IPL to be sold to Novacap, Fonds de solidarite for $94.2 million
Canadian Plastics
Economy Plastics Processes Extrusion: Machinery & Equipment Injection Molding: Machinery & Equipment Plastics Industry Economic Changes/ForecastQuebec injection molder and extruder IPL Inc. will be purchased by private equity firm Novacap and Quebec pr...
Quebec injection molder and extruder IPL Inc. will be purchased by private equity firm Novacap and Quebec provincial capital investment fund Fonds de solidarite FTQ for $94.2 million.
The two made the sole bid for IPL after a nine-month strategic review, IPL said in a press release.
The offer “will permit shareholders to realize promptly a fair value for their multiple voting shares without being subject to risks inherent in IPL’s business plan or market risks inherent in non-cash offers,” the company said in its statement.
A special meeting of IPL shareholders to vote on the deal will be held in October.
Saint-Damien-based IPL, which makes parts for a variety of industrial manufacturing sectors, employs approximately 900 people at four plants – three in Quebec and one in New Brunswick.
Novacap is a private equity and venture capital firm based in Longueuil, Que., with more than $750 million in assets under management. The Fonds de solidarite FTQ is a provincial development capital fund that invests in all sectors of the economy to help further Quebec’s economic growth, with net assets of $7.3 billion.
