Veritiv Agrees to Sell Its Canadian Operations to Imperial Dade

Headquartered in Toronto, Ontario, with eleven other locations in Canada, Veritiv Canada is a full-service provider of janitorial and hygiene products, print and food service packaging solutions.

March 18, 2022 - Veritiv today announced that it has signed a definitive purchase agreement to sell its Veritiv Canada, Inc. business to Imperial Dade, a leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies, floor equipment, and industrial packaging in the United States.

Headquartered in Toronto, Ontario, with eleven other locations covering all of Canada, Veritiv Canada is a full-service provider of janitorial and hygiene products, print and food service packaging solutions.

"We are extremely excited to be entering the Canadian marketplace with such a reputable organization," said Jason Tillis, President of Imperial Dade. "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."

Sal Abbate, CEO of Veritiv, explained, "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.

"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," Abbate added.

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.

Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta, Georgia, and a Fortune 500 company, 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. Veritiv has distribution centers throughout the U.S., Canada and Mexico. To learn more, visit: www.veritivcorp.com.

SOURCE: Veritiv Corporation and Imperial Dade