IPG completes buyout of Polyair Inter Pack

MONTREAL & SARASOTA, Fla. — Intertape Polymer Group Inc. has closed its acquisition of 100% of the outstanding equity value in Polyair Inter Pack Inc., a supplier of protective packaging with headquarters in Toronto, Ontario and Chicago. The deal is valued at about US$146 million, subject to certain purchase price adjustments. IPG estimates Polyair will generate approximately $20 to $22 million in adjusted EBITDA by 2021, which includes synergies and organic growth driven primarily by its e-commerce business channel.