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Deal Diary: Kirkland, Paul Weiss on Clearlake Buyout of Intertape

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Published: March 24th, 2022
Clearlake Capital turns to Kirkland & Ellis, Goldman, Credit Suisse and Deutsche Bank on a $2.6 billion agreement to buy Intertape Products, which uses Paul Weiss, Fasken and Morgan Stanley.

Clearlake Capital Group LP has returned to Kirkland & Ellis LLP for its latest deal, the acquisition of Intertape Polymer Group Inc. for $2.6 billion in cash and assumed debt in a deal announced March 8.

Clearlake, a Santa Monica, Calif.-based private equity sponsor, turned to Carlo Zenkner, Luke Guerra and Aisha Lavinier of Kirkland & Ellis LLP for counsel. Goldman, Sachs & Co.; Credit Suisse; and Deutsche Bank Securities Inc. are giving financial advice, while John Leopold and David Massé of Stikeman Elliott LLP are Canadian counsel. Managing partner José E. Feliciano and partner Arta Tabaee are on the investment at Clearlake.

CS, Deutsche Bank and Wells Fargo & Co. are providing committed financing for the acquisition. Marshall Stoddard and Keith Fujiu at Morgan, Lewis & Bockius LLP are advising Wells Fargo on the asset-backed loan portion of the financing, and Jason Kyrwood and Meyer Dworkin of Davis Polk & Wardwell LLP are advising the banks on the remainder of the funding. Kirkland’s Brian Ford and Paul Rezvani are giving debt finance advice to Clearlake, while Ross Leff and Thomas Felix are on the capital markets side.

Guerra has done a number of deals for Clearlake, including its acquisitions of Team Technologies Inc. and ASP Unifrax Holdings Inc., an investment in Lytx Inc. and the sale of Sage Automotive Interiors Inc. in 2018. The law firm has also done finance work for the PE sponsor.

Intertape, a packaging products company based in Montreal and Sarasota, Fla., whose stock is traded on the Toronto Stock Exchange, tapped Adam M. Givertz, Ian M. Hazlett and Scott A. Barshay of Paul, Weiss, Rifkind, Wharton & Garrison LLP for counsel and Greg Weinberg, Jan Lennertz, Matthew Plemich and James McMahon at Morgan Stanley for financial advice. Neil Kravitz, Constantino Ragas and Marie-Christine Valois of Fasken Martineau DuMoulin LLP were Canadian counsel. National Bank Financial Inc. advised the IPG board of directors. Randi Booth is IPG’s general counsel. Melbourne Yull started IPG in 1981; his son Gregory succeeded him as CEO in 2010.

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Editor’s note: The original version of this article was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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