Intertape Polymer Group Completes Acquisition of Polyair Inter Pack

Acquisition of protective packaging offering strengthens IPG's product bundle

MONTREAL, QUEBEC and SARASOTA, FLORIDA, August 3, 2018 - Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or “the Company”) announced today's closing of the previously-announced transaction to acquire 100% of the outstanding equity value in Polyair Inter Pack Inc. (“Polyair”), a North American supplier of protective packaging with headquarters in Toronto, Ontario and Chicago, Illinois. The aggregate purchase price of the transaction is approximately $146 million, subject to certain purchase price adjustments. All amounts in this press release are denominated in US dollars.

“The addition of Polyair's protective packaging offering is a strategic acquisition that expands our offering into a new product line thereby strengthening our overall product bundle,” said Greg Yull, President and CEO of IPG. “Polyair's complementary product offering and established customer base provide us a two-faceted approach for cross-selling opportunities. In addition, as the e-commerce market continues to experience out-sized growth, we believe protective packaging demand will continue to be a key component of our future growth.”

IPG estimates Polyair will generate approximately $133 million of revenue, approximately $14 million in adjusted EBITDA in the twelve months ending December 31, 2018 and will be accretive to IPG earnings in 2019, excluding advisory fees and other costs associated with mergers and acquisitions activity, including due diligence, integration and certain non-cash purchase price accounting adjustments. Deal and integration costs are expected to be approximately $2 million and $3 to $4 million, respectively, with the majority of integration costs expected to be recognized during 2019 and 2020. IPG estimates Polyair will generate approximately $20 to $22 million in adjusted EBITDA by 2021, which includes synergies and organic growth driven primarily by its e-commerce business channel.

The purchase price was financed with funds available under IPG’s revolving $600 million credit facility.

About Polyair Inter Pack Inc.

Prior to the acquisition, Polyair Inter Pack Inc. was a privately-held company, having dual headquarters in both Toronto, Ontario and Chicago, Illinois. Polyair is one of the more significant manufacturers of protective packaging, operating seven manufacturing facilities and employing approximately 600 employees across North America. Its products include bubble cushioning, foam, mailers and air pillow systems. For more information, visit

About Intertape Polymer Group Inc.

Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of a variety of paper- and filmbased pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, protective packaging, woven coated fabrics and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, IPG employs approximately 3,400 employees with operations in 27 locations, including 20 manufacturing facilities in North America, two in Asia and one in Europe. For more information about IPG, visit


Ross Marshall

Investor Relations

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