Private equity firm Clearlake Capital Group LP has signed a deal to buy Intertape Polymer Group for $2.6bn, including debt.
Under the agreement that will see IPG become a privately held company, Clearlake will pay C$40.50 per share in cash, representing an 82 per cent premium to its last closing price.
In November the company revised its revenue forecasts for 2021, saying it expected $1.54 billion, up from a range of $1.42 billion to $1.5 billion predicted three months earlier.
The sale of Intertape comes more than a decade after it restructured operations, including closing and selling its last Ontario manufacturing facility in Brantford, Ont., nearly three years after a strike made the plant unprofitable.
Read more: City News
