INTERTAPE POLYMER GROUP acquired by CLEARLAKE CAPITAL

Structured as an all-cash transaction, Clearlake Capital Group acquired Intertape Polymer Group, the Toronto-listed maker of tapes, films and protective packaging, for an enterprise value of . The acquisition was announced on March 8, 2022, and approved by Intertape shareholders on May 11, 2022, before closing on June 28, 2022. Under the terms of the agreement, Clearlake acquired the outstanding shares of Intertape common stock for CDN$40.50 per share in cash. As a result, Intertape became a privately held company and its shares were delisted from the public market. At the time of the deal, Intertape reported revenue of and an EBITDA of , equating to an EV/EBITDA multiple of . The company employed approximately 4,200 people across 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe. The strategic rationale combined Clearlake's packaging investment experience with its O.P.S. operational improvement approach, which the firm expected to support Intertape's growth and innovation. Clearlake aimed to capitalize on growth within Intertape's recession-resilient end markets, particularly the e-commerce ecosystem, and to support organic growth initiatives including the adoption of paper-based tapes and acquisitions to expand the platform's solutions. Intertape's customer-centric and sustainability-oriented strategy was viewed as complementary to Clearlake's sector focus. Morgan Stanley & Co. served as financial advisor to Intertape, while Paul, Weiss, Rifkind, Wharton & Garrison and Fasken Martineau DuMoulin acted as legal advisors. National Bank Financial served as independent financial advisor to the Intertape board and provided a fairness opinion. Goldman Sachs & Co. served as lead financial advisor to Clearlake, with Credit Suisse and Deutsche Bank Securities also acting as financial advisors. Kirkland & Ellis and Stikeman Elliott acted as legal advisors to Clearlake. Credit Suisse, Deutsche Bank and Wells Fargo provided committed financing to support the acquisition.