Soteria has completed its $123-million acquisition of Imaflex through a court-approved plan of arrangement.

Imaflex announced the closing of the previously announced transaction under Section 192 of the Canada Business Corporations Act, pursuant to which an affiliate of Soteria Flexibles acquired all of the issued and outstanding common shares of Imaflex for $2.35 in cash per share, representing approximately $123 million in equity value.

The arrangement received strong support from shareholders at a special meeting held Feb. 19, and obtained final court approval on Feb. 20..

As a result of the transaction, Imaflex’s shares are expected to be delisted from the TSX Venture Exchange at the close of business on Tuesday. The company will also apply to cease to be a reporting issuer in Alberta, British Columbia and Quebec.

Consideration for the shares has been remitted by the purchaser to Computershare Investor Services, which is acting as depositary under the arrangement.

Founded in 1994 and headquartered in Montreal, Imaflex develops and manufactures polyethylene film and bags for the flexible packaging and agricultural sectors, serving industrial, agricultural and consumer markets. The company operates manufacturing facilities in Canada and the United States.

North Charleston, S.C.-based Soteria, a portfolio company of TJC, is a North American manufacturer of high-performance films and flexible packaging solutions. It serves customers across food, healthcare, industrial and consumer end markets, with eight manufacturing locations and a focus on short-run, custom packaging supported by advanced manufacturing capabilities.

Photo: Imaflex