Investment firm KKR affiliated IBC Capital has acquired Singapore-based intermediate bulk container (IBC) provider Goodpack, for an undisclosed amount.
Goodpack uses high-tensile steel to manufacture bulk containers that can be reused many times over a period of ten or more years, unlike traditional wood or corrugated packaging, which is used only once and then has to be disposed.
The acquisition is expected to boost the growth of Goodpack, which supplies close to 3.3 million IBCs across 70 countries with around 5,000 delivery or collection points.
Goodpack executive chairman David Lam said: "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."
KKR member and co-head of Asia private equity Ming Lu said: "Goodpack is a highly successful packaging solutions company with its innovative, unique product that offers compelling value to its customers while being environmentally friendly.
"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."
Goodpack's acquisition is KKR's first transaction in Singapore since setting up its South East Asia headquarters in 2012.
KKR has also invested in companies such as MMI Holdings Limited in 2007, Unisteel Technology Limited in 2008 and Singapore-listed United Envirotech Limited in 2011.
Image: IBC container. Photo: courtesy of en:User:Rotor DB.