Goodpack Acquisition Finalized

KKR Purchase of Goodpack Should Deliver Accelerated Growth and Greater Value

Image from Goodpack website.

Image from Goodpack website.

The acquisition of Goodpack Limited by IBC Capital Limited, an affiliate of leading global investment firm KKR, has now been completed. Goodpack was delisted from the Official List of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on September 15, 2014, in conjunction with the acquisition.

The KKR partnership with Goodpack is poised to offer important advantages, according to a release. Firstly, 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.

“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,” says David Lam, Executive Chairman of Goodpack, commenting on the acquisition.

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.

“Goodpack is a highly successful packaging solutions company with its innovative, unique product that offers compelling value to its customers while being environmentally friendly,” adds Ming Lu, Member of KKR and Co-Head of Asia Private Equity. “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.

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.

Goodpack operates in more than 70 countries, with 16 offices and is headquartered in Singapore.

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