Intertape Polymer Group 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
Private equity firm Clearlake Capital Group has wrapped up the acquisition of Canada-based protective packaging solutions provider Intertape Polymer Group (IPG).
Under the terms of the deal, Clearlake acquired the outstanding shares of IPG common stock for C$40.50 per share in cash.
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.
The company has about 4,200 employees with operations in 34 locations, including 22 production plants in North America, five in Asia and two in Europe.
IPG president and chief executive officer Greg Yull said: “Clearlake’s investment in IPG is an exciting and important step in our company’s evolution. 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 organisation, 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.”
Clearlake senior vice president Dilshat Erkin 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.