Petainer UK has signed a binding agreement with KKR Credit for a €100 million debt and equity investment that will be used to refinance the company’s capital structure and finance its ambitions for growth.
Next Wave Partners will remain the majority shareholders and KKR Credit is taking “a substantial minority shareholding”, with the transaction expected to complete later this month, Petainer said.
The company provides high-performance packaging solutions to food and beverage end markets including beer, wine, cider, carbonated soft drinks, water and sauces.
Nigel Pritchard, chief executive of Petainer, said: “Petainer’s proprietary technology has enabled us to launch disruptive new products like the PetainerCooler and PetainerKeg, that rival traditional substrates and that are technically superior and minimise waste through customer supply chains. Our lightweight, high-performance products also help to reduce carbon footprints, making us a valued partner for customers at a time when regulators and brand owners are placing an increased focus on sustainability.
“Today’s announcement is an important milestone in the development of our company. 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. This is a tremendous next chapter for the company.”
KKR Credit director Mark Brown added: “We look forward to partnering with Petainer and Next Wave. We believe the company now has the long-term capital structure necessary to pursue attractive strategic growth initiatives. This investment perfectly fits our investment strategy of bringing in long-term capital as a solution to companies and investors who seek to diversify the sources of funding.”
And Jonathan Brod, managing partner of Next Wave Partners, continued: “Petainer revenues have almost doubled under Next Wave’s ownership of the business while EBITDA has trebled.
“The company’s proven ability to achieve such impressive revenue and profitability growth allows Next Wave to provide significant liquidity to our investors while retaining majority ownership of the business.”
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