- Good natured Products (GDNP) has closed the strategic acquisition of Integrated Packaging Films (IPF) for $16.7 million
- The terms of the acquisition were first announced Dec 1, 2020
- CEO Paul Antoniadis said this transaction marks a significant milestone in the company’s growth trajectory
- Some highlights of the purchase include growing good natured Products’ business-to-business segment to a total of approximately 500 customers
- Good natured Products opened 1.27 per cent down for $0.78 per share
Good natured Products (GDNP) has closed the strategic acquisition of Integrated Packaging Films (IPF) for $16.7 million.
The terms of the acquisition were first announced Dec 1, 2020.
The purchase price was paid through a combination of the previously announced $12.5 million in cash, the issuance of $833,467 in common shares of the company at a deemed price of $0.47 per common share and the issuance of a $3.3 million vendor takeback note.
Founded in 1997 by the Mechar family, Integrated Packaging Films is located in Ayr, Ontario. It is a manufacturer of high quality, rigid plastic sheets used to create a variety of products, including thermoformed packaging. IPF currently serves nearly 100 customers from a 32,000 square foot leased facility on 2.9 acres of land.
Good natured Products CEO Paul Antoniadis said this transaction marks a significant milestone in the company’s growth trajectory and will contribute approximately $17 million in annual sales.
“This acquisition diversifies and strengthens our industrial business group with the addition of nearly 100 customers, as well as entry into the medical and electronic industrial rollstock segment,” he added.
Some highlights of the purchase include growing good natured Products’ business-to-business segment to a total of approximately 500 customers and adding between $10-$20 million of total assets to its balance sheet.
In terms of financing details, good natured Products secured a $7.6 million reducing term loan with the Royal Bank of Canada with 6-year amortization at market rates.
Good natured Products is a bioplastics company that produces and distributes a wide assortment of products made with renewable, plant-based material and no BPAs, phthalates or other chemicals.
Good natured Products opened 1.27 per cent down for $0.78 per share at 10:14am EST.
