Clearlake goes on charm offensive after spate of restructurings
- Rachel Butt
- +Max Reyes
- + 1 more
Every February, thousands flock to JPMorgan’s leveraged finance conference on Miami Beach. It’s a familiar routine of sellsiders meeting buysiders, giving updates on companies and greasing the wheels for new deals — with a backdrop of lavish parties and warm weather.
This year, that familiar routine was disrupted by some atypical behavior by a certain private equity firm: Clearlake Capital, a sponsor with a reputation for its willingness to do battle with its creditors if it meant saving an investment, was being a lot friendlier than usual.
James Pade, a partner who has been with the firm since 2013, was one of the Clearlake executives that held meetings with lenders in a bid to improve their relationships and communication, according to 9fin sources. Some described the meetings as an “apology tour” — though they said the sponsor also sought to justify its past behavior.