The speciality films manufacturer was bought by Candover in 2004. According to Innovia, Arle's acquisition means "ownership remains with funds managed by the same international private equity company".
David Beeby, chief executive of Innovia, said: "We are delighted that we will be partnering again with Arle who have worked closely alongside us since 2009.? They share our vision for the future and will continue to support new investment in both the Films and Security businesses moving forward.
"This transfer of ownership means that the Innovia Group has a strong future.? It enables the company to sustain its growth plans across our technologies, brands and trademarks."
The Innovia Group employs 1,600 people across two divisions – Innovia Films and Innovia Security.? It operates six manufacturing sites located in Australia, Belgium, Mexico, the UK, and the US.
In the UK, Innovia ploughed £40m of investment in its Wigton site with £20m allocated on a state-of-the-art gas turbine and a new 'bubble', which will increase its Biaxially Oriented Polypropylene (BOPP) output by 10%.
As well as packaging, Innovia recently clinched a deal with the Bank of England to produce the new £5 and £10 polymer banknote substrate.
