CPE News (3/28/2019) – IPL Plastics Inc., a portfolio company of Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité des travailleurs du Québec (F.T.Q.), has acquired Loomans Group N.V. from the Loomans family for a total consideration of US $85.5 million or €75.0 million.
IPL Plastics funds the acquisition from existing cash resources and credit facilities.
IPL currently operates one Irish and three UK plants. The acquisition of Lommel, Belgium based Loomans Group will diversify IPL Plastics’ European geographic footprint, adding new capacity and capabilities to serve a broader customer base.
Caisse de dépôt et placement du Québec is IPL’s largest shareholder holding 27.1% of the outstanding shares.
photo credit: Loomans Group
IPL Plastics Inc. announces closing of Loomans Group N.V. acquisition
Montreal, QC, March 28, 2019 – IPL Plastics Inc. (“IPL Plastics” or the “Company”) (TSX: IPLP) today announced the closing of its acquisition of 100% of Loomans Group N.V. (“Loomans”) for a total consideration of US$85.5 million (€75.0 million). The transaction was financed from the Company’s existing cash resources and credit facilities.
The earnings accretive acquisition of Loomans diversifies IPL Plastics’ geographic footprint, adding new capacity and capabilities to serve a broader customer base. Loomans is a well invested company and has a long-established position in continental Europe which provides IPL Plastics with a strong platform for future growth in this region. Loomans will be integrated into the Company’s Consumer Packaging Solutions business.
About IPL Plastics
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistics and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, China and Mexico. IPLP employs approximately 2,000 people and has corporate offices in Montreal and Dublin. For more information, please visit the Company’s website at www.iplpgroup.com.
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