Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Exclusive: KKR taps CK Infrastructure, buyout groups for Goodpack sale-sources

share with twitter share with LinkedIn share with facebook
share via e-mail
11/18/2019 | 10:42pm EST
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

KKR & Co. has tapped Hong Kong's CK Infrastructure Holdings Ltd and buyout groups including Blackstone and Sweden's EQT AB to gauge buying interest for Singapore-based Goodpack, an intermediate bulk container maker, multiple sources with knowledge of the matter said.

Working with advisors, private equity group (PE) KKR has reached out to more than a dozen potential buyers as it seeks bids for a deal that could give Goodpack a valuation of at least $2 billion (£1.5 billion), the sources said.

If successful, this would rank as one of the largest PE-backed sales in the past few years in Asia, excluding Japan and Australia, according to data from Refinitiv.

The names of the potential bidders have not been reported previously. The sources declined to be identified as they were not authorised to speak to the media.

KKR, EQT and Blackstone declined to comment, while there was no immediate response from CK Infrastructure, which is part of an empire founded by Hong Kong tycoon Li Ka-shing.

"There are a lot of parties looking at this high-profile auction. This is not a small and cheap deal, so people are keen to do a lot of work on this one," said one banker familiar with the sale process.

Indicative bids are due in early December, they said.

KKR acquired Goodpack for about S$1.4 billion (£794.1 million) in 2014 and delisted it from Singapore Exchange. Since then, Goodpack changed its senior management, expanded into new markets such as food and chemicals and opened new offices in Europe and the United States.

One source said KKR was seeking a price above $2 billion, given the rise in valuations of infrastructure assets in the past few years and Goodpack's expansion.

Macquarie Infrastructure and Real Assets, a subsidiary of Macquarie Group, and U.S.-based Stonepeak Infrastructure Partners, that has raised billions of dollars, are among those eyeing Goodpack, the sources said.

Macquarie Group declined to comment, while there was no response from Stonepeak.

Sources said some of the interested parties have held meetings with Goodpack and KKR's management to get a better understanding of the business.

Goodpack caters to global customers in the rubber, chemical, automotive and food-processing sectors. It has a fleet of four million steel intermediate bulk containers, with operations across 80 countries and a network of about 5,000 delivery and collection points.

(Reporting by Anshuman Daga; Editing by Stephen Coates)

By Anshuman Daga

Stocks mentioned in the article
ChangeLast1st jan.
CK INFRASTRUCTURE HOLDINGS LIMITED 0.18% 54.75 End-of-day quote.0.00%
EQT AB -0.43% 150.45 Delayed Quote.38.75%
MACQUARIE GROUP LIMITED -2.39% 141.29 End-of-day quote.5.01%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Companies"
03:11pCORUS ENTERTAINMENT : Global Announces 16 New Houseguests Suiting up for an Extraordinarily Supersized Season of Big Brother Canada
AQ
03:10pBIOSIG TECHNOLOGIES, INC. : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
03:10pAMERICAN NATIONAL INSURANCE CO : Change in Directors or Principal Officers (form 8-K)
AQ
03:10p(TUP) Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Tupperware Brands Corporation and Encourages Investors with Losses to Contact the Firm
PR
03:10pPine Trail REIT Distribution Reinvestment Plan Payment
NE
03:10pRibbon Health Raises $10.25 Million; Launches Cost And Quality Solution
GL
03:08pCHESAPEAKE UTILITIES CORPORATION : Announces Quarterly Dividend
PR
03:07pLANDMARK BANCORP : Code of Business Conduct and Ethics
PU
03:07pLANDMARK BANCORP : Audit Committee Charter
PU
03:07pLANDMARK BANCORP : Compensation Committee Charter
PU
Latest news "Companies"