Flexible packaging company Licaplast Industries – Emballages (Licaplast) has acquired Canadian polyethylene product converter M’Plast for an undisclosed amount.

Licaplast is a portfolio company of Charter Oak Equity and Fonds de solidarité FTQ.

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Established in 1988, M’Plast produces and converts polyethylene film into bags or U-Film for horticulture, agriculture and other industrial uses.

The company also offers recyclable and degradable plastic solutions to its customers.

Licaplast CEO Joseph Nawar said: “The acquisition of M’Plast further develops Licaplast’s unique value proposition as a fully integrated partner to its customers. M’Plast’s culture of service and dedication to quality make it an ideal fit with Licaplast.”

M’Plast’s manufacturing facility in Lachine, Quebec, is expected to support Licaplast’s flexible plastic packaging solutions such as shrink film, laminated roll stock and pouches to cater to its customers’ requirements.

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The merged entity will become a fully integrated extruder, printer and converter, as well as serve customers in the US and Canada.

Fonds de solidarité FTQ Private Equity Investments senior vice-president Jean Wilhelmy said: “M’Plast’s capabilities and reuse of production waste enhance Licaplast’s efforts to develop and manufacture packaging products with a reduced environmental impact. Such an approach is essential to meeting the needs of the customers in any sector.”

According to Charter Oak managing partner Zubin Avari, the addition of M’Plast and a new extruder and printer will double the company’s capacity.

Established in 1988, Licaplast produces plastic packaging solutions for food and beverage customers in the US and Canada.