London – Petainer UK Holdings today completed the transaction with KKR Credit for a €100 million debt and equity investment. The funding from KKR Credit is being used to refinance the Company’s capital structure and also finance the implementation of the Company’s growth strategy. Next Wave Partners will remain the majority shareholders and KKR Credit is taking a substantial minority shareholding.
Petainer is a global provider of innovative, high performance packaging solutions to a diverse range of consumer food and beverage end markets, including beer, wine, cider, carbonated soft drinks (“CSDs”), water and sauces. Petainer has specialist expertise in high stretch polymer engineering that it applies across much of its product portfolio to create differentiated and market disruptive packaging.
Nigel Pritchard, Chief Executive of Petainer said: “The financial and operational strength of KKR Credit, alongside the continued support of Next Wave Partners provides substantial resources to Petainer to enable continued rapid growth via new product development and international expansion.
“We have already launched a number of initiatives to help drive growth, including our online store serving the brewery and winery sectors, a new app to support our market-leading petainerKeg™ and the launch of our PET watercooler, now with a handle, which rivals polycarbonate.
“We are also close to completing a deal to establish a new innovation centre in the UK to help drive new product development, and have already started recruiting a team of high quality experts. This underlines our commitment to ensuring we deliver a pipeline of innovative high performance and sustainable PET packaging which is valued by our customers.”