Amerplast Group has secured a new financing agreement with HIG Bayside Capital Europe, the capital solutions affiliate of HIG Capital. The deal involves a five-year unitranche term loan, intended to refinance the group’s current debt commitments. Amerplast manufactures flexible packaging for sectors such as food and beverage, hygiene, bakery, retail, and industry. With operational bases in Finland and the UK, the company runs five factories across Europe and has around 470 employees. The refinancing i ...

Core Insights - US-based packaging company Soteria Flexibles is set to acquire Canadian flexible packaging producer Imaflex for C$123 million ($89.2 million) [1][2] - The acquisition will involve Soteria purchasing all common shares of Imaflex at C$2.35 each in cash, with the deal expected to close in the first quarter of 2026 [1][2] - Imaflex will be delisted and operate as a privately held company post-acquisition [1] Company Details - Imaflex, founded in 1994, specializes in producing polyethylene films and flexible packaging solutions for various sectors including industrial, agricultural, food, and consumer [3][4] - The company operates manufacturing sites in Canada and the US [4] - Soteria, a portfolio company of private equity firm TJC, focuses on short-run, custom flexible packaging and high-performance films, serving end markets such as food, healthcare, industrial, and consumer applications [4] Strategic Fit - Soteria CEO Brad Herbolsheimer emphasized that the acquisition is a natural fit, enhancing Soteria's scale, capabilities, and geographic reach [2] - Imaflex's executive chairman Joe Abbandonato noted that the transaction positions the business for long-term success by leveraging combined resources and creating new opportunities for employees [3]

Core Insights - Sacchital is expanding its operations by adding a new flexographic printing facility in Pregnana, Italy, which will enhance its production capabilities and support its growth strategy [1][2] Group 1: Facility and Technology - The new site will cover 2,200m² and will feature a BOBST VISION CI press, complementing existing rotogravure and digital printing technologies [1] - The facility is designed to accommodate four flexo machines and aims to improve efficiency in serving a differentiated and fragmented market [2] - The VISION CI press is equipped with automated functions to reduce setup times, improve repeatability, and limit waste, and can handle both solvent-based and water-based inks [3] Group 2: Production and Workflow Enhancements - Sacchital is collaborating with BOBST specialists to refine production workflows and plans to implement seven-colour extended colour gamut (ECG) printing, which is expected to enhance productivity and sustainability [4] - The ECG printing will also support downstream processes such as finishing, varnishing, and heat sealing, contributing to overall cost efficiency and colour consistency [4] Group 3: Company Overview - Sacchital Group specializes in paper-based flexible packaging and has been in the industry for over 80 years, reporting annual revenue of €140 million ($164.4 million) [5] - Approximately half of the company's revenue is generated from exports to markets including Europe, the US, and North Africa [5] - The company employs 400 staff across five production sites, with a total output capacity of 600 million square meters [6]

Core Insights - Soteria Flexibles Corp. has announced its acquisition of Imaflex Inc., enhancing its North American flexible packaging platform and capabilities across key end markets [1][2][3] Company Overview - Soteria Flexibles is a U.S.-based manufacturer specializing in short-run flexible packaging solutions, serving various end markets including food, healthcare, industrial, and consumer applications [5] - Imaflex Inc. is a Montreal-based manufacturer known for high-performance films and flexible packaging solutions, with a strong reputation in innovative polyethylene films across multiple sectors [3][7] Transaction Details - The acquisition involves Soteria purchasing all outstanding common shares of Imaflex for CAD $2.35 per share, totaling approximately CAD $123 million in equity value [2] - Upon completion, Imaflex will transition to a privately held company [2] Strategic Fit and Benefits - The transaction is described as a natural fit for Soteria, leveraging Imaflex's technical expertise, customer relationships, and manufacturing capabilities to create a more diversified platform [3][4] - The combined entities aim to enhance their North American footprint, improve service speed and reliability, and foster innovation [4][6] Cultural Alignment - Both companies emphasize strong cultural alignment and shared values, which are expected to facilitate a smooth integration process and support long-term success [4][6] Approval and Timeline - The acquisition has received unanimous approval from Imaflex's board of directors, with a recommendation for shareholders to vote in favor [4] - The transaction is anticipated to close in the first quarter of 2026, pending regulatory and shareholder approvals [4][6]

Highlights Revenues of $732.4 million for the quarter ended October 26, 2025; operating earnings of $66.9 million; and net earnings attributable to shareholders of the Corporation of $42.9 million ($0.51 per share).Adjusted operating earnings before depreciation and amortization(1) of $137.6 million for the quarter ended October 26, 2025; adjusted operating earnings(1) of $100.6 million; and adjusted net earnings attributable to shareholders of the Corporation(1) of $68.6 million ($0.82 per share).Revenues ...

