Par-Pak has plants and sales in Canada, the US, and UK and will continue to operate separate plants in Canada with Polar Plastics but the sales groups will form a single selling company under PolAR PAK.
The Waddington Group is a portfolio company of private equity firm Olympus Partners and builds on the acquisition of Eco-Products in November 2012.
Manu Bettegowda of Olympus Partners said: "This acquisition will accelerate the growth of the business and will allow Waddington to better serve its customers through increased geographic and product diversity."