Caisse de dépôt et placement du Québec, in collaboration with a number of partners, will acquire Encore Industries Inc. for US$35 million.
The U.S.-based producer of rigid plastic packaging products will be acquired by Quebec-based IPL Inc., a products and plastic injection molded solutions company in the food and industrial sector, as well as its parent company One51, and partners Caisse and the Fonds de solidarité FTQ.
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“This transaction by IPL solidifies the important place it has in its industry in the North American market,” said Christian Dubé, executive vice-president, Quebec at Caisse, in a news release. “It’s another clear example of a Quebec company that continues to grow through acquisitions, positioning itself more favourably to stand out in the global arena.”
IPL also announced a major investment plan of $36 million to expand its production capacity in both Canada and the United States to meet strong customer demand for its products.
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“The Fonds de solidarité FTQ invested in IPL with ONE51 and the Caisse de dépôt et placement du Québec because the company had a plan for growth based on innovation and acquisitions,” said Janie Béïque, senior vice-president of industries, entertainment and consumer goods at the Fonds de solidarité FTQ.