Core Insights - Transcontinental Inc. reported improved adjusted net earnings per share for the fourth consecutive quarter, reflecting the positive impact of profitability improvement initiatives [3] - The company is well-positioned for future growth following the sale of its Packaging Sector for $2.1 billion, which is expected to create significant value for shareholders [4][7] Financial Performance - Revenues for Q4 2025 were $732.4 million, a decrease of 2.3% from $749.3 million in Q4 2024, primarily due to lower volume in the Retail Services and Printing Sector [6][9] - Operating earnings before depreciation and amortization decreased by 10.3% to $118.2 million in Q4 2025, impacted by lower volumes and increased restructuring costs [10][11] - Net earnings attributable to shareholders decreased by 10.4% to $42.9 million in Q4 2025, with earnings per share dropping from $0.57 to $0.51 [12] - For fiscal year 2025, total revenues were $2,743.9 million, down 2.5% from $2,812.9 million in fiscal year 2024 [14] - Operating earnings before depreciation and amortization increased by 11.4% to $473.1 million for fiscal year 2025, driven by cost reduction initiatives [16] - Net earnings attributable to shareholders rose by 41.0% to $171.0 million for fiscal year 2025, with earnings per share increasing from $1.41 to $2.04 [18] Sector Performance - The Packaging Sector experienced a modest increase in volume in Q4 2025, benefiting from cost reduction initiatives [4] - The Retail Services and Printing Sector faced challenges in Q4 2025 due to a labor conflict at Canada Post, but distribution has resumed, which is expected to improve earnings in fiscal 2026 [5] Strategic Developments - The company completed business acquisitions during fiscal year 2025 to enhance growth in in-store marketing activities [7] - The renewal of the printing contract for The Globe and Mail for a 10-year period is expected to provide stability to the newspaper printing segment [5] Outlook - The sale of the Packaging Sector is anticipated to close in Q1 2026, subject to regulatory approvals [21] - The company expects lower volumes in traditional activities but anticipates growth in in-store marketing activities, partially offsetting declines [21][22] - Adjusted operating earnings before depreciation from continuing operations for fiscal year 2026 are expected to remain stable compared to fiscal year 2025 [22]

Group 1 - Kent Road Capital has established a new platform company, Bloor Street Flexibles, focusing on the North American flexible packaging market [1][3] - The first acquisition involves a manufacturer of sustainable flexible films serving the food and beverage, agriculture, and industrial sectors in the US and Canada [1][2] - Bloor Street Flexibles is formed in partnership with Dave Timm, a senior industry executive with over 30 years of experience in flexible packaging [2] Group 2 - The establishment of Bloor Street Flexibles aligns with Kent Road Capital's strategy to acquire manufacturers of specialty films and sustainable packaging solutions [3] - Legal advice for the transaction was provided by Torys and Lavery, while Portage Point Partners acted as the financial adviser [3] - The flexible packaging industry is described as being at an inflection point, with increasing customer demand for sustainable, high-performance solutions [4]

Core Viewpoint - ProAmpac has agreed to acquire TC Transcontinental Packaging (TCP) for $1.51 billion, with the deal expected to finalize in the first quarter of 2026, pending shareholder approval and regulatory clearances [1][2]. Group 1: Acquisition Details - The acquisition will enhance ProAmpac's manufacturing footprint across North America, Latin America, the UK, and New Zealand [2]. - The transaction aims to broaden ProAmpac's sustainable packaging solutions and improve its material science capabilities, particularly in dairy, meat, medical, and pharmaceutical sectors [2][3]. - TCP reported revenues of approximately $1.2 billion for the 12 months ending July 27, 2025 [3]. Group 2: Operational Insights - TCP operates 25 plants and employs around 3,500 people, engaging in activities such as extrusion, printing, lamination, converting, and recycling [4]. - The company serves various markets, including dairy, coffee, meat, poultry, pet food, agriculture, beverages, home and personal care, consumer products, and medical sectors [4]. Group 3: Leadership and Advisory - ProAmpac's founder and CEO, Greg Tucker, emphasized the transformative nature of the acquisition and its potential to enhance customer offerings [3]. - Goldman Sachs is the lead financial adviser for ProAmpac, with J.P. Morgan Securities also advising, while legal counsel is provided by Kirkland & Ellis and McCarthy Tétrault [4].

Divestiture of the Packaging Sector December 8, 2025 In this presentation, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Standards (IFRS) and the term ''dollars'' as well as the symbol ''$'' designate Canadian dollars. In this document, we also use non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in slide 16 "Reconciliat ...

Core Points - TC Transcontinental has entered into a stock purchase agreement with ProAmpac Holdings for the sale of its Packaging Sector, implying an enterprise value of approximately $2.22 billion [1][2][8] - The transaction is expected to provide a cash distribution of approximately $20.00 per share to shareholders [2][14] - The deal is subject to shareholder and regulatory approvals, with a special meeting planned for early 2026 [3][10] Financial Details - The aggregate purchase price is approximately $2.10 billion, subject to adjustments for debt and working capital [2][8] - The acquisition multiple is approximately 8.7x the Packaging Sector's last twelve months adjusted operating earnings before depreciation and amortization [8][21] - For the twelve months ended July 27, 2025, the Packaging Sector generated revenues of approximately $1.6 billion and adjusted operating earnings before depreciation and amortization of approximately $255 million [20][21] Strategic Implications - The transaction is viewed as a means to maximize shareholder value and allows TC Transcontinental to focus on its Retail Services & Printing and Educational Publishing businesses [4][6] - ProAmpac aims to broaden its market focus and geographic presence through this acquisition, enhancing its capabilities in the protein, dairy, and medical segments [6][8] - The deal reflects a period of industry consolidation and positions TC Transcontinental for future growth [5][6] Board and Shareholder Actions - The Board of Directors unanimously recommends that shareholders vote in favor of the transaction [11] - Capinabel Inc., the largest shareholder, has agreed to vote in favor of the transaction, holding approximately 65.96% of the voting shares [11] - Fairness opinions from CIBC Capital Markets and RBC Capital Markets indicate that the transaction is fair from a financial perspective [12] Future Outlook - Post-transaction, the company expects a pro forma net indebtedness ratio of approximately 1.7x, indicating improved financial flexibility [15] - The management will provide updated financial outlooks following the transaction's completion [22]