PolyExpert and Polykar Industries have completed a “merger of equals” and created a new flexible packaging company, Invera Flexibles, to serve customers across North America.

The combined business reports more than $200m in sales and employs 350 people.

Invera Flexibles combines experience in the research, development and manufacturing of speciality polyethylene films, bags and liners.

The new company is supported by Kent Road Capital as the main investor, with the involvement of MontClerc Capital, president and CEO Amir Karim, and employee shareholders.

Under the deal, Invera Flexibles plans to commit up to $20m to expand and update production capacity at its facilities in Edmonton and Laval, Canada.

After the planned works are completed, the company said the annual production capacity will exceed 150 million pounds.

Invera Flexibles will operate across five segments, including agricultural films, compostable solutions, converter films, and industrial and food-grade packaging.

The PolyExpert and Polykar names will remain in use as separate product lines within Invera Flexibles.

Commenting on the merger, Karim said: "It is a great honour and privilege for me to carry on the legacies of both Polykar Industries and PolyExpert through Invera Flexibles.

“Together with our partners at Kent Road Capital and MontClerc Capital, we benefit from both strong capital backing and industry expertise, positioning us to further build a market-leading company that will continue to innovate and deliver exceptional value to our customers across North America."