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Clearlake goes on charm offensive after spate of restructurings

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Clearlake goes on charm offensive after spate of restructurings

Rachel Butt's avatar
Max Reyes's avatar
Will Caiger-Smith's avatar
  1. Rachel Butt
  2. +Max Reyes
  3. + 1 more
•6 min read

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.

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