Paul (Noûs 36:578–596, 2002; Noûs 40:623–659, 2006, The Handbook of Mereology, forthcoming) has argued for a bundle theory of objects that analyzes the bundling relation between properties and objects in terms of parthood relations. In this paper I argue that any mereological bundle theory with the explanatory power of Paul’s theory will entail the principle of the identity of indiscernibles (PII). This is problematic, since similar bundle theories seem to fall to Max Black’s two sphere counterexample to (PII). I argue, however, that a fully developed mereological bundle theory provides a new way of interpreting Black’s two sphere universe that dispels the counterexample. I argue that this solution to Black’s puzzle is superior to other solutions on offer, and consequently that mereological bundle theory is an attractive ontological strategy for friends of (PII).