GELPAC ANNOUNCES THE STRATEGIC ACQUISITION OF STANDARD MULTIWALL BAG MFG. CO.

MONTREAL, May 17, 2023 /PRNewswire/ - GELPAC, a North American leader of high-performance packaging solutions announces the strategic acquisition of STANDARD BAG – Standard Multiwall Bag Mfg. Co. - a specialty manufacturer of industrial and food grade multiwall and wovenpoly laminated bags essential to the efficient handling of raw materials and finished products by major players in the agrifood, pharmaceutical, and industrial markets.

The Standard bag plants located in Beaverton, Oregon, and Lubbock, Texas, are recognized for their speed, flexibility and expertise in delivering high quality products that meet the exact specifications of each client. The fit with GELPAC's comprehensive network of bag and poly plants located in Marieville and Farnham, Quebec, Brampton, Ontario, and Haverhill, Massachusetts, is natural as each unit is a strong performer in the industry and enjoys a well-deserved reputation.

" The acquisition of efficient western and south-western production plants further strengthens our competitive position in North America. By combining the strengths of each of our plants, by integrating our respective R & D initiatives, on-going innovations to the manufacturing processes and procurement strategies, as well as extending our geographical reach, we will offer the best performing packaging solutions in the market " underlines Mr. Alain Robillard, CEO of GELPAC.

For this 3^rd GELPAC acquisition, NAMAKOR Holdings provided the strategic support and managed the negotiations leading to the financing by CDPQ, W Investments, and a banking syndicate led by National Bank of Canada, a long-standing GELPAC partner.

" STANDARD BAG is a 2^nd generation family business. Having itself grown from a family operation, GELPAC has always remained true to its core values of treating each client and team member with integrity and respect. As such, the cultural fit can not be any tighter. The orderly transfer of ownership and the smooth integration of the STANDARD BAG team will ensure the continuity of operations. The addition of this complementary production capacity to our comprehensive products portfolio will allow us to provide our North American clients with even greater value. We look forward to working with the new members of our team to reach ever-higher levels of excellence " concludes Mr. Robillard.

GELPAC has been a leading supplier of high-performance packaging solutions to the North American agrifood, pharmaceutical, chemical and construction industries for over 60 years. Its multiwall paper bags and various polyethylene packaging products are designed to meet the exact specifications of each client and are manufactured on state-of-the-art production lines by seasoned teams that share a common passion, that of a job well done.

SOURCE GELPAC