JERSEY CITY, NJ and ATLANTA — Imperial Dade, a distributor of foodservice packaging and janitorial supplies, has entered into a definitive agreement to acquire Veritiv Canada, Inc. The transaction represents the 47th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, CEO and President of Imperial Dade, respectively.
Headquartered in Toronto, ON, Canada, with 11 other locations covering all of Canada, Veritiv Canada is a full-service provider of janitorial and hygiene products print and foodservice packaging solutions. The management team has built a strong reputation for its knowledgeable sales force, wide breath of products, and high touch customer service. Now in partnership with Imperial Dade’s platform, Veritiv Canada’s customers can expect the same exceptional customized service coupled with an even greater offering of products and solutions.
"We are extremely excited to be entering the Canadian marketplace with such a reputable organization. We look forward to partnering with the Veritiv Canada team and continuing to provide customers with a world-class value proposition and service offering under the Imperial Dade banner. This acquisition is an exciting next step in our ability to serve customers across all of North America." said Jason Tillis, President of Imperial Dade.
"This sale aligns with our strategy to focus on higher growth, higher margin businesses and geographies, and further invest in building on our industry-leading Packaging and Facility Solutions capabilities," said Sal Abbate, Veritiv's Chief Executive Officer. "We thank our Canada employees for their hard work and dedication to Veritiv. We believe this is a great opportunity for them to be aligned with a company that is focused on the Canadian market. We look forward to working closely with Imperial Dade to execute a smooth and successful transition for employees, customers and suppliers of our Canada business."
Veritiv expects to use net proceeds from the transaction to support its recently announced $200 million share repurchase program as well as future capital priorities and growth initiatives.
The deal is subject to Canadian regulatory approval and is expected to close prior to the end of the second quarter. Upon closing of the sale, Veritiv's approximately 900 employees in Canada will become employees of Imperial Dade.
Imperial Dade is an independently-owned and operated distributor of foodservice packaging, facilities maintenance supplies and equipment in the United States, Puerto Rico and the Caribbean.
Veritiv Corporation, headquartered in Atlanta, is a full-service provider of packaging, JanSan and hygiene products, services and solutions. Additionally, Veritiv provides print and publishing products, and logistics and supply chain management solutions. Serving customers in a wide range of industries both in North America and globally, Veritiv has distribution centers throughout the U.S., Canada and Mexico.
