US private equity firm I Squared Capital has emerged as the frontrunner to acquire KKR’s Singapore-headquartered logistics business Goodpack, in a potential deal that could value the company at up to $1.5bn, according to a report by the Wall Street Journal.
The report cites Unnamed people familiar with the matter as saying that I Squared is currently conducting due diligence on the asset, which KKR originally acquired and delisted in 2014 for over $1bn. Other suitors in the competitive sale process reportedly include Brookfield Asset Management and Apollo Global Management. A final agreement could be reached by the end of November, pending the outcome of due diligence, though no deal is guaranteed.
Goodpack, founded in 1980, is a global provider of reusable intermediate bulk containers, used by the automotive, chemicals, food, and rubber industries as an alternative to wooden boxes and metal drums. The company operates in over 70 countries across Asia, Africa, the Americas, and the Middle East.
