CNG’s environmentally friendly films serve various markets, including the industrial, healthcare and consumer sectors.

Under the terms of the deal, KKR will become equal owners of the company alongside private equity firm Leonard Green and Partners.

KKR made the investment through its Americas XII Fund.

A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will also invest in the transaction for a minority ownership.

The financial terms of the transaction have not been disclosed. According to the Wall Street Journal, the transaction values CNG at more than $4bn, including debt.

Leonard Green and KKR have also agreed to make all CNG employees owners of the company.

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CNG CEO Kathy Bolhous said: “Continuous investment in our film technologies and in our team is mission critical for us, which is why we are excited to partner with these exceptional, forward-thinking firms, particularly for their steadfast approach to employee engagement and ownership.

“Offering all employees ownership in the company aligns everyone around our objectives while providing financial rewards for their efforts, fitting well with our employee-first culture.”

Kirkland and Ellis and Deloitte acted as advisors to KKR, while CNG was advised by Goldman Sachs, Morgan Stanley and Co and Latham and Watkins during the transaction.

Last November, KKR made an undisclosed investment in CMC Machinery, an Italian packaging machinery manufacturer that specialises in providing advanced e-commerce 3D on-demand packaging.