Multi Packaging Solutions International (MPSX) 10-Q 14 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Feb. 03, 2017
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Multi Packaging Solutions International Ltd
Entity Central Index Key	1,645,926
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		77,695,438

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents	$ 44,644	$ 44,769
Accounts receivable, net	234,115	237,179
Inventories	155,877	165,617
Prepaid expenses and other current assets	26,189	30,742
Total current assets	460,825	478,307
Property, plant and equipment
Land	48,390	52,093
Buildings and improvements	67,173	65,827
Machinery and equipment	391,157	393,206
Furniture and fixtures	15,852	15,580
Construction in progress	19,054	12,689
Total	541,626	539,395
Less: Accumulated depreciation	(176,835)	(155,700)
Total property, plant and equipment, net	364,791	383,695
Other assets
Intangible assets, net	312,429	340,858
Goodwill	474,595	464,714
Deferred income taxes	6,787	7,210
Other assets	30,445	32,806
Total assets	1,649,872	1,707,590
Current liabilities
Accounts payable	166,233	171,935
Payroll and benefits	29,542	36,977
Other current liabilities	37,767	40,892
Short-term foreign borrowings	8,385	7,307
Current portion of long-term debt	8,385	7,307
Income taxes payable	8,094	4,489
Total current liabilities	250,021	261,600
Long-term debt, less current portion	879,974	900,516
Deferred income taxes	68,725	72,625
Other long-term liabilities	30,446	29,955
Total liabilities	1,229,166	1,264,696
Shareholders' equity
Common shares – 77,695,438 and 77,452,946 issued	77,695	77,453
Additional paid-in capital	474,331	469,698
Accumulated deficit	(31,109)	(43,233)
Accumulated other comprehensive loss	(101,063)	(63,290)
Total Multi Packaging Solutions International Limited shareholders' equity	419,854	440,628
Noncontrolling interest	852	2,266
Total shareholders' equity	420,706	442,894
Total liabilities and shareholders' equity	$ 1,649,872	$ 1,707,590

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Jun. 30, 2016
Statement of Financial Position
Contributed capital, par	$ 1	$ 1
Contributed capital, shares authorized	1,000,000,000	1,000,000,000
Preferred Stock, Shares Issued	0	0
Common Shares, shares issued	77,695,438	77,452,946

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net sales	$ 386,126	$ 429,357	$ 793,951	$ 888,408
Cost of goods sold	303,493	333,632	626,974	693,342
Gross profit	82,633	95,725	166,977	195,066
Selling, general and administrative expenses
Selling, general and administrative expenses	55,955	59,306	111,980	117,890
Stock based and deferred compensation	1,225	27,232	1,534	26,960
Transaction related expenses	538	2,064	822	2,414
Total selling, general and administrative expenses	57,718	88,602	114,336	147,264
Operating income	24,915	7,123	52,641	47,802
Other income (expense), net	2,970	100	5,907	(3,535)
Debt extinguishment charges	(16,569)	(3,867)	(16,569)	(3,867)
Interest expense	(12,903)	(16,016)	(27,545)	(34,745)
Total other expense, net	(26,502)	(19,783)	(38,207)	(42,147)
Income (loss) before income taxes	(1,587)	(12,660)	14,434	5,655
Income tax (expense) benefit	57	4,656	(3,095)	(575)
Consolidated net income (loss)	(1,530)	(8,004)	11,339	5,080
Net loss attributable to noncontrolling interest	(405)	(87)	(785)	(10)
Net income (loss) attributable to shareholders of Multi Packaging Solutions International Limited	$ (1,125)	$ (7,917)	$ 12,124	$ 5,090
Net income (loss) attributable to shareholders of Multi Packaging Solutions International Limited per share:
Basic	$ (0.01)	$ (0.11)	$ 0.16	$ 0.08
Diluted	$ (0.01)	$ (0.11)	$ 0.16	$ 0.08
Weighted-average number of common shares outstanding:
Basic	77,604	73,826	77,528	67,817
Diluted	77,604	73,826	77,528	67,817
Other comprehensive income (loss)
Cumulative foreign currency translation adjustment	$ (27,629)	$ (11,880)	$ (36,497)	$ (21,572)
Adjustment on available-for-sale securities	4	(5)	(12)	(22)
Pension adjustments	(775)	662	(1,264)	1,454
Total other comprehensive loss	(28,400)	(11,223)	(37,773)	(20,140)
Comprehensive income (loss)	(29,930)	(19,227)	(26,434)	(15,060)
Comprehensive loss (income) attributable to non-controlling interests	405		785	(17)
Comprehensive income (loss) attributable to shareholders of Multi Packaging Solutions International Limited	$ (29,525)	$ (19,227)	$ (25,649)	$ (15,077)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - 6 months ended Dec. 31, 2016 - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Accumulated (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Total
Beginning Balance at Jun. 30, 2016	$ 77,453	$ 469,698	$ (43,233)	$ (63,290)	$ 2,266	$ 442,894
Beginning Balance (in shares) at Jun. 30, 2016	77,452,946
Net income (loss)			12,124			12,124
Net loss attributable to noncontrolling interest					(785)	(785)
Net Income (Loss)						11,339
Stock compensation	$ 16	1,230				1,246
Stock compensation, shares	16,248
Issuance of common shares in connection with acquisitions	$ 226	2,774				3,000
Issuance of common shares in connection with acquisitions (in shares)	226,244
Purchase of non-controlling interest		629			(629)
Other comprehensive loss				(37,773)		(37,773)
Ending Balance at Dec. 31, 2016	$ 77,695	$ 474,331	$ (31,109)	$ (101,063)	$ 852	$ 420,706
Ending Balance (in shares) at Dec. 31, 2016	77,695,438

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating Activities
Net income	$ 11,339	$ 5,080
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation expense	32,925	37,930
Amortization expense	25,218	28,108
Amortization of deferred financing fees	2,043	2,227
Debt extinguishment non - cash charges	3,296	3,867
Deferred income taxes	(2,175)	(5,243)
Stock compensation	1,246	25,962
Unrealized foreign currency (gain) loss	(4,801)	1,715
Other	(2,074)	850
Change in assets and liabilities:
Accounts receivable	(3,313)	(8,273)
Inventories	3,188	2,421
Prepaid expenses and other current assets	3,581	369
Other assets	(639)	(4,239)
Accounts payable	308	(8,572)
Payroll and benefits	(6,170)	(12,160)
Other current liabilities	(4,952)	(4,789)
Income taxes payable	3,744	(894)
Other long-term liabilities	(1,900)	(1,543)
Net cash and cash equivalents provided by operating activities	60,864	62,816
Investing Activities
Additions to property, plant and equipment	(26,047)	(24,507)
Additions to intangible assets	(74)	(68)
Proceeds from sale of assets	1,493	1,003
Acquisitions of businesses, net of cash acquired	(28,273)	(2,496)
Net cash and cash equivalents used in investing activities	(52,901)	(26,068)
Financing Activities
Proceeds from initial public offering		186,424
Payments of offering costs		(6,125)
Proceeds from issuance of long-term debt	218,900
Proceeds from short-term borrowings	24,317	41,619
Payments on short-term borrowings	(24,317)	(40,876)
Payments on long-term debt	(221,256)	(216,809)
Debt issuance costs	(3,985)
Net cash and cash equivalents used in financing activities	(6,341)	(35,767)
Effect of exchange rate changes on cash and cash equivalents	(1,747)	2,389
Increase (decrease) in cash and cash equivalents	(125)	3,370
Cash and cash equivalents-beginning	44,769	55,675
Cash and cash equivalents-ending	$ 44,644	$ 59,045

