June 28, 2022
Intertape Polymer Group Inc. (IPG) recently announced that it received approval under the Investment Canada Act and has been acquired by Clearlake Capital Group, L.P, a US-based investment firm. As a part of the agreement, Clearlake obtained the outstanding shares of IPG’s common stock for $40.50 per share in cash.
IPG, a Montreal, Que. and Sarasota, Fla.-based global provider of protective packaging solutions, employs 4,200 with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe.
"Clearlake's investment in IPG is an exciting and important step in our Company's evolution," said Greg Yull, president and CEO 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."
Following the completion of the acquisition, IPG is now operating as a privately held company and its common stock shares have been removed from the public market.