Intertape to use credit facility borrowings for Polyair acquisition

By Sarah Lizee

Olympia, Wash., July 18 – Intertape Polymer Group Inc. plans to use borrowings under its $600 million credit facility to fund its acquisition of Polyair Inter Pack Inc., according to a press release.

The company said on Wednesday that it entered into a definitive agreement to acquire 100% of the outstanding equity value in Polyair for total cash consideration of about $146 million, subject to some closing and post-closing adjustments.

The acquisition is expected to close in the third quarter of 2018, pending antitrust regulatory approval.

No cash or debt will be acquired in the transaction, the company said.

Intertape Polymer is a developer and manufacturer of specialized polyolefin plastic and paper-based packaging products and complementary packaging systems for industrial and retail use. The company has headquarters in Montreal and Sarasota, Fla. Polyair manufactures protective packaging and has headquarters in Toronto, Ontario and Chicago.

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