Nature of Business

Nature of Business	6 Months Ended
	Dec. 31, 2016
Nature of Business
Nature of Business	Note 1—Nature of Business The Company “MPS” and the “Company” refer to Multi Packaging Solutions International Limited and its controlled subsidiaries. MPS is a leading, global provider of value-added packaging solutions to a diverse customer base across the healthcare, consumer, and multi-media end markets. MPS provides its customers with print-based specialty packaging, including premium-folding cartons, labels and inserts across a variety of substrates and finishes. Bermuda Reincorporation On October 7, 2015, 100% of the share capital of Multi Packaging Solutions Global Holdings Limited was acquired by Multi Packaging Solutions International Limited, a company incorporated and organized under the laws of Bermuda, from Chesapeake Finance 1 Limited and Mustang Investment Holdings L.P. In connection with the issuance of shares, the number of shares was increased as a result of the par value changing from one British Pound Sterling to one U.S. dollar. The total authorized share capital of the Company is 1 billion shares. The Company’s Board of Directors has the authority to allot and issue any unissued shares as common shares or preference shares, provided the total number of shares of the classes combined does not exceed the total authorized amount. The Board of Directors may also determine the number and specific rights attaching to any preference shares that may be issued. The Company has not issued any preference shares to date. Stock-split and Initial Public Offering On October 8, 2015, the Company’s board of directors approved and the Company executed a 1 for 5.08 reverse stock split of its common shares prior to completing its proposed initial public offering. All share and per share data has been presented to reflect this reverse split. On October 22, 2015, the Company completed its initial public offering of 16,500,000 common shares at a price of $13.00 per share. In connection with the offering, funds controlled by The Carlyle Group (“Carlyle”) and certain current and former employees, sold 1,000,000 common shares (which was included in the 16,500,000 common shares). The underwriters also exercised their rights to purchase an additional 2,475,000 common shares from certain of the selling shareholders, including investment funds controlled by Madison Dearborn (“Madison”) and Carlyle, at the public offering price, less the underwriting discount. The Company did not receive any of the proceeds from the shares sold by Madison or Carlyle, certain current and former employees, or from the exercise of the underwriters’ option. The Company received proceeds of $186,424 from the initial public offering, of which $182,414 was used to repay outstanding borrowings under the Company’s Term Loans, with the remaining amount used to pay a portion of the total offering costs of $7,024. On June 8, 2016, a secondary offering was completed, and Madison and Carlyle sold 10,000,000 common shares. The underwriters also exercised their rights to purchase an additional 1,500,000 common shares from the selling shareholders. The Company did not receive any of the proceeds from the secondary offering.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2016
Basis of Presentation
Basis of Presentation	Note 2—Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of December 31, 2016 and for the three and six months ended December 31, 2016 and 2015 have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2016 and the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015 and the statements of cash flows for the six months ended December 31, 2016 and 2015 and statement of shareholders’ equity for the six months ended December 31, 2016 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the consolidated financial position, operating results and cash flows for the periods presented. The results for the three and six months ended December 31, 2016 are not necessarily indicative of results to be expected for the fiscal year ending June 30, 2017 or for any future interim period. The condensed consolidated balance sheet at June 30, 2016 has been derived from the audited consolidated financial statements of the Company. However, the interim financial information does not include all of the information and notes required by GAAP for complete consolidated financial statements. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements for the fiscal year June 30, 2016, and notes thereto included in the Company’s Annual Report on Form 10-K. Principles of Consolidation The consolidated financial statements include the accounts of Multi Packaging Solutions International Limited and its controlled subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In September 2016, the Company acquired a portion of the remaining noncontrolling interest in one of its subsidiaries, MPS Denver, LLC (“Denver”) for a nominal amount. The transaction was accounted for as an acquisition of noncontrolling interest and included in the statement of stockholders’ equity. As of December 31, 2016, the Company owns 80% of the outstanding ownership interests in Denver. Newly Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU No. 2016-15 provides guidance on eight specific cash flow issues. The amendments in this update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted provided all of the amendments are adopted in the same period, and if adopted in an interim period, any adjustments should be reflected as of the beginning of that annual period. The Company elected to early adopt the provisions of ASU No. 2016-15 during the second fiscal quarter. The adoption of the new guidance did not materially impact the Company’s consolidated statements of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) . ASU No. 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within such annual period. Early adoption is permitted, however all of the guidance must be adopted in the same period under the transition requirements. The Company elected to early adopt the provisions of ASU No. 2016-09 as of July 1, 2016, which is the beginning of the current fiscal year. The adoption of the new guidance did not materially impact the Company’s consolidated financial position or results of operations. The Company elected to account for forfeitures when they occur. Recently Issued Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . ASU No. 2016-16 eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within such annual period. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements have not been issued. The Company expects to adopt this guidance as of July 1, 2017 (beginning of fiscal year 2018). The adoption of the provisions of ASU No. 2016-16 is not expected to have a material impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. The amendments in this update are effective for annual periods beginning after December 15, 2019, and interim periods within such annual period. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such year. The Company is currently evaluating the potential impacts of adopting the provisions of ASU No. 2016-13. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU No. 2016-02 requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity’s leasing arrangements. Lease expenses will be recognized in the income statement in a manner similar to existing requirements. The amendments in this update are effective for annual periods beginning after December 15, 2018, and interim periods within such annual period, and must be adopted using a modified retrospective method for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-02. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2015-11 requires inventory measured using any method other than last-in, first out or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. ASU No. 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and for interim periods within such annual period. Early application is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2015-11. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Additionally, in May 2016, the FASB issued ASU 2016-12, Revenue from contracts with customers (Topic 606): Narrow-scope improvements and practical expedients , which contains certain provisions and practical expedients in response to identified implementation issues. The guidance is effective for annual reporting periods beginning after December 15, 2017 and for interim periods within such annual period, with early application prohibited for annual reporting periods beginning after December 15, 2016. Either full retrospective or modified retrospective adoption is permitted. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2016
Earnings Per Share
Earnings Per Share	Note 3—Earnings Per Share Earnings per share are computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable for unvested restricted stock, as calculated using the treasury stock method. Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Numerator: Net income available to common $ $ $ $ Denominator: Weighted average number of Effect of unvested restricted stock and restricted stock units * — — — — Weighted average number of Basic earnings per common share $ $ $ $ Dilutive earnings per common share $ $ $ $ * The effect of unvested restricted stock and restricted stock units for the three and six months ended December 31, 2016 was not material.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2016
Acquisitions
Acquisitions	Note 4—Acquisitions The Company accounts for acquisitions using the acquisition method of accounting. The results of operations of the acquisitions are included in the consolidated results from their respective dates of acquisition. The purchase price of each acquisition is allocated to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. Fiscal 2017 On November 4, 2016, the Company acquired the assets and business of i3 Plastic Cards (“i3”), a fully-integrated solution provider for creating and personalizing plastic transaction cards, including pre-paid gift and loyalty cards that is based in Dallas, Texas. The i3 business complements the Company’s existing transaction card operations and offers customers a broader range of options. The preliminary purchase price included cash consideration of $14,360 and 226,244 common shares of the Company, valued at $3,000. The final purchase price remains subject to a working capital adjustment with the seller. The cash portion of the purchase price was funded with existing cash balances. Additional cash consideration may be paid based on the acquired business’ EBITDA, as defined in the Asset Purchase Agreement, through December 31, 2019. Such additional cash consideration may range from zero to $13,800. The i3 operations, which are included in the North America operating segment, are not material to the Company’s consolidated financial statements. On October 14, 2016, the Company acquired AJS Group Limited (“AJS”), a leading supplier in the United Kingdom of self-adhesive labels. The addition of this specialist business complements the Company’s existing operations and extends the group’s marketing capability and reach to customers within the branded consumer sectors and international beauty and personal care sectors. The cash purchase price, net of cash acquired, totaled £11,414 ($13,913 at the transaction date exchange rate), and was funded with existing cash balances. The AJS operations, which are included in the Europe operating segment, are not material to the Company’s consolidated financial statements. The following table summarizes the components of the preliminary purchase price allocations for the acquisitions completed in fiscal 2017. The purchase price allocations are based upon preliminary valuations, and the Company’s estimates and assumptions are subject to change within the measurement period as valuations are finalized. Any change in the estimated fair value of the net assets, prior to the finalization of the more detailed analyses, but not to exceed one year from the dates of acquisition, will change the amount of the purchase price allocation. i3 AJS Total Purchase Price: Cash paid, net of cash acquired $ $ $ Equity issued — Fair value of contingent consideration — Total investment: $ $ $ Allocation: Current assets $ $ $ Property, plant and equipment Identifiable intangible assets Deferred taxes — Assumed liabilities Goodwill $ $ $ The preliminary fair values assigned to identifiable intangible assets acquired were based on assumptions and estimates made by management. Identifiable intangible assets acquired consisted of customer relationships valued at $4,790 with an estimated useful life of 13 years and developed technology valued at $6,000 with an estimate useful life of 10 years. The goodwill is the residual of the purchase price in excess of the estimated fair value of the acquired identifiable net assets and represents the future economic benefits expected to arise that could not be individually identified and separately recognized, including the extension of the Company’s sales and marketing capabilities. The goodwill recorded as a result of the AJS acquisition is not expected to be deductible for tax purposes. Fiscal 2016 On January 26, 2015, the Company completed the acquisition of Chicago Paper Tube & Can Co. (“CPT”). The acquisition of CPT provides the Company with high-end, round rigid packaging capability in North America. Consideration for the transaction consisted of cash totaling $8,189, net of cash acquired, and was funded from existing cash balances. CPT’s operations, which are included in the North America operating segment, are not material to the Company’s consolidated financial statements. On July 1, 2015, the Company completed the acquisition of BP Media, Ltd. (“BluePrint”). The acquisition of BluePrint provides the Company with pre-press and digital services in the European market, facilitating the processes surrounding translation and interchangeability of print content for foreign locations. In addition, BluePrint provides the Company with an established sales presence in the media markets in Europe, which will enable the Company to serve the European needs of global media releases. Consideration in the transaction consisted of cash totaling £1,587 (approximately $2,496 at the transaction date exchange rate), net of cash acquired. The purchase price was funded from existing cash balances. Subject to the provisions in the agreement, additional consideration of £1,000 (approximately $1,224 at current period-end exchange rates) is payable on June 30, 2018. Further consideration of 25% of the acquired business’s EBITDA, as defined in the share purchase agreement, for the three fiscal years ending June 30, 2018 is also payable to the sellers, subject to the achievement of a minimum EBITDA. The Company estimated £944 (approximately $1,156 at current period-end exchange rates) as the fair value of such contingent consideration as of the acquisition date. There were no material changes to the fair value of the contingent consideration between the acquisition date and December 31, 2016. BluePrint’s operations, which are included in the Europe operating segment, are not material to the Company’s consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2016
Inventories
Inventories	Note 5—Inventories Inventories consisted of the following: As of As of December 31, 2016 June 30, 2016 Raw materials $ $ Work in progress Finished goods $ $

Intangible Assets

Intangible Assets	6 Months Ended
	Dec. 31, 2016
Intangible Assets
Intangible Assets	Note 6—Intangible Assets Intangible assets, net, consisted of the following: Gross Carrying Accumulated Weighted Average As of December 31, 2016 Amount Amortization Net Useful Life (Years) Customer relationships $ $ $ 20 Developed technology 5 Photo library 5 Licensing agreements 20 Total $ $ $ Gross Carrying Accumulated Weighted Average As of June 30, 2016 Amount Amortization Net Useful Life (Years) Customer relationships $ $ $ 20 Developed technology 5 Photo library 5 Licensing agreements 20 Total $ $ $ Amortization expense included in selling, general and administrative expenses was as follows: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Amortization of intangible assets $ $ $ $

