KKR completes Goodpack acquisition

KKR has closed its buy of Singapore-based Goodpack, a maker of intermediate bulk containers. No financial terms were disclosed. As a result of the transaction, Goodpack has been delisted from the Singapore stock exchange.

PRESS RELEASE

SINGAPORE–(BUSINESS WIRE)–The directors of Goodpack Limited (“Goodpack” or the “Company”) today announced that IBC Capital Limited, an affiliate of leading global investment firm KKR, has completed the acquisition of the Company. As part of the acquisition, Goodpack was delisted from the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on September 15, 2014.

KKR’s partnership with Goodpack will further realise the Company’s potential and accelerate its growth. Goodpack’s management team will look to leverage KKR’s global network to penetrate new verticals and increase sales in existing markets. Goodpack will also benefit from the expertise of KKR Capstone, an independent team of operational executives who work exclusively with KKR and its portfolio companies, to identify opportunities to unlock and create greater value.

Goodpack’s strong environmental thesis complements KKR’s commitment to incorporating environmental, social, and governance (“ESG”) considerations into its decision-making and management practices. Goodpack’s intermediate bulk containers (“IBCs”) are made of high tensile steel that can be reused multiple times over the course of 10 or more years compared to typical wood or corrugated packaging that is used once and then disposed. With more than 3.3 million Goodpack IBCs in circulation across 70 countries and over 5,000 delivery and collection points, Goodpack IBCs can be hired locally and returned globally.

Commenting on the completion, David Lam, Executive Chairman of Goodpack, said, “This partnership with KKR will be transformational. KKR has a proven track record of driving operational improvements and sustainable long-term growth, as well as expertise and experience in enhancing the performance of logistics firms. We envision that together we will be able to deliver greater value to existing customers, and also expand into new customer segments.”

Ming Lu, Member of KKR and Co-Head of Asia Private Equity, added, “Goodpack is a highly successful packaging solutions company with its innovative, unique product that offers compelling value to its customers while being environmentally friendly. We look forward to working with Goodpack’s experienced management team and believe that, in partnership, we will strengthen the Company’s position as a leader in the logistics solutions space.”

The acquisition of Goodpack is KKR’s first transaction in Singapore since KKR established its Southeast Asia headquarters in the country in 2012. Prior to the establishment of its Singapore office, KKR invested in Singapore companies such as MMI Holdings Limited in 2007 and Unisteel Technology Limited in 2008, as well as invested in Singapore-listed United Envirotech Limited in 2011.

ABOUT GOODPACK
Goodpack owns and operates the world’s largest fleet of steel IBCs (Intermediate Bulk Containers), a multi-modal, reusable metal box system that provides packaging, transporting and storage for global core industries. With more than 3.3 million IBCs and over 5,000 collection and delivery points, customers can hire and de-hire Goodpack IBCs practically anywhere in the world.

As the world’s leading provider of IBCs, Goodpack is a critical partner in providing a safe, efficient and environmentally-friendly packing solution that can be integrated into our customers’ supply chain systems. We are committed to growing partnerships by being our partners’ solution from the very start.
Goodpack operates in more than 70 countries, with 16 offices and is headquartered in Singapore.
For more information, please visit http://www.goodpack.com.

ABOUT KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com.