A keen auction is developing for one of the world’s leading manufacturers and suppliers of intermediate bulk containers, as its private equity owner builds a shortlist for the sale of the business after five years of ownership.
KKR has contacted around a dozen global investors to gauge interest in Singapore-based Goodpack, with some of the world’s largest investors are believed to be pursuing interest in the business, which is said to have a value in excess of US$2bn.
KKR paid a reported US$1.4bn for the company in 2014, and it has since been much expanded, both geographically and by customer base. It now has around 4 million containers in 80 countries, responsible for moving around 8 million tonnes of goods in sectors which chiefly include chemicals, food and rubber. Intermediate bulk containers are an alternative to wooden boxes and metal drums, which are used to transport many goods.
Ahead of a reported deadline for first-round bids set for early December, the Hong Kong-based CK Infrastructure Partners has emerged as a leading candidate to buy the business, but it is thought to be competing with Blackstone and EQT among others. Macquarie and Stonepack are also said to be exploring the business.
None of the parties is willing to comment.