Goodwill

Goodwill	6 Months Ended
	Dec. 31, 2016
Goodwill.
Goodwill	Note 7—Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The Company tests goodwill for impairment annually as of the first day of the fourth fiscal quarter, or more frequently if indicators of potential impairment exist. Changes in the carrying amount of goodwill by segment for the six months ended December 31, 2016 were as follows: North America Europe Asia Total Balance as of June 30, 2016 $ $ $ $ Acquisition activity — Translation adjustments — Balance as of December 31, 2016 $ $ $ $

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Dec. 31, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 8—Fair Value of Financial Instruments The following table sets forth the Company’s financial assets and liabilities carried at fair value on a recurring basis by level within the fair value hierarchy: As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Available for sale securities $ $ — $ — $ Liabilities: Interest rate swaps — — Contingent consideration — — As of June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Available for sale securities $ $ — $ — $ Foreign currency contracts — — Liabilities: Interest rate swaps — — Foreign currency contracts — — Contingent consideration — — Available for sale securities represent an investment in Zoo Digital Group PLC (“Zoo”), a provider of software and software-led services for the filmed entertainment and pharmaceutical markets, and is reported at fair value based on quoted market prices. The fair value of interest rate swaps and foreign currency contracts are based on pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices. The Company maintains two amortizing interest rate swaps that mature in December 2017. The swaps are being used to hedge the exposure to changes in the market London Interbank Offered Rate (“LIBOR”) or Euro Interbank Offered Rate (“EURIBOR”). At December 31, 2016 and June 30, 2016, one of the swaps had a notional amount of £84,173 and £84,608 respectively, whereby the Company pays a fixed rate of interest of 1.1649% and receives a variable rate based on LIBOR on the amortizing notional amount. The other swap had a notional amount of €97,034 and €97,786, respectively, whereby the Company pays a fixed rate of interest of 1.0139% and receives a variable rate based on EURIBOR on the amortizing notional amount. As of December 31, 2016 and June 30, 2016, the swaps had a negative fair value of $2,121 and $3,573, respectively, which is included in other current liabilities and other long-term liabilities at those respective dates in the condensed consolidated balance sheets. The Company has not designated these interest rate swaps as effective hedges and, as such, the change in the fair value each period is recorded in other income (expense), net. In connection with the acquisitions of BluePrint in July 2015 and i3 in November 2016, payment of a portion of the respective purchase prices are contingent upon the achievement of certain operating results ( see Note 4) . The Company estimated the acquisition date fair value of the contingent consideration as the present value of the expected contingent payments, determined using the weighted probabilities of the possible payments. The Company is required to reassess the fair value of contingent payments on a periodic basis. The significant inputs used in the estimate of this obligation includes numerous possible scenarios for the payments based on the contractual terms of the contingent consideration, for which probabilities are assigned to each scenario, which are then discounted based on an individual risk analysis of the liability. Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of the respective businesses, or changes in the future may result in different estimated amounts. Other than translation adjustments, there were no changes in the balance of the contingent consideration during the six months ended December 31, 2016. The acquisition date fair value of the contingent consideration for the i3 acquisition remains subject to adjustment upon finalization of the preliminary purchase price allocation as described in Note 4.

Other Income (Expense), net

Other Income (Expense), net	6 Months Ended
	Dec. 31, 2016
Other Income (Expense), net
Other Income (Expense), net	Note 9—Other Income (Expense), net Other income (expense), net is comprised of the following for the three months ended December 31, 2016 and 2015: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Gain (loss) on derivatives $ $ $ $ Foreign currency gains (losses) Other — — Other income (expense), net $ $ $ $

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss).
Accumulated Other Comprehensive Income (Loss)	Note 10—Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the six months ended December 31, 2016 and 2015 is as follows: Foreign Currency Translation Adjustments and Available for Pension other Sale Securities Adjustments Total Balance as of June 30, 2016 $ $ $ $ Other comprehensive income (loss) (a) Balance as of December 31, 2016 $ $ $ $ (a) Includes $2,260 of unrealized foreign currency gains related to intercompany foreign currency transactions that are of a long-term investment nature and a net investment hedge. Foreign Currency Translation Available for Pension Adjustments Sale Securities Adjustments Total Balance as of June 30, 2015 $ $ $ $ Other comprehensive income (loss) Other comprehensive income from noncontrolling interest due to the purchase of CD Cartondruck GmbH — — Balance as of December 31, 2015 $ $ $ $ There were no amounts reclassified from accumulated other comprehensive income during the six months ended December 31, 2016.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2016
Income Taxes
Income Taxes	Note 11—Income Taxes For the three and six months ended December 31, 2016 and 2015, the effective tax rates which includes the impact of discrete items, were as follows: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Effective tax rate provision (benefit) % % % % Our effective tax rate differs from the US federal statutory income tax rate of 35.0%, due to the mix and levels between United States and foreign earnings. Included in the six months ended December 31, 2016 was a benefit of $778 related to a reduction in the enacted UK statutory tax rate and an expense of $884 related to the finalization of certain audits. Excluding these discrete items, the effective tax rate for the six months ended December 31, 2016 is lower than the statutory rate primarily due to the mix of earnings. Excluding these discrete items, the effective tax rate for the three months ended December 31, 2016 is lower than the statutory rate primarily due to the mix of earnings by jurisdiction and the disproportionate earnings recorded during the three months ended December 31, 2016 as compared to the three months ended September 30, 2016. This was principally due to the debt extinguishment charges recorded in the three months ended December 31, 2016 associated with the Fifth Amendment (see Note 13). As of December 31, 2016 and June 30, 2016, the total liability for uncertain tax benefits, including accrued interest and penalties, was $1,903 and $2,106, respectively, which is included in other long-term liabilities on the accompanying condensed consolidated balance sheets. In October 2015, the Mexican Tax Authorities concluded their audit of the 2008 tax year and issued an assessment. The Company has filed an appeal with the Mexican Tax Court. The Company has been indemnified for all taxes payable and unrecognized tax positions by ASG from the prior owners. During the six months ended December 31, 2016 and 2015, cash paid for taxes was $3,270 and $8,033, respectively.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Dec. 31, 2016
Employee Benefit Plans
Employee Benefit Plans	Note 12—Employee Benefit Plans Defined Benefit Plans The Company maintains a number of defined benefit pension plans for the benefit of its employees throughout the world, which vary depending on the conditions and practices in the countries concerned. The principal defined benefit pension plan is the Field Group Pension Plan in the United Kingdom. The assets of the plan are held in an external trustee-administered fund. The Company also operates two further defined benefit pension plans in the United Kingdom (known as the Chesapeake pension plan and the GCM pension plan), as well as a number of defined benefit arrangements in France and Germany. The defined benefit pension plans in the United Kingdom are funded while the French and German plans are mainly unfunded. The benefits are based on a fixed rate of pay per year depending on the department worked in and function of the participant. Charges to expense are based upon costs computed using actuarial assumptions. For the three and six months ended December 31, 2016 and 2015, the components of total periodic benefit costs were as follows: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Components of net periodic benefit (benefit) cost: Service cost $ $ $ $ Interest cost Expected return on plan assets Net periodic (benefit) cost $ $ $ $

Indebtedness

Indebtedness	6 Months Ended
	Dec. 31, 2016
Indebtedness
Indebtedness	Note 13—Indebtedness Total borrowings outstanding are summarized as follows: As of As of December 31, 2016 June 30, 2016 Term Loans, due September 2020 Dollar Tranche A Term Loan $ $ Dollar Tranche B Term Loan Dollar Tranche C Term Loan Sterling Term Loan Euro Term Loan Term Loan, due October 2023 Dollar Tranche D Term Loan — Less: discount and issuance costs Total Term Loans, net of discount and issuance costs Notes Payable, due August 2021, net of discount and issuance costs — Other borrowings: Foreign debt Capital leases Total borrowings outstanding Less: short-term foreign borrowings and current portion of Long-term debt, less current portion $ $ On October 14, 2016, certain wholly owned subsidiaries of the Company entered into that certain Fifth Amendment to the Credit Agreement and Third Incremental Joinder by and among Multi Packaging Solutions Limited, MPS/CSK Holdings, Inc., Multi Packaging Solutions, Inc., certain other wholly owned subsidiaries of MPS, the lenders party thereto and Barclays Bank PLC in its capacities as administrative agent and collateral agent (the “Fifth Amendment”). The Fifth Amendment includes a new $220,000 U.S. Dollar tranche D term loan maturing in October 2023 (the “Incremental Term Loan”). The interest rate margin applicable to the Incremental Term Loan is 3.25% above LIBOR, subject to a 1.00% LIBOR floor. The proceeds of the Incremental Term Loan were used, in part, to redeem the outstanding $200,000 in aggregate principal amount of 8.500% Senior Notes due 2021 (the “Notes”) on October 17, 2016 at a redemption price equal to 106.375% of the outstanding principal amount of the Notes plus accrued and unpaid interest. Funds in an amount sufficient to fully pay the redemption price were deposited with the trustee for the Notes on October 14, 2016, and the Notes and related indenture were fully satisfied and discharged as of October 14, 2016. The Fifth Amendment also lowered the interest rate margin on the existing Euro tranche B term loan to 3.25% above EURIBOR and the interest rate margin on the existing British Pound Sterling tranche B term loan to 4.00% above LIBOR, in each case subject to a 1.00% EURIBOR/LIBOR floor. The maturity of each of the existing Euro tranche B term loan and British Pound Sterling tranche B term loan remains September 2020. Finally, the Fifth Amendment increased the size of Multi Packaging Solutions, Inc.’s U.S. Dollar Revolving Credit Facility to $70,000. There were no changes to the Multi Currency Revolving Credit Facility which remained at £50,000. As a result of these transactions, the Company recorded charges totaling $16,569 in the three months ended December 31, 2016. The charge represents the premium paid and the write-off of discount and issue costs upon the redemption of the Notes, and to a lesser extent, certain fees associated with the transactions. No amounts were outstanding under either of these revolving credit facilities as of December 31, 2016 or June 30, 2016. As of December 31, 2016 and June 30, 2016, the Company was in compliance with all associated covenants. The carrying amount of the Company’s borrowings approximate their fair value.

