New Platform Investment Highlights Clearlake's
Focus on Innovation, Sustainability, and Growth in Diverse and
Recession Resilient End Markets
SARASOTA, Fla. and MONTREAL, QC and SANTA MONICA, Calif., June 28,
2022 /PRNewswire/ -- Clearlake Capital Group, L.P.
(together with its affiliates "Clearlake") today announced that it has
completed its acquisition of Intertape Polymer Group
Inc. (TSX:ITP, "IPG", or the "Company"), a global provider of
protective packaging solutions. The acquisition was previously
announced on March 8, 2022, and
approved by IPG shareholders on May
11, 2022. Under the terms of the agreement,
Clearlake has acquired the
outstanding shares of IPG common stock for 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.
"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 has shown confidence in our team and
the direction of the Company. Throughout our conversations, their
team has expressed alignment with our customer-centric and
sustainability-oriented approach in all aspects of our
organization, and we remain impressed by their understanding of the
protective packaging sector. Clearlake's operational knowledge and
resources will grant us the opportunity to strengthen our product
bundle, invest behind sustainability, and expand our global
footprint."
"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," said
José E. Feliciano, Co-Founder and Managing Partner, and
Arta Tabaee, Partner and Managing
Director, of Clearlake. "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. We are thrilled to partner with the Company
and believe that IPG is positioned to capitalize on e-commerce and
B2B tailwinds and continue building on its industry position,
particularly around sustainability."
Headquartered in Sarasota,
Florida and Montreal,
Quebec, IPG manufactures a suite of packaging and protective
solutions across a diversified set of geographies and end-markets,
with a particular focus on diversified B2B and e-commerce segments.
IPG distinguishes itself with its customer relationships, marked by
bundled solutions that create multiple touchpoints with each
customer, as well as its strategic approach to sustainability
supported by a differentiated product portfolio, with the majority
of the Company's revenue derived from packaging products that are
recyclable, reusable, compostable, and/or Cradle to Cradle
Certified®.
"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," said Dilshat Erkin, Senior Vice President of
Clearlake.
Morgan Stanley & Co. LLC served as financial advisor to IPG.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Fasken
Martineau DuMoulin served as legal advisors to IPG. National Bank
Financial Inc. served as independent financial advisor to the IPG
Board of Directors and provided a fairness opinion to the Board.
Goldman Sachs & Co. LLC served as lead financial advisor, and
Credit Suisse and Deutsche Bank Securities Inc. also acted as
financial advisors, to Clearlake.
Kirkland & Ellis LLP and Stikeman Elliott LLP acted as legal
advisors to Clearlake.
About IPG
IPG develops, manufactures, and sells a
variety of paper and film-based pressure-sensitive and
water-activated tapes, stretch and shrink films, protective
packaging, woven and non-woven products and packaging machinery for
industrial and retail use. Headquartered in Sarasota, Florida and Montreal, Quebec, IPG employs approximately
4,200 employees with operations in 34 locations, including 22
manufacturing facilities in North
America, five in Asia and
two in Europe. For information
about the Company, visit www.itape.com.
About Clearlake
Clearlake Capital Group, L.P.
is an investment firm founded in 2006 operating integrated
businesses across private equity, credit and other related
strategies. With a sector-focused approach, the firm seeks to
partner with experienced management teams by providing patient,
long-term capital to dynamic businesses that can benefit from
Clearlake's operational
improvement approach, O.P.S.® The firm's core
target sectors are industrials, consumer and technology.
Clearlake currently has over
$72 billion of assets under
management, and its senior investment principals have led or co-led
over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in
Dallas, TX, London, UK and Dublin, Ireland. More information is available
at www.clearlake.com and on Twitter @Clearlake.
Media Contacts
For IPG
Randi Booth
Senior Vice President, General Counsel
rbooth@itape.com
941-739-7521
For Clearlake
Jennifer Hurson
Lambert & Co.
jhurson@lambert.com
+1 (845) 507-0571
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SOURCE Clearlake Capital Group