The deal is expected to close Feb. 15, following approval of Arrowhead's shareholders.
Based in Calgary, Alberta, Arrowhead specializes in 15-liter PET water bottles for retailers in western Canada. In November, Arrowhead outsourced all of its bottling operations to Ice River.
In the company's 2011 annual statement, Arrowhead said it posted sales of $4.6 million and accumulated losses of $4.8 million.
Ice River, based in Shelburne, blow molds bottles ranging in size from 7½ ounces to 5 gallons, and offers filling, capping and labeling.
The firm operates 10 facilities in the U.S. and Canada, including a PET recycling plant in Shelburne.