Clearlake Capital Group’s $2.6 Billion Acquisition of Intertape Polymer Group

Kirkland & Ellis and Stikeman Elliott advised Clearlake, while Paul, Weiss, Rifkind, Wharton & Garrison and Fasken Martineau DuMoulin advised IPG on the deal. Morgan Lewis represented Wells Fargo in connection with the financing for the acquisition.

Intertape Polymer Group Inc. (TSX:ITP) has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”). Under the terms of the agreement, Clearlake will acquire the outstanding shares of IPG for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.  

Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of 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. 

Founded in 2006, Clearlake is an investment firm, operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.®

Morgan Stanley & Co. LLC served as financial advisor to IPG. National Bank Financial Inc. served 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 served as lead financial advisor to Clearlake. Credit Suisse and Deutsche Bank Securities Inc. also acted as financial advisors to Clearlake. Credit Suisse, Deutsche Bank Securities Inc., and Wells Fargo provided committed financing in support of the acquisition.

The Kirkland team was led by corporate partners Carlo Zenkner (Picture), Luke Guerra and Aisha Lavinier and associate Stella Lee, debt finance partners Brian Ford and Paul Rezvani and associate Osaro Aifuwa, capital markets partners Ross Leff and Thomas Felix, tax partner Anne Kim, and executive compensation partner Jack Stratton. 

The Paul, Weiss team included corporate partners Adam Givertz, Ian Hazlett, Scott Barshay and Caith Kushner; executive compensation partner Lawrence Witdorchic; tax partner Scott Sontag and counsel Kevin Colan; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; litigation partner Andrew Finch; and antitrust counsel Marta Kelly and Jared Nagley.   

Morgan Lewis partners Marshall Stoddard and Keith Fujiu represented Wells Fargo.  

The Fasken team was composed of Neil Kravitz, Constantinos Ragas, Marie-Christine Valois, Laura Fabi (M&A), Claude Jodoin (Tax), Antonio Di Domenico (Regulatory, Competition and Investment Canada) and Brandon Farber (plan of arrangement matters), Claude Jodoin (Tax). 

Involved fees earner: Antonio Di Domenico – Fasken Martineau; Laura Fabi – Fasken Martineau; Brandon Farber – Fasken Martineau; Claude Jodoin – Fasken Martineau; Neil Kravitz – Fasken Martineau; Constantinos Ragas – Fasken Martineau; Marie-Christine Valois – Fasken Martineau; Osaro Aifuwa – Kirkland & Ellis; H. Thomas Felix III – Kirkland & Ellis; Brian Ford – Kirkland & Ellis; Luke Guerra – Kirkland & Ellis; Anne Kim – Kirkland & Ellis; Aisha Lavinier – Kirkland & Ellis; Stella Lee – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Paul Rezvani – Kirkland & Ellis; Jack Stratton – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis; Keith Fujiu – Morgan Lewis & Bockius; Marshall Stoddard – Morgan Lewis & Bockius; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Kevin Colan – Paul Weiss Rifkind Wharton & Garrison; Andrew Finch – Paul Weiss Rifkind Wharton & Garrison; Adam Givertz – Paul Weiss Rifkind Wharton & Garrison; Ian Hazlett – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Michael Kurzer – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Jared Nagley – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Fasken Martineau; Kirkland & Ellis; Morgan Lewis & Bockius; Paul Weiss Rifkind Wharton & Garrison;

Clients: Clearlake Capital Group, L.P.; Intertape Polymer Group Inc; Wells Fargo;