Canworks Sells to Mason Wells in Beverage Can Print Deal

Direct-to-aluminum-can digital printer Canworks has been acquired by Milwaukee-based private equity firm Mason Wells, a move that underscores how critical flexible, short-run packaging has become for beverage brands competing across crowded retail shelves. Mesirow served as exclusive financial advisor on the transaction.

Founded in 2020 by brothers Ryan and Marshall Thompson, Canworks built its business around speed and flexibility — two attributes that matter enormously to emerging beverage brands that can't commit to the long print runs traditional can suppliers require. The company now operates five facilities across Texas, Georgia, California, Missouri, and Connecticut, covering a customer base that spans energy drinks, wellness beverages, hydration products, craft beer, CBD and cannabis beverages, ready-to-drink cocktails, seltzers, ciders, and kombucha.

Why Packaging PE Is Moving

Mason Wells has raised $2.4 billion across five buyout funds and is currently deploying its $767 million Fund V. Packaging Materials & Converting is one of its four designated investment sectors, meaning this acquisition fits a thesis the firm has been executing for years — not a one-off bet. For beverage operators, the signal is straightforward: institutional capital is consolidating the short-run, digital-print can segment, which suggests Canworks will have resources to scale capacity, add facilities, and potentially broaden its service tiers.

The transaction also reflects a broader dynamic in the beverage supply chain. Brand founders launching in better-for-you, functional, or adult-beverage categories have long faced a packaging bottleneck: minimum order quantities from large co-packers and printers are too high for early-stage brands, forcing either overcommitment to SKUs or generic packaging. Direct-to-can digital printers like Canworks address that gap directly, offering premium graphic output on short runs with fast turnaround. As those brands scale — particularly in the RTD and cannabis-adjacent categories — their packaging partner scales with them, making Canworks a strategically positioned platform for Mason Wells to build on.

What Operators and Brand Founders Should Watch

Mesirow's investment banking team noted that Canworks has "emerged as a fast-growing leader in aluminum can decorating solutions to the beverage industry." The firm has completed more than 225 packaging transactions over 25 years, giving the deal context: this is not a distressed exit, but a growth-stage sale at what the Thompson brothers called an "inflection point."

For operators and emerging beverage brands evaluating packaging partners, PE-backed consolidation in short-run printing typically cuts both ways. Near term, it brings capital for capacity expansion and technology investment. Longer term, brands should monitor whether pricing structures or minimum-run thresholds shift as the acquirer optimizes for margin. Locking in current contract terms before any post-close integration period is a practical step worth discussing with your packaging broker or operations lead.

This deal is also relevant context for anyone tracking beverage brand launch infrastructure or sourcing intelligence for emerging F&B supplier relationships. Short-run, digitally printed aluminum cans have moved from a novelty to a mainstream launch tool — and the companies enabling that capability are now attracting serious institutional attention.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.