Date: October 18, 2016

Value: C$8.6 million

On October 18, 2016, Phoenix Wrappers ULC announced an equity investment in the company by Vopne Capital. Concurrent with Vopne's investment, the company merged its manufacturing, sales and support operations, formerly owned separately, into a new company – Phoenix Wrappers ULC.

Phoenix Wrappers ULC entered into two concurrent purchase agreements:

(i) Purchase of the assets of Phoenix Wrappers Inc. which manufactures packaging machinery for a purchase price of C$1.575 million.

(ii) Purchase of the assets of Can Am Packaging Systems Ltd., which distributed packaging machinery produced by Phoenix Wrappers Inc. for a purchase price of C$6,631,944.44. The opposing counsel was Aust Légal Inc.

Phoenix Wrappers ULC now holds both the manufacturing and the sales operations and will operate both in a consolidated fashion.

Borden Ladner Gervais LLP represented Vopne Capital with a team led by Neil Hazan that included Vincent Frennette, Marie-Claude Bellemare, Raphaël Roditi, Ryan Tomicic and Melissa Azuelos.