Clearlake Capital buys Intertape Polymer in big packaging deal
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Intertape is a global maker of plastic film and other packaging materials with headquarters in Montreal and Sarasota, Florida.
Intertape Polymer Group Inc., a global maker of plastic film and other packaging materials with headquarters in Montreal and Sarasota, Fla., has been bought by private equity firm Clearlake Capital Group LP for US$2.6 billion in cash.
“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,” Intertape president and CEO Greg Yull said in a March 8 news release.
Intertape has about 4,100 employees with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia, and two in Europe. The company makes 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.
The transaction is expected to close in the third quarter of 2022.