SINGAPORE (Reuters) – KKR & Co. (KKR.N) has tapped Hong Kong’s CK Infrastructure Holdings Ltd (1038.HK) and buyout teams together with Blackstone (BX.N) and Sweden’s EQT AB (EQTAB.ST) to gauge shopping for curiosity for Singapore-based Goodpack, an intermediate bulk container maker, a number of sources with data of the matter mentioned.
FILE PHOTO: Buying and selling data for KKR & Co is displayed on a display on the ground of the New York Inventory Trade (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
Working with advisors, non-public fairness group (PE) KKR has reached out to greater than a dozen potential patrons because it seeks bids for a deal that would give Goodpack a valuation of at the least $2 billion, the sources mentioned.
If profitable, this may rank as one of many largest PE-backed gross sales prior to now few years in Asia, excluding Japan and Australia, in line with knowledge from Refinitiv.
The names of the potential bidders haven’t been reported beforehand. The sources declined to be recognized as they weren’t approved to talk to the media.
KKR, EQT and Blackstone declined to remark, whereas there was no speedy response from CK Infrastructure, which is a part of an empire based by Hong Kong tycoon Li Ka-shing.
“There are loads of events taking a look at this high-profile public sale. This isn’t a small and low-cost deal, so persons are eager to do loads of work on this one,” mentioned one banker accustomed to the sale course of.
Indicative bids are due in early December, they mentioned.
KKR acquired Goodpack for about S$1.four billion ($1.03 billion) in 2014 and delisted it from Singapore Trade. Since then, Goodpack modified its senior administration, expanded into new markets corresponding to meals and chemical substances and opened new places of work in Europe and america.
One supply mentioned KKR was looking for a value above $2 billion, given the rise in valuations of infrastructure property prior to now few years and Goodpack’s enlargement.
Macquarie Infrastructure and Actual Belongings, a subsidiary of Macquarie Group (MQG.AX), and U.S.-based Stonepeak Infrastructure Companions, that has raised billions of {dollars}, are amongst these eyeing Goodpack, the sources mentioned.
Macquarie Group declined to remark, whereas there was no response from Stonepeak.
Sources mentioned a number of the events have held conferences with Goodpack and KKR’s administration to get a greater understanding of the enterprise.
Goodpack caters to world clients within the rubber, chemical, automotive and food-processing sectors. It has a fleet of 4 million metal intermediate bulk containers, with operations throughout 80 international locations and a community of about 5,000 supply and assortment factors.
($1 = 1.3607 Singapore {dollars})
Reporting by Anshuman Daga; Enhancing by Stephen Coates