Restructuring Related Costs

Restructuring Related Costs	6 Months Ended
	Dec. 31, 2016
Restructuring Related Costs
Restructuring Related Costs	Note 14—Restructuring Related Costs The Company has announced closures of various facilities during fiscal 2017 and 2016, which include the facilities in Portsmouth, United Kingdom; Louisville, United States; Bradford, United Kingdom; Stuttgart, Germany; and Melrose Park, United States. The following is a summary of the activity with respect to the Company’s restructuring related costs, which are principally related to these items. Severance and Costs Associated with Exit Employee Related or Disposal Activities Total Balance at June 30, 2016 $ $ $ Restructuring related costs Amounts paid Other (principally foreign currency translation) — Balance at December 31, 2016 $ $ $ Severance and Costs Associated with Exit Employee Related or Disposal Activities Total Balance at June 30, 2015 $ $ $ Restructuring related costs Amounts paid Balance at December 31, 2015 $ $ $ These costs are primarily recorded in cost of goods sold in the accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015. Accrued restructuring related costs are included in other current liabilities on the condensed consolidated balance sheets. The total restructuring related costs for the six months ended December 31, 2016 were principally recorded in the Europe segment, while the total restructuring related costs for the six months ended December 31, 2015 were principally recorded in the North America segment.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2016
Commitments and Contingencies.
Commitments and Contingencies	Note 15—Commitments and Contingencies The Company participates in multiple collective bargaining agreements with various unions, which provide specified benefits to certain union employees. Approximately 7% of the Company’s employees in North America are unionized and approximately 75% of the Company’s employees in Europe are members of a union or works counsel or otherwise covered by labor agreements. The collective bargaining contract agreements with the various unions in North America are set to expire at various dates through 2017, at which time, the Company expects to negotiate a renewal of the agreements. Such agreements in Europe and Asia are continuous. The Company is involved in various proceedings, legal actions and claims arising in the normal course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. The Company records amounts for losses that are deemed to be probable and subject to reasonable estimate. The Company does not anticipate losses as a result of these proceedings that would materially affect the Company’s consolidated financial statements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2016
Related Party Transactions
Related Party Transactions	Note 16—Related Party Transactions Certain affiliates of Carlyle hold approximately $41,187 principal amount of the Company’s outstanding debt obligations under the Term Loans (see Note 13) as of December 31, 2016.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Dec. 31, 2016
Stock Based Compensation
Stock Based Compensation	Note 17—Stock Based Compensation The Company recognized compensation expense related to awards under its stock based compensation plans as follows: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Performance Based Units $ — $ $ — $ 2014 Equity Incentive Plan — — Payroll taxes relating to stock based compensation — — — — 2015 Incentive Award Plan Other Total $ $ $ $ Performance Based Units In connection with Carlyle’s acquisition of Chesapeake, certain members of Chesapeake’s management were allowed to co-invest with Carlyle in an entity controlled by Carlyle that holds an investment in the Company. At the time of the grant, those members of management that invested alongside Carlyle received a specified number of common shares, which were subject to a performance-based ratchet (the “Ratchet”). Pursuant to the Ratchet, members of management’s ownership percentage could increase based on Chesapeake completing an “Exit” that resulted in a specified return on invested capital (“MOIC”) and internal rate of return (“IRR”) for certain investors. An Exit is defined as the completion of a liquidating event, which includes the completion of an initial public offering (“IPO”). Since a liquidity event, including an IPO, is generally not probable until it occurs, no compensation cost had been recognized in the financial statements through the initial public offering date. On October 22, 2015, the Company completed its IPO ( see Note 1 ) and accordingly the performance-based units vested and the Company recognized stock based compensation expense of approximately $9,460 at that time. The expense at the time of the IPO was calculated using the IPO stock price of $13 per share on a per share equivalent basis of Carlyle shares, less a lack of marketability discount rate due to the shares not being freely tradeable by the members of management. 2014 Equity Incentive Plan (Mustang Investment Holdings L.P.) The 2014 Equity Incentive Plan (the “2014 Plan”) provides for profits interests and restricted capital interests in Mustang Investment Holdings L.P. (“Holdings”) to be granted to directors, officers and employees of the Company. Time-vesting profits interests vested twenty percent per year on each of the first five anniversaries of August 15, 2013, as per the applicable award agreement. All performance-vesting profits interests would vest based on Holdings’ principal investors obtaining various thresholds of an internal rate of return as defined in the 2014 Plan, which represents a performance condition. Since the profits interests issued under the 2014 Plan are for interests in Holdings, which is outside of the consolidated group, the value of the profits interests was marked to market at each of the Company’s reporting periods. On October 22, 2015, the Company completed its IPO and in connection with the IPO the performance-vesting profits interests vested and the Company accelerated the vesting of the time-vesting profits interest. The Company recognized compensation expense related to awards under the 2014 Plan as follows: Three Months Ended Six Months Ended December 31, 2015 December 31, 2015 Time vesting profits interests $ $ Time vesting restricted capital interests Performance-vesting profits interests Total $ $ 2014 Plan—Profits Interests Valuation The Company calculated the estimated fair value of each award as of the reporting date for each grant prior to the IPO using the Black–Scholes option valuation model. The expense at the time of the IPO was calculated using the IPO stock price of $13 per share on a per share equivalent basis of Holdings shares less a lack of marketability discount rate due to the shares not being freely tradeable. At the time of the Company’s IPO all the profits interests in Holdings were converted on an equivalent share basis. As of June 30, 2016, there are no profits interests outstanding, nor is there any unearned compensation related to unvested profits interests. 2014 Plan—Restricted Capital Interests Valuation For restricted capital interests issued under the 2014 Plan the Company calculated the estimated fair value of each award using the Black-Scholes option valuation model. The expense at the time of the IPO was calculated using the IPO stock price of $13 per share on a per share equivalent basis of Holdings shares less a lack of marketability discount rate due to the shares not being freely tradeable. At the time of the Company’s IPO all the restricted capital interests in Holdings were converted on an equivalent share basis. As of June 30, 2016, there are no restricted capital interests outstanding, nor is there any unearned compensation related to unvested restricted capital interests. 2015 Incentive Award Plan The Multi Packaging Solutions International Limited 2015 Incentive Award Plan (the “2015 Plan”) was adopted in October 2015 and provides for the grant of stock options, including incentive stock options and nonqualified stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash-based awards. All awards under the 2015 Plan are granted pursuant to award agreements, which, together with the 2015 Plan, detail the terms and conditions of the awards, including any applicable vesting, payment terms and post-termination exercise limitations. Awards may be subject to performance criteria, which are determined by the Company’s Board of Directors (or a committee thereof), and that must be achieved in order for the awards to vest and/or be settled. An aggregate of 9,000 common shares was initially made available for issuance under the 2015 Plan. A summary of the stock activity for the six months ended December 31, 2016 under the 2015 Plan is as follows: Number Weighted Average Grant Date Fair Value (per share) Non-vested as of June 30, 2016 $ Granted $ Forfeited $ Vested $ Non-vested as of December 31, 2016 $ As of December 31, 2016, $7,542 of unrecognized stock-based compensation expense related to non-vested restricted stock awards under the 2015 Incentive Award Plan is expected to be recognized over a weighted-average period of 2.6 years. In November 2016, the Company’s members approved the 2016 Incentive Award Plan (the “2016 Plan”), and since that time, no new awards may be granted under the 2015 Plan. No awards have been granted under the 2016 Plan.

Segments

Segments	6 Months Ended
	Dec. 31, 2016
Segments
Segments	Note 18—Segments The Company operates its business along three operating segments, which are grouped on the basis of geography: North America, Europe and Asia. The Company believes this method of segment reporting reflects both the way its business segments are managed and the way the performance of each segment is evaluated. The three segments consist of similar operating activities as each segment produces similar products. The Company, including its Chief Operating Decision Maker, evaluates performance based on several factors, of which the primary financial measure is Adjusted EBITDA. Adjusted EBITDA is defined as segment net income before income taxes, interest, depreciation, amortization, restructuring, transaction, stock-based compensation and certain other costs that do not relate to the segment’s ongoing operations. A reconciliation of Adjusted EBITDA to consolidated net income is provided in the tables below. Inter-segment sales and transfers, which were not material, are accounted for as if the sales or transfers were to third parties, at current market prices. Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net Sales North America $ $ $ $ Europe Asia Total Net Sales $ $ $ $ Depreciation and Amortization North America $ $ $ $ Europe Asia Total Depreciation and Amortization $ $ $ $ Operating Income North America $ $ $ $ Europe Asia Total Operating Income $ $ $ $ Adjusted EBITDA North America $ $ $ $ Europe Asia Total Adjusted EBITDA $ $ $ $ Six Months Ended December 31, 2016 2015 Capital Expenditures North America $ $ Europe Asia Total Capital Expenditures $ $ As of December 31, As of June 30, 2016 2016 Total Assets North America $ $ Europe Asia Total Assets $ $ The Company’s product offerings consist of print-based specialty packaging products across the consumer, healthcare and multi-media end markets. The Company produces similar products including labels, cartons, inserts and rigid packaging (the “Specific Products”) in all of the geographies it serves, and in all of the end markets it serves. These Specific Products represent one product line. The nature of a specific carton, label, insert or rigid package is similar from end market to end market and geography to geography. Oftentimes, the Specific Products sold to the customer are bundled, including both label and carton, or label, carton and insert or any combination thereof. The following are summaries of gross sales estimated by product category and of net sales estimated by end markets for the respective periods: Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Premium Folding Cartons $ $ $ $ Inserts Labels Rigid Packaging Other Consumer Products Total Sales Reserves and Eliminations Total Net Sales $ $ $ $ Consumer $ $ $ $ Healthcare Multi-Media Total Net Sales $ $ $ $ The following is a reconciliation of EBITDA and Adjusted EBITDA to consolidated net income. Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Consolidated net income (loss) $ $ $ $ Depreciation and amortization Interest expense Income tax expense (benefit) EBITDA Transaction costs Stock based and deferred compensation Debt extinguishment charges Purchase accounting adjustments Restructuring related costs (Gain) loss on sale of fixed assets Foreign currency (gains) losses Other adjustments to EBITDA Adjusted EBITDA $ $ $ $

