Packaging and specialty products provider Supremex has concluded the acquisition of Canada-based Stuart Packaging, which supplies eco-friendly folding carton packaging to the consumer market.

The acquisition complies with Supremex’s growth and diversification strategy that also increases its share of total revenues from packaging and specialty products to more than 22% on an annual pro-forma basis.

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Supremax concluded the transaction for $17.5m on a cash-free and debt-free basis.

Further, the company needs to pay $2.1m in 24 months, subject to achieving pre-determined financial targets over the same period.

"This acquisition significantly strengthens our position in the folding carton packaging market."

Supremex president and CEO Stewart Emerson said: “This acquisition significantly strengthens our position in the folding carton packaging market and further diversifies our revenue stream into a growing value-added market segment.

“We look forward to working with Stuart Packaging's exceptional group of employees and management team who will help us further grow our packaging platform in new and exciting growth markets.”

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Established in 1983, Stuart Packaging focuses on integrated folding carton manufacturing.

From its 68,000ft2 facility located in Montreal, Quebec, the company delivers packaging and finishing solutions to multiple companies operating across cosmetics, nutraceutical, fragrance and pharmaceutical industries.

Stuart Packaging president Stuart Goldman said: “With their domestic and US footprint and complementary manufacturing processes, we are now in a position to grow our customer's share of wallet and accelerate our growth in new regional markets.”