth, sustainability-driven sectors.
Buy-Side Advisory: The Hansen Group acquires Elevation Foodservice Reps
Mazzone advised The Hansen Group, a leading foodservice equipment sales and distribution firm, on its acquisition of Elevation Foodservice Reps, which now operates as The Hansen Group Rockies. This strategic expansion broadens THG’s footprint across six new Western U.S. markets and positions the firm for long-term growth.
Sell-Side Advisory: Larson Forgings merges with Pursuit Aerospace
Mazzone served as exclusive financial advisor to Charles E. Larson & Sons, a leading manufacturer of seamless rolled rings and other open-die forgings for aerospace and defense applications, in its merger with Pursuit Aerospace, a portfolio company of Greenbriar Equity Group and Clayton, Dubilier & Rice. The transaction marks a new chapter for a fourth-generation, 130-year-old family business.
Buy-Side Advisory: Cardinal Services acquires Quality Energy Services
Mazzone served as exclusive financial advisor to Cardinal Services, a leading provider of specialty oilfield services, in its acquisition of Quality Energy Services, an offshore well intervention specialist based in Louisiana. The acquisition strengthens Cardinal’s presence along the Gulf Coast and supports its strategy of expanding its footprint in high-demand energy markets.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
The Boardroom Briefing: Market Insights for Executives – 2025
Mezzo’s 2025 Boardroom Briefing, a resource designed to provide strategic guidance to deal makers in the C-suite, highlights key trends shaping the M&A landscape, including private equity activity, valuation dynamics, and emerging market drivers.
Mezzo is pleased to release The Boardroom Briefing: Market Insights for Executives, a resource designed to provide strategic guidance to deal makers in the C-suite.
Inside, we offer insight on eight critical topics shaping the transaction landscape in mid-2025:
What’s the current state of M&A?
How are tariffs affecting deal multiples?
What’s the VIX, and why does it matter?
Which sectors are standing out in today’s market?
What’s changing in private equity?
What’s driving take-private activity?
When will the IPO market reemerge?
What’s the current status of AI-related deal activity?
Whether you're preparing for a sale, considering a strategic acquisition, or monitoring market momentum, The Boardroom Briefing delivers actionable insights.
Mezzo was previously known as Mazzone & Associates.
Mezzo Advises Cardinal on its Acquisition of Quality Energy Services
Mezzo advised Cardinal on its acquisition of Quality Energy Services, expanding its service offering and strengthening its position in offshore well intervention services.
Mezzo is pleased to announce that it acted as exclusive financial advisor to Cardinal Services (“Cardinal” or the “Company”), a leading provider of specialty oilfield services, on the further expansion of its service offering through the acquisition of Quality Energy Services (“QES”), a provider of offshore well intervention services headquartered in Broussard, Louisiana.
Drew Derouen, Cardinal’s COO, noted, “Cardinal is proud to announce the completion of this acquisition. We have long admired QES, and the Company is an ideal fit for Cardinal’s expansion strategy focused on growing our footprint in the specialty oilfield services space. We are excited about the opportunity to bring two great companies, and more importantly, two great groups of people together to be the industry-leading provider of well intervention services for the GOA and along the Gulf Coast.”
Randy Landry, President and COO of QES, added, “On behalf of the QES team, we are pleased to be a part of the Cardinal Services family of businesses. Cardinal is a well-respected organization in both the Gulf Coast and Permian, and the combination of our services expertise, talented personnel, and modern equipment fleets will allow us to better serve our customers going forward.” Mr. Landry will remain with the combined company and will continue to lead QES post-closing.
Dustin Dawson, Vice President at Mezzo, commented, “It was a pleasure working with Drew and the Cardinal team to bring this deal to a successful close. Cardinal and its family office owner have been clients of Mezzo’s for years, and we’re thrilled to see Cardinal execute on a transformative acquisition that will build on the company’s already impressive growth trajectory.”
Managing Director Maury Bell, Vice President Dustin Dawson, and Senior Analyst Henry Dombrowski led the transaction for Mezzo.
About Quality Energy Services
Founded in 2001, Quality Energy Services is an established provider of offshore well intervention and production optimization services for operators in the Gulf. With a suite of specialized tools, services, and a highly skilled workforce, QES provides E&P operators with cost-effective solutions designed to optimize production and enhance the performance of existing wells. Additionally, QES offers specialized technical services to support plug and abandonment of legacy wells. For more information, please visit www.qualityenergy.net.
