KKR eyeing sale of S'pore's Goodpack for $2.7b

HONG KONG • KKR & Co is exploring a potential sale for Goodpack, a Singapore-based provider of intermediate bulk containers, according to people familiar with the matter.

The New York-based private equity firm is working with a financial adviser to identify potential buyers for the business, which is worth at least US$2 billion (S$2.7 billion), said the sources, adding that KKR may start a formal sale process as soon as this year end.

At US$2 billion, KKR's potential sale of Goodpack would be one of the biggest private equity exits of Singapore-based firms, according to data complied by Bloomberg.

Buyout firms are betting on logistics as one of the areas of future growth amid changes in global consumption.

Blackstone Group agreed this week to buy US$18.7 billion of US logistics assets from Singapore-based GLP, in what it says is the world's biggest private equity real estate deal.

KKR acquired Goodpack five years ago for about $1.4 billion and delisted it. Goodpack has headquarters in Singapore, with offices in 22 countries and operational depots in 31 countries across six continents, according to a February press statement.

Goodpack has attracted interest from competitors and other private equity firms, the sources said, adding that deliberations are at an early stage and KKR could decide to retain the business or push back the timeline for a sale.

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A version of this article appeared in the print edition of The Straits Times on June 05, 2019, with the headline 'KKR eyeing sale of S'pore's Goodpack for $2.7b'. Print Edition | Subscribe