IPL to be sold to Novacap, Fonds de solidarite for $94.2 million
Quebec injection molder and extruder IPL Inc. will be purchased by private equity firm Novacap and Quebec pr...
Extrusion: Machinery & Equipment
Injection Molding: Machinery & Equipment
Plastics Industry Economic Changes/Forecast
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.