Madison Dearborn acquires IPLP for C$981m

The equity value of the deal is C$555m. The purchase price represents a 153% premium on the company’s unaffected share price on the Toronto Stock Exchange.

Madison Dearborn is currently investing from its eighth-generation fund, which closed on $4.4bn in August 2016.

CDPQ, the company’s largest shareholder, will retain 24.9% of shares through a wholly owned subsidiary, while Madison Dearborn will became the controlling shareholder of the company. Fonds de solidarité FTQ will retain an 8.7% stake. Ireland-based private shareholders own 45%.

Under the terms of the agreement, IPLP may solicit a superior offer for a 40-day “go-shop” period. BMO Capital Markets has the mandate to approach potential interested parties with a view to soliciting a higher offer, which Madison Dearborn is entitled to match.

Committed financing has been provided by Bank of America, Barclays, Deutsche Bankand BMO Capital Markets.

The company was previously approached by Apollo Global Management and CapVest during the process, in Q4 2019.

Company
Based in Dublin and founded in 2005, IPL manufactures specialty packaging products used primarily in the food, consumer, agricultural, logistics and environmental markets. The US, the UK and Canada are its three largest geographical markets.

Advisers
Equity – Evercore (corporate finance); Kirkland & Ellis (legal); McMillan (legal).
Vendor - Fasken Martineau DuMoulin (legal).
Company – BMO Capital Markets (corporate finance); PwC (financial due diligence); Stikeman Elliott (legal); McCarthy Tétrault (legal).

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