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2016
Subsequent Events.
Subsequent Events	Note 19—Subsequent Events On January 23, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, WestRock Company, a Delaware corporation (“WestRock”), and WRK Merger Sub Limited, a Bermuda exempted company and a wholly owned subsidiary of WestRock (“Merger Sub”). Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into the Company (the “Merger”), pursuant to the provisions of the Companies Act 1981 of Bermuda (the “BCA”), with the Company surviving as a wholly owned subsidiary of WestRock. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each issued and outstanding common share of the Company, par value $1.00 per share (each, a “Company Share”) (other than Company Shares (i) owned by WestRock, Merger Sub or any other direct or indirect wholly owned subsidiary of WestRock, (ii) owned by the Company or its subsidiaries or (iii) held by members who do not vote in favor of the Merger and comply with all of the provisions of the BCA concerning the rights of holders of Company Shares to require appraisal of their Company Shares pursuant to Bermuda law) will be cancelled and converted into the right to receive $18.00 per Company Share in cash subject to any applicable withholding of taxes, without interest (the “Merger Consideration”). Immediately prior to the Effective Time, each restricted stock unit award of the Company that is subject to performance-based vesting conditions and each restricted stock award of the Company that is then outstanding will be cancelled and terminated and each holder will have the right to receive an amount in cash equal to (i) the number of Company Shares subject to such award multiplied by (ii) the Merger Consideration less applicable withholding taxes. Each restricted stock unit award of the Company that is not subject to performance-based vesting conditions that is outstanding immediately prior to the Effective Time will be assumed by WestRock and converted into an award of restricted stock units of WestRock after giving effect to appropriate adjustments to reflect the consummation of the Merger, as set forth in the Merger Agreement. The consummation of the Merger is conditioned, among other things, on: (i) approval and adoption of the Merger Agreement and the statutory merger agreement between the Company and Merger Sub (the “Statutory Merger Agreement”) by holders of at least three-fourths of the issued and outstanding Company Shares voting at the meeting of the members of the Company (“Company Shareholder Approval”), (ii) receipt of regulatory approvals, including the expiration or termination of the applicable waiting periods (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and antitrust notification and approvals required in non-U.S. jurisdictions, including Canada, China, the European Union, and Mexico and (iii) other customary closing conditions. The Merger Agreement generally requires each party to take all actions necessary to resolve objections under any antitrust law, except that WestRock is not required to take any Divestiture Action (as defined in the Merger Agreement) with respect to any products, services, assets, businesses or contractual arrangements of: (i) the Company and its subsidiaries, if such Divestiture Action would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, or (ii) WestRock or its subsidiaries. The Company or WestRock may terminate the Merger Agreement if the Merger is not consummated by October 23, 2017 (the “End Date”), which date may be extended to January 23, 2018 under certain circumstances described in the Merger Agreement. The Merger Agreement includes customary representations, warranties and covenants of the Company, WestRock, and Merger Sub. The Company has agreed to operate its business in the ordinary course between the execution of the Merger Agreement and the Effective Time. The Company has also agreed not to solicit or initiate discussions with third parties regarding other proposals to acquire the Company and to certain restrictions on its ability to respond to any such proposals, subject to a customary “fiduciary out” provision that allows the Company under certain circumstances to provide information to and participate in discussions with third parties with respect to unsolicited alternative acquisition proposals that the board of directors of the Company (the “Board”) has determined in good faith, after consultation with its financial advisor and outside legal counsel, constitutes or is reasonably expected to lead to a “Superior Proposal” (as such term is defined in the Merger Agreement). The Merger Agreement also includes customary termination provisions for both the Company and WestRock, subject, in certain circumstances, to the payment by the Company of a termination fee of $42.4 million (the “Termination Fee”). Circumstances in which the Termination Fee would be required to be paid include if the Merger Agreement is terminated (i) by WestRock, following a change of recommendation in favor of the Merger by the Board, (ii) by the Company in order to enter into an acquisition agreement related to a Superior Proposal or (iii) (x) on or following the End Date, or (y) if Shareholder Approval has not been obtained, after an alternative acquisition proposal has been publicly made, and within 12 months following such termination the Company enters into a alternative acquisition agreement or an alternative acquisition is consummated; provided, however, that the Termination Fee would not be payable pursuant to clause (iii)(y) above if any alternative acquisition proposal made prior to the termination date was withdrawn at least five business days prior to the Company’s shareholder meeting and any alternative acquisition agreement entered into, or alternative transaction consummated, by the Company within 12 months of the termination date is not with a Specified Person (as defined in the Merger Agreement). The Board has (i) approved the execution, delivery and performance of the Merger Agreement and the Statutory Merger Agreement, (ii) determined that entering into the Merger Agreement and the Statutory Merger Agreement is in the best interests of the Company and its members, (iii) declared the Merger Agreement advisable and (iv) resolved to recommend approval of the Merger, the Merger Agreement and the Statutory Merger Agreement to the Company’s members.

Basis of Presentation - Summary

Basis of Presentation - Summary of Significant Accounting (Policies)	6 Months Ended
	Dec. 31, 2016
Basis of Presentation
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements as of December 31, 2016 and for the three and six months ended December 31, 2016 and 2015 have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2016 and the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended December 31, 2016 and 2015 and the statements of cash flows for the six months ended December 31, 2016 and 2015 and statement of shareholders’ equity for the six months ended December 31, 2016 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the consolidated financial position, operating results and cash flows for the periods presented. The results for the three and six months ended December 31, 2016 are not necessarily indicative of results to be expected for the fiscal year ending June 30, 2017 or for any future interim period. The condensed consolidated balance sheet at June 30, 2016 has been derived from the audited consolidated financial statements of the Company. However, the interim financial information does not include all of the information and notes required by GAAP for complete consolidated financial statements. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements for the fiscal year June 30, 2016, and notes thereto included in the Company’s Annual Report on Form 10-K.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Multi Packaging Solutions International Limited and its controlled subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In September 2016, the Company acquired a portion of the remaining noncontrolling interest in one of its subsidiaries, MPS Denver, LLC (“Denver”) for a nominal amount. The transaction was accounted for as an acquisition of noncontrolling interest and included in the statement of stockholders’ equity. As of December 31, 2016, the Company owns 80% of the outstanding ownership interests in Denver.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU No. 2016-15 provides guidance on eight specific cash flow issues. The amendments in this update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted provided all of the amendments are adopted in the same period, and if adopted in an interim period, any adjustments should be reflected as of the beginning of that annual period. The Company elected to early adopt the provisions of ASU No. 2016-15 during the second fiscal quarter. The adoption of the new guidance did not materially impact the Company’s consolidated statements of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) . ASU No. 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within such annual period. Early adoption is permitted, however all of the guidance must be adopted in the same period under the transition requirements. The Company elected to early adopt the provisions of ASU No. 2016-09 as of July 1, 2016, which is the beginning of the current fiscal year. The adoption of the new guidance did not materially impact the Company’s consolidated financial position or results of operations. The Company elected to account for forfeitures when they occur. Recently Issued Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . ASU No. 2016-16 eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. The amendments in this update are effective for annual periods beginning after December 15, 2017, and interim periods within such annual period. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements have not been issued. The Company expects to adopt this guidance as of July 1, 2017 (beginning of fiscal year 2018). The adoption of the provisions of ASU No. 2016-16 is not expected to have a material impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. The amendments in this update are effective for annual periods beginning after December 15, 2019, and interim periods within such annual period. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such year. The Company is currently evaluating the potential impacts of adopting the provisions of ASU No. 2016-13. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . ASU No. 2016-02 requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity’s leasing arrangements. Lease expenses will be recognized in the income statement in a manner similar to existing requirements. The amendments in this update are effective for annual periods beginning after December 15, 2018, and interim periods within such annual period, and must be adopted using a modified retrospective method for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-02. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2015-11 requires inventory measured using any method other than last-in, first out or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. ASU No. 2015-11 is effective for annual reporting periods beginning after December 15, 2016 and for interim periods within such annual period. Early application is permitted. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2015-11. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Additionally, in May 2016, the FASB issued ASU 2016-12, Revenue from contracts with customers (Topic 606): Narrow-scope improvements and practical expedients , which contains certain provisions and practical expedients in response to identified implementation issues. The guidance is effective for annual reporting periods beginning after December 15, 2017 and for interim periods within such annual period, with early application prohibited for annual reporting periods beginning after December 15, 2016. Either full retrospective or modified retrospective adoption is permitted. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2016
Earnings Per Share
Earnings (Loss) Per Share Computation	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Numerator: Net income available to common $ $ $ $ Denominator: Weighted average number of Effect of unvested restricted stock and restricted stock units * — — — — Weighted average number of Basic earnings per common share $ $ $ $ Dilutive earnings per common share $ $ $ $ * The effect of unvested restricted stock and restricted stock units for the three and six months ended December 31, 2016 was not material.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2016
Acquisitions
Preliminary Purchase Price Allocation to Assets Acquired and Liabilities Assumed	i3 AJS Total Purchase Price: Cash paid, net of cash acquired $ $ $ Equity issued — Fair value of contingent consideration — Total investment: $ $ $ Allocation: Current assets $ $ $ Property, plant and equipment Identifiable intangible assets Deferred taxes — Assumed liabilities Goodwill $ $ $