About Cardinal Services
Cardinal Services is a leading provider of oilfield services and equipment, specializing in coil tubing, slickline, and wireline services for oil and natural gas producers in the Permian Basin of West Texas, Eagle Ford Basin of South Texas, the shallow and deep waters of the Gulf, and select other U.S. land markets. Since its founding in 2012, Cardinal has been backed by Kotts Capital Holdings, a Houston-based single family office investor. For more information, please visit www.cardinalsvc.com.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
Mezzo Advises Larson Forgings on its Merger with Pursuit Aerospace, a Portfolio Company of Greenbriar Equity Group and Clayton, Dubilier & Rice
Mezzo advised Larson Forgings on its merger with Pursuit Aerospace, positioning the company for continued growth and expanded capabilities within a leading aerospace platform.
Mezzo is pleased to announce that it acted as exclusive financial advisor to Charles E. Larson & Sons (“Larson” or the “Company”) with respect to its merger with Pursuit Aerospace (“Pursuit”).
Larson is a premier manufacturer of seamless rolled rings and other open-die forgings for use primarily in aircraft engines. Throughout its 130-year history, the Company has proudly produced mission-critical components for countless flagship aerospace and defense programs. Larson has been guided by four generations of family management and is poised to build on its legacy in its next chapter of growth.
“Partnering with Pursuit marks an exciting new chapter for our Company,” said Scott Larson, President of Larson and great-grandson of the founder. “We’re excited to bring additional scale and resources to our customers and employees while continuing to deliver best-in-class forgings.” Scott Larson further noted, “We trusted Mezzo to lead us through this important milestone, and they proved to be the right partner.”
“Larson has earned a reputation as a trusted supplier of mission-critical components, and they share our commitment to quality, customer service, and long-term relationships,” said Pursuit CEO Doug Folsom. “This is a natural fit, and we are honored to welcome them into the Pursuit family and support their next phase of growth.”
“It was a privilege to advise the Larson team on this important transaction,” noted Dustin Ramsey, Director at Mezzo. “This deal highlights our firm’s deep experience in industrial manufacturing and our commitment to helping founder-led businesses achieve exceptional outcomes.”
About Larson Forgings
Larson Forgings was founded in 1895 as a small blacksmith shop producing horseshoes and has since grown into a leading manufacturer of forgings for the aerospace and defense industry. Larson leverages its AS9100 and Nadcap certified 185,000 sq. ft. Chicago campus to provide seamless rolled rings and other forgings for its blue-chip customer base, which includes both OEMs and tier 1 aerospace engine parts suppliers. The Company’s talented team maintains an unwavering dedication to the quality and dependability of its parts. For more information, please visit www.larsonforge.com.
About Pursuit Aerospace
Pursuit Aerospace is a leading global manufacturer of complex aircraft engine components. Formed by the 2023 merger of Whitcraft Group and Paradigm Precision, Pursuit is a scaled and diversified manufacturer of tight tolerance components used in commercial and military aircraft engines. The company delivers components and MRO services through highly integrated processes and lean production systems. For more information, please visit pursuitaero.com.
Mezzo was previously known as Mazzone & Associates. Transactions completed prior to April 2026 were executed under the Mazzone & Associates name.
Jonathan White Featured Speaker at AWA Virtual M&A Executive Forum 2025
Mezzo’s Jonathan White shared insights on packaging M&A activity at the AWA Virtual M&A Executive Forum 2025, highlighting deal volumes, valuation trends, and evolving buyer dynamics.
We are pleased to share that Managing Director Jonathan White was a featured speaker at the AWAVirtual™ Mergers & Acquisitions Executive Forum 2025 on June 6.
Jonathan’s presentation, Inside the Packaging M&A Market, provided a detailed look at current deal activity and valuations across the global packaging sector. Key points included:
Deal Volumes – Packaging transactions remained robust in recent years with notable strength in fiber-based packaging, distribution, and contract packaging.
Pricing Trends – While multiples are off their 2021 highs, valuations in 2024–2025 are stabilizing near long-term averages, with flexibles and labels recently trading at a discount to the broader market.
Buyer Activity – Private buyers have significantly increased their share of transactions, while sponsor-backed rollups continue to shape the market landscape.
