Clearlake Capital expands portfolio with acquisition of Intertape Polymer Group

CANADA – Private equity firm, Clearlake Capital Group has completed the acquisition of global provider of protective packaging solutions, Intertape Polymer Group Inc.

Under the terms of the agreement, Clearlake has acquired the outstanding shares of IPG common stock for US$31.37(CDN$40.50) per share in cash.

As a result of the transaction, IPG is now a privately held company, and shares of IPG common stock are no longer listed on the public market.

IPG produces a range of packaging and protective solutions for a variety of end markets and geographic regions, with an emphasis on varied B2B and e-commerce segments.

The majority of the company’s revenue comes from packaging products that are recyclable, reusable, compostable, and/or Cradle to Cradle Certified.

“Clearlake’s investment in IPG is an exciting and important step in our Company’s evolution,” said Greg Yull, President and Chief Executive Officer of IPG.

“Clearlake’s operational knowledge and resources will grant us the opportunity to strengthen our product bundle, invest behind sustainability, and expand our global footprint.”

José E. Feliciano, Co-Founder and Managing Partner, and Arta Tabaee, Partner and Managing Director, of Clearlake said: “We have been impressed with IPG’s ability to capitalize on growth within its recession resilient end markets, particularly the Company’s focused efforts around the e-commerce ecosystem.”

“The acquisition combines IPG’s customer-centric and sustainability-oriented strategy with Clearlake’s packaging investment experience and our O.P.S. operational improvement approach, which should strengthen and accelerate the Company’s next phase of growth and innovation.”

IPG is positioned to capitalize on e-commerce and B2B tailwinds and continue building on its industry position, particularly around sustainability, noted Feliciano.

Commenting on the deal, Dilshat Erkin, Senior Vice President of Clearlake said: “We are excited to support the leadership team as they execute on organic growth initiatives, including helping e-commerce companies meet their sustainability goals through continued adoption of paper-based tapes, as well as acquisitions to expand the solutions provided by the IPG platform.”

Morgan Stanley acted as the financial advisor and Wharton & Garrison and Fasken Martineau DuMoulin served as legal advisors to IPG on the transaction.

Goldman Sachs acted as the lead financial advisor and Kirkland & Ellis and Stikeman Elliott acted as legal advisors to Clearlake on the transaction.

Liked this article? Subscribe to our regular email newsletters with the latest news insights from Africa and the World’s packaging and printing industry. SUBSCRIBE HERE.

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.