Canadian PE blown film manufacturers PolyExpert and Polykar Industries have completed a ‘merger of equals’ by creating a new flexible packaging company to serve customers across North America.
The combined business, called Invera Flexibles, integrates experience in the research, development and manufacturing of speciality PE films, bags and liners.
It plans to commit up to $20m to expand and update production capacity at its three plants in Canada – the Polykar sites in Montréal and Edmonton, and the PolyExpert facility in Laval.
This will bolster production capacity for its agricultural films, compostable solutions, converter films, and industrial and food-grade packaging to more than 68,000 tonnes annually, the company said.
The PolyExpert and Polykar names will remain in use as distinct product lines within the new company.
Private equity support
The merger was supported by Kent Road Capital, the lead investor, with participation from MontClerc Capital, Invera Flexibles president and chief executive Amir Karim, and employee shareholders.
The combined business reports more than $200m in sales and employs 350 people.
“It is a great honour and privilege for me to carry on the legacies of both Polykar Industries and PolyExpert through Invera Flexibles,” said Karim.
“Together with our partners at Kent Road Capital and MontClerc Capital, we benefit from both strong capital backing and industry expertise, positioning us to further build a market-leading company that will continue to innovate and deliver exceptional value to our customers across North America.”
‘Two exceptional businesses’
Dave Timm, Kent Road Capital operating advisor and Invera Flexibles board member, said: “What excites me most is what this means for customers – by combining two exceptional businesses, customers now have access to a partner in Invera Flexibles with multiple facilities, a best-in-class team of dedicated employees, and the capacity to grow with them.
“That kind of reliability and depth is rare in this market.”
Mathieu L’Allier, managing partner at MontClerc Capital, added: “We are proud to back Invera Flexibles, a differentiated platform with strong fundamentals and a clear path to sustained growth.”
