Packaging firm Petainer UK Holdings today said it has signed a binding agreement with KKR Credit for a 100 million euro (over Rs 750 crore) debt and equity investment.
Next Wave Partners will remain the majority shareholders and KKR Credit is taking a substantial minority shareholding.
“The funding from KKR Credit will be used to refinance the company’s capital structure and also finance the implementation of the company’s growth strategy,” Petainer said in a statement.
The transaction is expected to complete later in April 2016.
“The financial and operational strength of KKR Credit, alongside the continued support of Next Wave Partners, provides the business with a robust financial structure to continue and accelerate our growth strategy, both through market consolidation and the development of our new product pipeline,” Petainer Chief Executive Nigel Pritchard said.
Petainer entered the Indian market in January last year through a joint venture. Petainer Innopac Packaging, which is a joint venture between Petainer UK Holdings Ltd and Innopac Containers Pvt Ltd to manufacture PET/plastics packaging in India.