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2016
Inventories
Inventories	As of As of December 31, 2016 June 30, 2016 Raw materials $ $ Work in progress Finished goods $ $

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2016
Intangible Assets
Intangible Assets	Gross Carrying Accumulated Weighted Average As of December 31, 2016 Amount Amortization Net Useful Life (Years) Customer relationships $ $ $ 20 Developed technology 5 Photo library 5 Licensing agreements 20 Total $ $ $ Gross Carrying Accumulated Weighted Average As of June 30, 2016 Amount Amortization Net Useful Life (Years) Customer relationships $ $ $ 20 Developed technology 5 Photo library 5 Licensing agreements 20 Total $ $ $
Schedule of Amortization expense included in selling, general and administrative expenses	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Amortization of intangible assets $ $ $ $

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Dec. 31, 2016
Goodwill.
Summary of Changes in Carrying Value of Goodwill by Reportable Segment	North America Europe Asia Total Balance as of June 30, 2016 $ $ $ $ Acquisition activity — Translation adjustments — Balance as of December 31, 2016 $ $ $ $

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2016
Fair Value of Financial Instruments
Financial Assets and Liabilities Carried at Fair Value on Recurring Basis	As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Available for sale securities $ $ — $ — $ Liabilities: Interest rate swaps — — Contingent consideration — — As of June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Available for sale securities $ $ — $ — $ Foreign currency contracts — — Liabilities: Interest rate swaps — — Foreign currency contracts — — Contingent consideration — —

Other Income (Expense), net (Ta

Other Income (Expense), net (Tables)	6 Months Ended
	Dec. 31, 2016
Other Income (Expense), net
Schedule of Other income (expense), Net	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Gain (loss) on derivatives $ $ $ $ Foreign currency gains (losses) Other — — Other income (expense), net $ $ $ $

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss).
Change in Accumulated Other Comprehensive Income (Loss)	Foreign Currency Translation Adjustments and Available for Pension other Sale Securities Adjustments Total Balance as of June 30, 2016 $ $ $ $ Other comprehensive income (loss) (a) Balance as of December 31, 2016 $ $ $ $ (a) Includes $2,260 of unrealized foreign currency gains related to intercompany foreign currency transactions that are of a long-term investment nature and a net investment hedge. Foreign Currency Translation Available for Pension Adjustments Sale Securities Adjustments Total Balance as of June 30, 2015 $ $ $ $ Other comprehensive income (loss) Other comprehensive income from noncontrolling interest due to the purchase of CD Cartondruck GmbH — — Balance as of December 31, 2015 $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Dec. 31, 2016
Income Taxes
Reconciliations of Expected Income Taxes	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Effective tax rate provision (benefit) % % % %

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Dec. 31, 2016
Employee Benefit Plans
Net Periodic Benefit Cost	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Components of net periodic benefit (benefit) cost: Service cost $ $ $ $ Interest cost Expected return on plan assets Net periodic (benefit) cost $ $ $ $

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Dec. 31, 2016
Indebtedness
Total Borrowings Outstanding	As of As of December 31, 2016 June 30, 2016 Term Loans, due September 2020 Dollar Tranche A Term Loan $ $ Dollar Tranche B Term Loan Dollar Tranche C Term Loan Sterling Term Loan Euro Term Loan Term Loan, due October 2023 Dollar Tranche D Term Loan — Less: discount and issuance costs Total Term Loans, net of discount and issuance costs Notes Payable, due August 2021, net of discount and issuance costs — Other borrowings: Foreign debt Capital leases Total borrowings outstanding Less: short-term foreign borrowings and current portion of Long-term debt, less current portion $ $

Restructuring Related Costs (Ta

Restructuring Related Costs (Tables)	6 Months Ended
	Dec. 31, 2016
Restructuring Related Costs
Summary of Activity with Respect to Reserve Established in Connection with Restructuring Plan	Severance and Costs Associated with Exit Employee Related or Disposal Activities Total Balance at June 30, 2016 $ $ $ Restructuring related costs Amounts paid Other (principally foreign currency translation) — Balance at December 31, 2016 $ $ $ Severance and Costs Associated with Exit Employee Related or Disposal Activities Total Balance at June 30, 2015 $ $ $ Restructuring related costs Amounts paid Balance at December 31, 2015 $ $ $

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2016
Stock Based Compensation
Compensation Expense Related to Awards Under Stock Option Plans	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Performance Based Units $ — $ $ — $ 2014 Equity Incentive Plan — — Payroll taxes relating to stock based compensation — — — — 2015 Incentive Award Plan Other Total $ $ $ $
Compensation Expense Related to Awards	Three Months Ended Six Months Ended December 31, 2015 December 31, 2015 Time vesting profits interests $ $ Time vesting restricted capital interests Performance-vesting profits interests Total $ $
Schedule of Nonvested Restricted Stock And Restricted Stock Unit Activity	Number Weighted Average Grant Date Fair Value (per share) Non-vested as of June 30, 2016 $ Granted $ Forfeited $ Vested $ Non-vested as of December 31, 2016 $

Segments (Tables)

Segments (Tables)	6 Months Ended
	Dec. 31, 2016
Segments
Schedule of Segment Reporting Information, by Segment	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Net Sales North America $ $ $ $ Europe Asia Total Net Sales $ $ $ $ Depreciation and Amortization North America $ $ $ $ Europe Asia Total Depreciation and Amortization $ $ $ $ Operating Income North America $ $ $ $ Europe Asia Total Operating Income $ $ $ $ Adjusted EBITDA North America $ $ $ $ Europe Asia Total Adjusted EBITDA $ $ $ $
Schedule of Capital Expenditure By Segment	Six Months Ended December 31, 2016 2015 Capital Expenditures North America $ $ Europe Asia Total Capital Expenditures $ $
Reconciliation of Assets from Segment to Consolidated	As of December 31, As of June 30, 2016 2016 Total Assets North America $ $ Europe Asia Total Assets $ $
Revenue from External Customers by Products and Services	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Premium Folding Cartons $ $ $ $ Inserts Labels Rigid Packaging Other Consumer Products Total Sales Reserves and Eliminations Total Net Sales $ $ $ $ Consumer $ $ $ $ Healthcare Multi-Media Total Net Sales $ $ $ $
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Three Months Ended Six Months Ended December 31, December 31, 2016 2015 2016 2015 Consolidated net income (loss) $ $ $ $ Depreciation and amortization Interest expense Income tax expense (benefit) EBITDA Transaction costs Stock based and deferred compensation Debt extinguishment charges Purchase accounting adjustments Restructuring related costs (Gain) loss on sale of fixed assets Foreign currency (gains) losses Other adjustments to EBITDA Adjusted EBITDA $ $ $ $

Nature of Business - Additional

Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 08, 2016shares	Oct. 22, 2015USD ($)$ / sharesshares	Oct. 08, 2015	Dec. 31, 2016$ / shares	Jun. 30, 2016$ / shares	Oct. 07, 2015£ / shares	Oct. 07, 2015$ / shares
Nature Of Business
Contributed capital, par | $ / shares				$ 1	$ 1
Reverse stock split, ratio			0.197
Initial Public Offering
Nature Of Business
Initial public offering share of common stock issued		16,500,000
Common stock issued price per share | $ / shares		$ 13
Common shares sold by Carlyle and certain current and former employees		1,000,000
Number of shares of common stock attributable to exercise of underwriters option to purchase		2,475,000
Proceeds from issuance of common stock | $		$ 186,424
Extinguishment of Debt, Amount | $		182,414
Offering costs | $		$ 7,024
Secondary Offering
Nature Of Business
Number of shares of common stock attributable to exercise of underwriters option to purchase	1,500,000
Multi Packaging Solutions Global Holdings Limited
Nature Of Business
Ownership interest percentage						100.00%	100.00%
Contributed capital, par | (per share)						£ 1	$ 1
Madison Dearborn Partners Llc And Carlyle Group [Member] | Secondary Offering
Nature Of Business
Common shares sold by Carlyle and certain current and former employees	10,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share
Net income available to common	$ (1,125)	$ (7,917)	$ 12,124	$ 5,090
Weighted average number of common shares outstanding—basic	77,604	73,826	77,528	67,817
Weighted Average Number of Shares Outstanding, Diluted, Total	77,604	73,826	77,528	67,817
Basic earnings per common share	$ (0.01)	$ (0.11)	$ 0.16	$ 0.08
Dilutive earnings per common share	$ (0.01)	$ (0.11)	$ 0.16	$ 0.08

Acquisitions - (Details)

