Intertape Polymer Group Announces Receipt of the Investment Canada Approval, Intended Closing Date of Arrangement and Dividend Payment Date
June 24 2022 - 8:00AM
Intertape Polymer Group Inc. (TSX: ITP) (“
IPG” or
the “
Company”) is pleased to announce the receipt
of the approval under the Investment Canada Act in respect of the
previously announced acquisition of the Company by an affiliate of
Clearlake Capital Group, L.P. (the “
Purchaser”)
for CDN$40.50 per share by way of a plan of arrangement in
accordance with Section 192 of the Canada Business Corporations Act
(the “
Arrangement”).
The parties to the Arrangement intend to
complete the Arrangement on June 28, 2022, subject to the
satisfaction of customary closing conditions.
Pursuant to the terms of the agreement in
respect of the Arrangement, the quarterly dividend of US$0.17 per
share announced on May 11, 2022 will be paid immediately prior to
the closing of the Arrangement on June 28, 2022, subject to the
satisfaction of customary closing conditions, and the payment date
of the dividend has been changed to such date. The dividend record
date of June 15, 2022 remains unchanged.
About Intertape Polymer Group
Inc.
Intertape Polymer Group Inc. is a recognized
leader in the development, manufacture and sale of a variety of
paper and film based pressure-sensitive and water-activated tapes,
stretch and shrink films, protective packaging, woven and non-woven
products and packaging machinery for industrial and retail use.
Headquartered in Montreal, Québec and Sarasota, Florida, IPG
employs approximately 4,200 employees with operations in 34
locations, including 22 manufacturing facilities in North America,
five in Asia and two in Europe. For information about the Company,
visit www.itape.com.
About Clearlake Capital Group, L.P.
Founded in 2006, Clearlake Capital Group, L.P.
is an investment firm, operating integrated businesses across
private equity, credit, and other related strategies. With a
sector-focused approach, the firm seeks to partner with management
teams by providing patient, long-term capital to dynamic businesses
that can benefit from Clearlake Capital Group, L.P.’s operational
improvement approach, O.P.S.® The firm’s core target sectors are
industrials, consumer, and technology. Clearlake Capital Group,
L.P. currently has over $72 billion of assets under management, and
its senior investment principals have led or co-led over 400
investments. The firm has offices in Santa Monica and Dallas. More
information is available at www.clearlake.com and on Twitter
@Clearlakecap.
Forward-Looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation and “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended
(collectively, “forward-looking statements”), which are made in
reliance upon the protections provided by such legislation for
forward-looking statements. All statements other than statements of
historical facts included in this press release may constitute
forward-looking statements. These forward-looking statements are
based on current beliefs, assumptions, expectations, estimates,
forecasts and projections made by the Company’s management. Words
such as “may,” “will,” “should,” “expect,” “continue,” “intend,”
“estimate,” “anticipate,” “plan,” “foresee,” “believe” or “seek” or
the negatives of these terms or variations of them or similar
terminology are intended to identify such forward-looking
statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements, by their nature, involve risks and uncertainties and
are not guarantees of future performance. Such statements are also
subject to assumptions concerning, among other things: the expected
satisfaction of closing conditions to the acquisition of the
Company by the Purchaser, business conditions and growth or
declines in the Company’s industry, the Company’s customers’
industries and the general economy, including as a result of the
impact of COVID-19; the anticipated benefits from the Company’s
greenfield developments, and other restructuring efforts; the
anticipated benefits from the Company’s manufacturing facility
capacity expansions; the impact of fluctuations in raw material
prices and freight costs including the availability and pricing due
to supply chain disruptions; selling prices including maintaining
dollar spread due to higher raw material and freight costs; the
impacts of new accounting standards, including the impact of new
accounting guidance for leases; the anticipated benefits from the
Company’s acquisitions and partnerships; the anticipated benefits
from the Company’s capital expenditures; the quality and market
reception of the Company’s products; the Company’s anticipated
business strategies; risks and costs inherent in litigation; legal
and regulatory developments, including as related to COVID-19; the
Company’s ability to maintain and improve quality and customer
service; anticipated trends in the Company’s business; the expected
strategic and financial benefits from the Company’s ongoing capital
investment and mergers and acquisitions programs; anticipated cash
flows from the Company’s operations; availability of funds under
the Company’s 2021 Credit Facility; the Company’s flexibility to
allocate capital as a result of the Senior Unsecured Notes
offering; and the Company’s ability to continue to control costs.
The Company can give no assurance that these estimates and
expectations will prove to have been correct. Actual outcomes and
results may, and often do, differ from what is expressed, implied
or projected in such forward-looking statements, and such
differences may be material. Readers are cautioned not to place
undue reliance on any forward-looking statement. For additional
information regarding important factors that could cause actual
results to differ materially from those expressed in these
forward-looking statements and other risks and uncertainties, and
the assumptions underlying the forward-looking statements, you are
encouraged to read “Item 3 Key Information - Risk Factors”, “Item 5
Operating and Financial Review and Prospects (Management’s
Discussion & Analysis)” and statements located elsewhere in the
Company’s annual report on Form 20-F for the year ended December
31, 2021 and the other statements and factors contained in the
Company’s filings with the Canadian securities regulators and the
US Securities and Exchange Commission. Each of these
forward-looking statements speaks only as of the date of this press
release. The Company will not update these statements unless
applicable securities laws require it to do so.
FOR FURTHER INFORMATION PLEASE CONTACT:Ross
MarshallInvestor Relations(T) (416) 526-1563(E)
ross.marshall@loderockadvisors.com
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