- Intertape (ITP) has signed a definitive agreement to be acquired by Clearlake Capital
- Clearlake will pay C$40.50 per Intertape share in an all-cash transaction valued at US$2.6B
- The consideration represents an 82-per-cent premium to yesterday’s closing price
- Clearlake is an investment firm targeting the industrial, consumer and technology sectors
- Intertape Polymer Group develops, manufactures and sells a variety of papers, tapes, films, protective packaging and packaging machinery
- Intertape Polymer Group (ITP) closed up by 76.21 per cent trading at $39.26 per share
Intertape (ITP) has signed a definitive agreement to be acquired by Clearlake Capital.
Clearlake will pay C$40.50 per Intertape share in an all-cash transaction valued at US$2.6B, including net debt. This represents a premium of 82 per cent to the closing price on March 7, 2022.
Upon closing, Intertape will become a privately held company.
The parties expect the transaction to close in Q3 2022 subject to regulatory and court approvals, as well as a shareholder vote to be held in May 2022.
“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,” stated Greg Yull, Intertape’s President and CEO.
“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,” he added.
“We believe IPG’s customer-centric and sustainability-oriented approach and capabilities position the company well to capitalize on growth within its target end markets, and the addition of IPG to our portfolio highlights our thesis that long-term consumer trends favor providers focused on sustainability and innovation,” said José E. Feliciano, Clearlake’s Co-Founder and Managing Partner, and Arta Tabaee, Clearlake’s Managing Director.
Clearlake is an investment firm operating integrated businesses across private equity, credit and other related strategies. The firm’s core target sectors are industrials, consumer and technology.
Intertape Polymer Group develops, manufactures and sells a variety of papers, tapes, films, protective packaging and packaging machinery.
Intertape Polymer Group (ITP) closed up by 76.21 per cent trading at $39.26 per share.
