IPL Plastics Inc. (TSX:IPLP) today announced the successful closing of the Offering of its common shares, at a price of $13.50 per common share, for total gross proceeds of $178,200,000, of which approximately $28,156,653 will be used to redeem class B common shares pursuant to the buy-back option. Upon the completion of the Offering and the buy-back option, assuming the Over-Allotment Option (as defined below) is not exercised and taking into account recent exercises of options, IPLP’s issued and outstanding shares will consist of 13,200,000 common shares and 39,363,693 class B common shares, and CDP Investissements Inc., a subsidiary of Caisse de dépôt et placement du Québec will have an approximate interest in the Company of 28%.

The common shares will commence trading today on the Toronto Stock Exchange under the symbol “IPLP”.

“We are pleased to close the IPO transaction and start trading on the Toronto Stock Exchange. Providing our existing shareholder base with access to a major regulated market has long been an important ambition for IPLP and it is especially gratifying to have finally realized that aim.” said Alan Walsh, CEO of IPLP.

“With our improved balance sheet and enhanced access to capital, the Company now also has the financial platform to execute our growth strategy. We intend to drive above-market organic growth, generate increased value and cash flows through capital investments and operational excellence and to be a market consolidator through strategic acquisitions.”

“In other words we want to do what we’ve been doing in recent years, only this time with an institutional shareholder base which should help ensure our success as one of the largest and most innovative manufacturers of rigid-plastic products in the world today.”

The Offering was made through a syndicate of underwriters led by BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets, acting as joint bookrunners, and including National Bank Financial Inc., J&E Davy, Goodbody Stockbrokers UC, Desjardins Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., and Laurentian Bank Securities Inc.

The underwriters were also granted an over-allotment option to purchase up to an additional 1,980,000 common shares from the Company at a price of $13.50 per common share for additional gross proceeds of $26,730,000 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised for a period of 30 days from the closing date.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of IPLP in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About IPLP

IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistic and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, China and Mexico. IPLP employs approximately 2,400 people and has corporate offices in Montreal and Dublin.