Clearlake Capital Group LP, a private investment firm, through an affiliate has acquired Intertape Polymer Group Inc. for $2.6 billion.
IPG is a provider of the development, manufacturing, and sale of paper and film-based pressure-sensitive and water-activated tapes, films, and packaging. The firm delivers its tapes, stretch and shrink films, protective packaging, woven and non-woven products and packaging machinery to industrial and retail clients. The firm employs over 4,000 people across 34 operational locations.
“We believe this transaction is a great next step in the evolution of our business as Clearlake has strong industry knowledge in the protective packaging and e-commerce ecosystems,”said Greg Yull, president and CEO of IPG. “Clearlake provides us the operational and financial resources to accelerate our acquisition strategy, as well as organic growth opportunities such as investing in product innovation, sustainability, and market expansion.”
Morgan Stanley & Co. LLC is serving as financial advisor to IPG. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Fasken Martineau DuMoulin are serving as legal advisors to IPG. National Bank Financial Inc. is serving as independent financial advisor to the IPG board of directors and provided a fairness opinion to the IPG board of directors on a fixed-fee basis.
Goldman Sachs & Co. LLC is serving as lead financial advisor to Clearlake. Credit Suisse and Deutsche Bank Securities Inc. are also acting as financial advisors to Clearlake. Kirkland & Ellis LLP and Stikeman Elliott LLP are acting as legal advisors to Clearlake. Credit Suisse, Deutsche Bank Securities Inc., and Wells Fargo are providing committed financing in support of the acquisition.