Sarasota's Intertape Polymer Group going private after acquisition

Intertape Polymer Group Inc. of Sarasota will be a private company after it becomes fully acquired by an investment firm.

The packaging products and systems company based in Sarasota and Montreal, Quebec, has entered into an agreement to be acquired by Clearlake Capital Group, L.P. of California and Texas for $2.6 billion in cash.

Greg Yull, president and CEO of IPG, said in a press release that the acquisition will allow IPG to evolve its business because of Clearlake's knowledge in protective packaging and e-commerce.

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Approval of the transaction was recommended by the IPG board of directors after a special committee of independent directors gave it a unanimous "yes."

"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," Yull said. “We have built a scaled business serving a diverse set of growing end markets, and have seen particularly strong growth in our large e-commerce segment."

The transaction received approval under the Investment Canada Act on June 24, according to the company, and the arrangement was expected to close Tuesday.

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This article originally appeared on Sarasota Herald-Tribune: Sarasota's Intertape Polymer Group being acquired by investment firm