Acquisitions - (Details) £ in Thousands, shares in Thousands, $ in Thousands	Nov. 04, 2016USD ($)shares	Oct. 14, 2016GBP (£)	Oct. 14, 2016USD ($)	Jul. 01, 2015GBP (£)	Jul. 01, 2015USD ($)	Jan. 26, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jul. 01, 2015USD ($)
Business Acquisition
Cash paid, net of cash acquired							$ 28,273	$ 2,496
Allocation:
Goodwill							474,595		$ 464,714
Identifiable intangible assets							312,429		340,858
Estimated fair value of contingent consideration										$ 1,156
Customer Relationships
Allocation:
Identifiable intangible assets							$ 296,373		327,965
Useful life							13 years
Developed technology
Allocation:
Identifiable intangible assets							$ 12,970		$ 9,490
Useful life							10 years
Chicago Paper Tube
Business Acquisition
Cash paid, net of cash acquired						$ 8,189
Blue Print Media Limited
Business Acquisition
Cash paid, net of cash acquired				£ 1,587	$ 2,496
Allocation:
Additional consideration				£ 1,000	$ 1,224
Consideration of the acquired businesses EBITDA				25.00%	25.00%
Business acquisition earn out achieved Period				3 years	3 years
Estimated fair value of contingent consideration | £				£ 944
I3 Plastic Cards And Ajs Group Limited
Business Acquisition
Cash paid, net of cash acquired							$ 28,273
Equity issued							3,000
Fair value of contingent consideration							5,000
Total investment:							36,273
Allocation:
Current assets							5,614
Property, plant and equipment							5,478
Identifiable intangible assets							10,790
Deferred taxes							(1,020)
Assumed liabilities							(5,940)
Goodwill							21,351
Purchase price allocation							36,273
I3 Plastic Cards And Ajs Group Limited | Customer Relationships
Allocation:
Identifiable intangible assets							4,790
I3 Plastic Cards And Ajs Group Limited | Developed technology
Allocation:
Identifiable intangible assets							$ 6,000
I 3 Plastic Cards
Business Acquisition
Number of shares issued or issuable | shares	226,244
Additional contingent consideration, low	$ 0
Additional contingent consideration, high	13,800
Cash paid, net of cash acquired	14,360
Equity issued	3,000
Fair value of contingent consideration	5,000
Total investment:	22,360
Allocation:
Current assets	1,835
Property, plant and equipment	3,090
Identifiable intangible assets	6,000
Assumed liabilities	(4,030)
Goodwill	15,465
Purchase price allocation	22,360
Business acquisition minimum additional payment based on cumulative earnings before interest, taxes, depreciation and amortization	0
Business acquisition maximum additional payment based on cumulative earnings before interest, taxes, depreciation and amortization	$ 13,800
AJS Group Limited
Business Acquisition
Cash paid, net of cash acquired		£ 11,414	$ 13,913
Total investment:			13,913
Allocation:
Current assets			3,779
Property, plant and equipment			2,388
Identifiable intangible assets			4,790
Deferred taxes			(1,020)
Assumed liabilities			(1,910)
Goodwill			5,886
Purchase price allocation			$ 13,913

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Inventories
Raw materials	$ 52,815	$ 52,964
Work in progress	26,184	28,806
Finished goods	76,878	83,847
Inventories	$ 155,877	$ 165,617

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 473,019	$ 464,559
Accumulated Amortization	(132,161)	(152,130)
Net	340,858	312,429
Customer Relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	450,505	437,525
Accumulated Amortization	(122,540)	(141,152)
Net	$ 327,965	296,373
Estimated Useful Life (Years)	20 years
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 17,746	22,282
Accumulated Amortization	(8,256)	(9,312)
Net	$ 9,490	12,970
Estimated Useful Life (Years)	5 years
Photo library
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,396	1,470
Accumulated Amortization	(667)	(809)
Net	$ 729	661
Estimated Useful Life (Years)	5 years
Licensing Agreements
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 3,372	3,282
Accumulated Amortization	(698)	(857)
Net	$ 2,674	$ 2,425
Estimated Useful Life (Years)	20 years

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Selling, general and administrative
Finite-Lived Intangible Assets
Amortization of Intangible Assets, Total	$ 12,506	$ 14,044	$ 25,218	$ 28,108

Goodwill - Summary of Changes i

Goodwill - Summary of Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)
Goodwill
Balance at Beginning of the period	$ 464,714
Acquisition activity	21,351
Translation adjustments	(11,470)
Balance at end of the period	474,595
North America
Goodwill
Balance at Beginning of the period	258,081
Acquisition activity	15,465
Balance at end of the period	273,546
Europe
Goodwill
Balance at Beginning of the period	205,804
Acquisition activity	5,886
Translation adjustments	(11,463)
Balance at end of the period	200,227
Asia
Goodwill
Balance at Beginning of the period	829
Translation adjustments	(7)
Balance at end of the period	$ 822

Fair Value of Financial Instr48

Fair Value of Financial Instruments - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Assets:
Available for sale securities	$ 248	$ 261
Foreign currency contracts		435
Liabilities:
Foreign currency contracts		323
Contingent consideration	6,156	1,265
Fair Value, Inputs, Level 1
Assets:
Available for sale securities	248	261
Fair Value, Inputs, Level 2
Assets:
Foreign currency contracts		435
Liabilities:
Foreign currency contracts		323
Fair Value, Inputs, Level 3
Liabilities:
Contingent consideration	6,156	1,265
Interest Rate Swaps
Liabilities:
Interest rate swaps	2,121	3,573
Interest Rate Swaps | Fair Value, Inputs, Level 2
Liabilities:
Interest rate swaps	$ 2,121	$ 3,573

Fair Value of Financial Instr49

Fair Value of Financial Instruments - Additional Information (Details) € in Thousands, £ in Thousands	Dec. 31, 2016EUR (€)derivative	Dec. 31, 2016GBP (£)derivative	Jun. 30, 2016EUR (€)	Jun. 30, 2016GBP (£)
Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of derivative instruments | derivative	2	2
Interest rate swaps One
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, notional amount | £		£ 84,173		£ 84,608
Derivative instruments, fixed interest rate	1.1649%	1.1649%
Interest rate swaps Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments, notional amount | €	€ 97,034		€ 97,786
Derivative instruments, fixed interest rate	1.0139%	1.0139%

Other Income (Expense), net (De

Other Income (Expense), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Other Income (Expense), net
Gain (loss) on derivatives	$ 695	$ 572	$ 1,192	$ (183)
Foreign currency gains (losses)	2,275	(463)	4,715	(3,340)
Other		(9)		(12)
Other (expense) Income, net	$ 2,970	$ 100	$ 5,907	$ (3,535)

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ (63,290)	$ (13,287)
Other comprehensive income (loss)	(37,773)	(20,140)
Ending balance	(101,063)	(33,439)
CD Cartondruck GmBH
Accumulated Other Comprehensive Income (Loss)
Other omprehensive income from noncontrolling interest due to the purchase of CD Cartondruck GmBH		(12)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(77,428)	(33,045)
Other comprehensive income (loss)	(36,497)	(21,572)
Ending balance	(113,925)	(54,629)
Foreign Currency Translation Adjustments | CD Cartondruck GmBH
Accumulated Other Comprehensive Income (Loss)
Other omprehensive income from noncontrolling interest due to the purchase of CD Cartondruck GmBH		(12)
Available for Sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	32	15
Other comprehensive income (loss)	(12)	(22)
Ending balance	20	(7)
Pension Adjustments
Accumulated Other Comprehensive Income (Loss)
Beginning balance	14,106	19,743
Other comprehensive income (loss)	(1,264)	1,454
Ending balance	$ 12,842	$ 21,197

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)
Uncategorized [Abstract]
Foreign Currency Transaction Gain (Loss), Unrealized, Intercompany transactions	$ 2,260
Amounts reclassified from accumulated other comprehensive income	$ 0

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Benefit due to reduction in enacted UK statutory tax rate			$ 778
Expense due to finalization of certain audits			884
Income Tax Expense (Benefit)	$ (57)	$ (4,656)	$ 3,095	$ 575
Effective tax rate provision (benefit)	(3.60%)	(36.80%)	21.40%	10.20%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Income Taxes
Percentage of difference between effective tax rate and federal statutory income tax rate	35.00%
Total liability for uncertain tax benefits	$ 1,903		$ 2,106
Cash paid for taxes	$ 3,270	$ 8,033
MEXICO
Income Taxes
Year under tax audit	2,008

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Benefit Costs (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Components of net periodic benefit costs:
Service cost	$ 845	$ 1,043	$ 1,737	$ 1,941
Interest cost	3,716	4,534	7,640	10,582
Expected return on plan assets	(4,760)	(5,764)	(9,786)	(12,570)
Net periodic cost (benefit)	$ (199)	$ (187)	$ (409)	$ (47)

Indebtedness - Total Borrowings

Indebtedness - Total Borrowings Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Debt Instrument
Less: discount and issuance costs	$ (15,737)	$ (12,868)
Total Term Loans, net of discount and issuance costs	(886,763)	(708,238)
Short-term foreign borrowings	8,385	7,307
Foreign debt	1,355	2,137
Capital Lease	241	705
Total borrowings outstanding	888,359	907,823
Long-term debt, less current portion	879,974	900,516
Dollar Tranche A Term Loan, Due September 2020
Debt Instrument
Total Term Loans, net of discount and issuance costs	(92,703)	(94,851)
Dollar Tranche B Term Loans, Due September 2020
Debt Instrument
Total Term Loans, net of discount and issuance costs	(250,111)	(255,909)
Dollar Tranche C Term Loans, Due September 2020
Debt Instrument
Total Term Loans, net of discount and issuance costs	(102,842)	(105,223)
Sterling Term Loan, Due September 2020
Debt Instrument
Total Term Loans, net of discount and issuance costs	(105,710)	(118,379)
Euro Term Loan, Due September 2020
Debt Instrument
Total Term Loans, net of discount and issuance costs	(135,262)	(146,744)
Dollar Tranche D Term Loans Due October 2023 [Member]
Debt Instrument
Total Term Loans, net of discount and issuance costs	$ (215,872)
Notes Payable, Due August 2021
Debt Instrument
Total Term Loans, net of discount and issuance costs		$ (196,743)

