8 August 2018
Ingenious Packaging Bought After Going Bankrupt With $74 million Debt
TORONTO—
TAPP Label was renamed Ingenious Packaging.
TAPP Label was renamed Ingenious Packaging.
Ingenious Packaging has been bought out of receivership by Resource Label out of Nashville. With debts of over $74 million and assets of $34 million ( $11 million was goodwill). The largest secured creditor was the Bank of Montreal. There was $44 million of unsecured creditors. Ingenious Packaging had sales of $27 million and 130 employees.
Resource Label now backed by First Atlantic and TPG Growth has bought 11 companies since 2011
Resource Label now backed by First Atlantic and TPG Growth has bought 11 companies since 2011
. No one has been laid off with the transition. 
   Ingenious Packaging was formally TAPP Labels. TAPP bought Metro Label of Toronto in 2015 in an acquisition binge of 4 other label companies in 2 years. Metro Label had plants in Toronto and Vancouver. According to Graphic Monthly's Gold List Metro Label had sales of $32 million in 2014. At one point TAPP Label had 300 employees in 7 plants across North America. 
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