Sarasota company moves from public to private in $2.6B deal

One of largest publicly traded companies in the Sarasota-Bradenton region, Intertape Polymer Group, is going private in a $2.6 billion deal.

Intertape Polymer Group, which has a dual headquarters in Sarasota and Montreal, will delist from the Toronto Stock Exchange shortly, according to a statement. Additionally, it’s in the process of deregistering the company shares from the U.S. Securities and Exchange Commission under the Exchange Act. 

The acquisition, in which an affiliate of Clearlake Capital Group L.P. bought Intertape Polymer Group for $40.50 a share, officially closed Tuesday, June 28. The $2.6 billion figure, according to a March statement that announced the deal, "represents a premium of approximately 82% to the closing price of IPG common shares on the Toronto Stock Exchange on March 7, 2022." Clearlake is based in Santa Monica, California.