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) £ in Thousands, $ in Thousands	Oct. 17, 2016USD ($)	Oct. 14, 2016GBP (£)	Oct. 22, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 14, 2016USD ($)	Jun. 30, 2016USD ($)
Debt Instrument
Short term borrowing, outstanding				$ 8,385		$ 8,385			$ 7,307
Amount outstanding				888,359		888,359			907,823
Loss on extinguishment of debt				(16,569)	$ (3,867)	(16,569)	$ (3,867)
Initial Public Offering
Debt Instrument
Extinguished debt			$ 182,414
London Interbank Offered Rate (LIBOR)
Debt Instrument
Debt, variable rate spread		3.25%
Euribor Future
Debt Instrument
Debt, variable rate spread		3.25%
Fifth Amendment
Debt Instrument
Debt extinguishment charges				16,569,000
Incremental Term Loan
Debt Instrument
Debt issued, principal amount								$ 220,000
Debt, variable rate spread		4.00%
Incremental Term Loan | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument
Debt, variable rate spread		1.00%
Incremental Term Loan | Euribor Future | Minimum
Debt Instrument
Debt, variable rate spread		1.00%
Notes
Debt Instrument
Debt issued, interest rate	8.50%
Extinguished debt	$ 200,000
Redemption price (as a percent)	106.375%
U S Revolving Loans
Debt Instrument
Revolving credit facility								$ 70,000
Amount outstanding				0		0			0
Multi Currency Revolving Credit Facility
Debt Instrument
Revolving credit facility | £		£ 50,000
Amount outstanding				$ 0		$ 0			$ 0

Restructuring Related Costs- Su

Restructuring Related Costs- Summary of Activity with Respect to Reserve Established in Connection with Restructuring Plan (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve
Beginning balance	$ 3,775	$ 1,032
Restructuring related costs	6,653	3,576
Amounts paid	(3,588)	(2,572)
Other (principally foreign currency translation)	(391)
Ending balance	6,449	2,036
Severance and Employee Related
Restructuring Cost and Reserve
Beginning balance	3,476	256
Restructuring related costs	6,467	1,843
Amounts paid	(3,117)	(1,234)
Other (principally foreign currency translation)	(391)
Ending balance	6,435	865
Buildings and Related Costs
Restructuring Cost and Reserve
Beginning balance	299	776
Restructuring related costs	186	1,733
Amounts paid	(471)	(1,338)
Ending balance	$ 14	$ 1,171

Commitments and Contingencies (

Commitments and Contingencies (Details) - Unionized Employees Concentration Risk	6 Months Ended
	Dec. 31, 2016
North America
Concentration Risk, Percentage	7.00%
Europe
Concentration Risk, Percentage	75.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Dec. 31, 2016USD ($)
Carlyle Group ("Carlyle")
Related Party Transaction
Debt issued, principal amount	$ 41,187

Stock Based Compensation - Comp

Stock Based Compensation - Compensation Expense Related to Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
2014 Equity Incentive Plan			$ 1,246	$ 25,962
Payroll taxes relating to stock based compensation		$ 723		723
Share-based Compensation, Total		26,949		26,535
Other	$ 264	133	288	275
Total	1,225	27,232	1,534	26,960
Total			1,246	25,962
Performance Based Units
Share-based Compensation Arrangement by Share-based Payment Award
Performance Based Units		9,460		9,460
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
2014 Equity Incentive Plan		16,766		16,352
Time vesting profits interests		5,844		5,569
Time vesting restricted capital interests		3,549		3,410
Performance-vesting profits interests		7,373		7,373
Total		16,766		16,352
2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award
2015 Incentive Award Plan	$ 961	$ 150	$ 1,246	$ 150

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Oct. 27, 2015	Oct. 22, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation		$ 26,949		$ 26,535
Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award
Issue price per share						$ 13
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period			5 years
2014 Equity Incentive Plan | Share-based Compensation Award, 1st Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights, percentage			20.00%
2014 Equity Incentive Plan | Share-based Compensation Award, 2nd Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights, percentage			20.00%
2014 Equity Incentive Plan | Share-based Compensation Award, 3rd Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights, percentage			20.00%
2014 Equity Incentive Plan | Share-based Compensation Award, 4th Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights, percentage			20.00%
2014 Equity Incentive Plan | Share-based Compensation Award, 5th Anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights, percentage			20.00%
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate common shares initially available for issuance	9,000,000		9,000,000
Shares
Granted (in shares)	0
2016 Plan
Shares
Granted (in shares)	0
Time vesting profit interests | 2014 Equity Incentive Plan | Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award
Issue price per share	$ 13		$ 13
Restricted Stock Units (RSUs) | 2014 Equity Incentive Plan | Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award
Issue price per share	$ 13		$ 13
Restricted Stock Units (RSUs) | 2015 Plan
Shares
Beginning balance (in shares)			171,854
Granted (in shares)			482,358
Forfeited (in shares)			(9,000)
Vested (in shares)			(16,248)
Ending balance (in shares)	628,964		628,964
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per shares)			$ 13.41
Granted (in dollars per shares)			13.72
Forfeited (in dollars per share)			13.72
Vested (in dollars per share)			13.85
Ending balance (in dollars per share)	$ 13.48		$ 13.48
Weighted-average period of recognition of stock-based compensation expense			2 years 7 months 6 days
Restricted Stock Units (RSUs) | 2015 Plan | Stock based and deferred compensation expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation			$ 7,542
Performance Based Units | Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation			$ 9,460
Issue price per share					$ 13

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
	Dec. 31, 2016segment
Segments
Number of operating segments	3

Segments - Information (Details

Segments - Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Segment Reporting Information
Net sales	$ 386,126	$ 429,357	$ 793,951	$ 888,408
Depreciation and Amortization	28,702	32,727	58,143	66,038
Operating Income (Loss)	24,915	7,123	52,641	47,802
Adjusted EBITDA	57,541	69,406	117,597	146,602
Capital Expenditures			26,047	24,507
Assets	1,649,872		1,649,872		$ 1,707,590
North America
Segment Reporting Information
Net sales	181,409	201,445	370,709	416,977
Depreciation and Amortization	14,428	15,080	28,639	30,570
Operating Income (Loss)	9,085	(5,045)	18,812	9,297
Adjusted EBITDA	26,131	29,539	51,428	61,801
Capital Expenditures			10,165	7,904
Assets	755,813		755,813		754,418
Europe
Segment Reporting Information
Net sales	181,107	200,971	376,780	422,384
Depreciation and Amortization	13,422	16,315	27,691	33,373
Operating Income (Loss)	11,523	7,320	27,638	30,543
Adjusted EBITDA	26,268	33,569	58,094	74,360
Capital Expenditures			14,844	12,117
Assets	822,506		822,506		883,361
Asia
Segment Reporting Information
Net sales	23,610	26,941	46,462	49,047
Depreciation and Amortization	852	1,332	1,813	2,095
Operating Income (Loss)	4,307	4,848	6,191	7,962
Adjusted EBITDA	5,142	$ 6,298	8,075	10,441
Capital Expenditures			1,038	$ 4,486
Assets	$ 71,553		$ 71,553		$ 69,811

Segments - Summary of Gross Sal

Segments - Summary of Gross Sales Estimated by Product category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenue from External Customer
Gross sales	$ 415,392	$ 459,937	$ 850,479	$ 953,676
Sales Reserves and Eliminations	(29,266)	(30,580)	(56,528)	(65,268)
Total Net Sales	386,126	429,357	793,951	888,408
Premium Folding Cartons
Revenue from External Customer
Gross sales	252,412	277,915	521,628	584,877
Inserts
Revenue from External Customer
Gross sales	55,265	61,673	116,241	127,087
Labels
Revenue from External Customer
Gross sales	34,786	31,963	68,041	65,649
Rigid Packaging
Revenue from External Customer
Gross sales	28,006	31,581	60,243	65,923
Other Consumer Products
Revenue from External Customer
Gross sales	$ 44,923	$ 56,805	$ 84,326	$ 110,140

Segments - Summary of Net Sales

Segments - Summary of Net Sales Estimated by End Markets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenue, Major Customer
Total Net Sales	$ 386,126	$ 429,357	$ 793,951	$ 888,408
Consumer Business
Revenue, Major Customer
Total Net Sales	201,789	226,749	407,962	460,086
Healthcare
Revenue, Major Customer
Total Net Sales	144,534	150,054	298,311	307,813
Multi - Media
Revenue, Major Customer
Total Net Sales	$ 39,803	$ 52,554	$ 87,678	$ 120,509

Segments - Adjusted EBITDA (Det

Segments - Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Segments
Consolidated net income (loss)	$ (1,530)	$ (8,004)	$ 11,339	$ 5,080
Depreciation and Amortization	28,702	32,727	58,143	66,038
Interest expense	12,903	16,016	27,545	34,745
Income tax expense (benefit)	(57)	(4,656)	3,095	575
EBITDA	40,018	36,083	100,122	106,438
Transaction costs	538	2,064	822	2,414
Stock based and deferred compensation	1,225	27,232	1,534	26,960
Debt extinguishment charges	16,569	3,867	16,569	3,867
Purchase accounting adjustments	122	292	350	623
Restructuring related costs	3,785	750	6,653	3,576
(Gain) loss on sale of fixed assets	(1,090)	168	(983)	362
Foreign currency (gains) losses	(2,275)	473	(4,715)	3,340
Other adjustments to EBITDA	(1,351)	(1,523)	(2,755)	(978)
Adjusted EBITDA	$ 57,541	$ 69,406	$ 117,597	$ 146,602

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Jan. 23, 2017USD ($)$ / shares	Dec. 31, 2016$ / shares	Jun. 30, 2016$ / shares
Contributed capital, par		$ 1	$ 1
Subsequent Event | Merger Sub
Merger consideration share prices	$ 18
Termination fee | $	$ 42.4
Subsequent Event | Merger Sub | Minimum
Statutory Merger Agreement	0.75
Acquisition proposal made prior to the termination date	5 days