Implications for Buyers & Sellers – Uncertainty and macroeconomic headwinds are influencing processes, but high-quality targets continue to attract strong buyer interest
Click here to view Jonathan’s full presentation
To explore additional insights and resources, visit our Packaging, Plastics, and Paper Industry page.
Mezzo was previously known as Mazzone & Associates.
Industry Insights: Building Products & Services – Summer 2025
Mezzo’s Summer 2025 Building Products & Services Industry Insights reviews M&A activity, highlighting stable deal volumes, macro-driven headwinds, and evolving investment dynamics across the sector.
The building products & services industry is a diverse ecosystem that plays a critical role in the construction and renovation sectors. It spans the manufacturing, distribution, and sale of a wide array of materials essential to residential, commercial, and industrial projects. This industry supports numerous product categories, including:
•Structural materials: Concrete, steel, lumber, and bricks.
•Insulation: Materials that provide thermal or sound insulation.
•Roofing: Shingles, tiles, and membranes.
•Windows, Siding, and doors: Various types of doors, siding, and window frames.
•Finishes and fittings: Paints, tiles, flooring, countertops, and cabinetry, including related install services.
•Plumbing and electrical supplies: Pipes, fixtures, wiring, and related hardware.
The Mezzo building products & services industry report leverages our deep understanding, knowledge, and experience with various economic indicators and trends analysis to provide our current view on the U.S. market. Dom Mazzone, a former executive at The Home Depot, brings firsthand expertise that informs our perspective. Together, he and the Mezzo team remain deeply engaged in the industry, regularly advising company owners, CEOs, management teams, and private equity firms on strategic transactions and investment opportunities within the building products & services space.
Macroeconomic Perspective
The building products & services industry plays a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. It's essential for urban development, sustainability initiatives, and the overall economy.
The U.S. housing market seems to have mostly shrugged off immigration and tariff uncertainty as the housing market index, consumer confidence index, and unemployment remain relatively stable (see p. 6 for more details). Nevertheless, affordability remains a key challenge for the U.S. housing market as the 30-year fixed-rate mortgage rate and effective federal funds rate remain at relative 10-year highs (see p. 5 for more details). While continued softness in the U.S. economy may indicate signs of contraction in new construction, there continues to be region-specific growth in new construction in places like southeastern Florida, Arizona, and Texas. Furthermore, consumer spending on renovations is likely to grow as demand for housing continues to ease and supply builds. These macro drivers collectively underpin a general continued optimism for the industry, although we see some softness in the near term.
Industry Outlook
The building products & services industry-specific outlook notes continued softness in the industry in general. Higher interest rates and high prices causing softness in demand play a critical role in supporting the construction of residential, commercial, and industrial buildings, as well as infrastructure projects like roads and bridges. Housing and construction are essential for urban development, sustainability initiatives, and the overall economy.
Public Company Information & Analysis
Public companies in the building products & services industry have outpaced the S&P 500 over the past few years. The broad impact and volatility created by new tariffs will likely impact both the Building Products & Services Index and the broader 500 Index similarly, so the two indices will likely move closer in tandem with each other.
M&A Trends
The building products & services industry merger and acquisition deal counts have remained relatively constant for the past few years, as have valuations. However, the uncertainty around tariffs and softness in housing starts negatively impacted transaction numbers in the 2nd quarter of 2025 and are likely to continue to negatively impact the M&A marketplace. Nevertheless, at Mezzo, we’ve already closed three transactions in the first quarter of 2025 and are on track to do the same in the second quarter of 2025. We are continuing to build a pipeline of strong building products & services companies we will take to market over the next 3 to 12 months, which we expect to close at or above the expectations we have discussed with our seller clients.
Investment Considerations & Forecasts
The building products & services industry is navigating a complex landscape shaped by shifting market forces and evolving policy. While federal initiatives like the IIJA and CHIPS Act have recently supported construction demand, waning government support and high interest rates are slowing growth—conditions that could reverse if rate cuts materialize. Profit margins remain vulnerable to raw material volatility and newly imposed tariffs, favoring companies with efficient operations and strong supplier networks. Regionally, demand is uneven, with the Southern U.S. predicted to show more resilience. Meanwhile, AI adoption is transforming the industry, enhancing project efficiency and sustainability while offsetting margin pressures—making tech-savvy companies especially well-positioned. Construction is local so this section of this edition of Industry Insights includes local data and forecasts.
Mezzo was previously known as Mazzone & Associates.