#Itasca #Flexible Packaging #Soteria Flexibles #Imaflex Inc.

Soteria Flexibles to Acquire Imaflex Inc.

In a strategic move to strengthen its foothold in the North American flexible packaging market, Soteria Flexibles Corp. has confirmed its agreement to acquire Imaflex Inc. This acquisition marks a significant step for Soteria as it aims to enhance its operational capabilities and broaden its customer reach.

A Strategic Acquisition

Soteria Flexibles, a prominent manufacturer of short-run flexible packaging solutions based in the U.S., has announced that it will acquire all common shares of Imaflex, a Montreal-based company known for its high-performance packaging films, for CAD $2.35 per share. This amounts to an estimated total equity value of around CAD $123 million. Once the deal is finalized, Imaflex will transition to being a privately-held entity.

CEO of Soteria, Brad Herbolsheimer, expressed that this acquisition is a “natural fit” for their operations. He emphasized that both companies share strong cultural values and a mutual commitment to innovation within the packaging industry. By joining forces, they aim to create a more robust and diversified flexible packaging platform that promises improved scale and capabilities.

Imaflex has gained recognition for its cutting-edge polyethylene films and packaging solutions, serving various sectors such as industrial, agricultural, food, and consumer markets. Their advanced manufacturing capabilities are located across the U.S. and Canada, making them well-positioned within the industry.

Benefits of the Merger

Both companies recognize that their combined strengths will not only optimize production but also enhance service delivery to customers. As the industry remains highly fragmented, this acquisition illustrates a timely consolidation, paving the way for both companies to thrive amid competitive pressures.

Joe Abbandonato, Executive Chairman of Imaflex, supported this acquisition, pointing out that it establishes a