US-based investment firm Clearlake Capital has closed its purchase of protective packaging provider Intertape Polymer Group (IPG).

The deal was initially announced on 8 March and approved by IPG shareholders on 11 May.

As part of the agreement, Clearlake acquired the outstanding shares of IPG’s common stock for C$40.50 ($31.48) a share in cash.

IPG produces paper and film-based, pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, woven and non-woven products for the industrial and retail sectors, as well as packaging machinery.

The company focuses on developing solutions for diversified business-to-business (B2B) and e-commerce segments.

Based in Sarasota, Florida; and Montreal, Canada, IPG operates a network of 34 locations worldwide, including 22 in North America.

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Following the deal’s completion, IPG is currently operating as a privately held company and its common stock shares have been removed from the public market.

Clearlake co-founder and managing director José Feliciano and partner and managing director Arta Tabaee said: “We have been impressed with IPG’s ability to capitalise on growth within its recession resilient end markets, particularly the company’s focused efforts around the e-commerce ecosystem.

“The acquisition combines IPG’s customer-centric and sustainability-oriented strategy with Clearlake’s packaging investment experience and our OPS operational improvement approach, which should strengthen and accelerate the company’s next phase of growth and innovation.

“We are thrilled to partner with the company and believe that IPG is positioned to capitalise on e-commerce and B2B tailwinds and continue building on its industry position, particularly around sustainability.”

IPG president and CEO Greg Yull said: “Clearlake has shown confidence in our team and the direction of the company.

“Throughout our conversations, their team has expressed alignment with our customer-centric and sustainability-oriented approach in all aspects of our organisation, and we remain impressed by their understanding of the protective packaging sector.”