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KKR nods to $950m deal for Minnesota Rubber and Plastics exit

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KKR has agreed to sell Minnesota Rubber and Plastics to Trelleborg Group at $950m enterprise value.

KKR bought into the elastomer and thermoplastic materials provider in 2018. The company has constructed an innovation center and build new equipment during the time to speed up product delivery and boosted earnings growth.

The firm has also introduced a broad-based employee ownership program during the investment period. All of MRP’s 1,450 employees across six countries will receive cash payouts upon closing of the transaction.

The scheme was first introduced in 2011 and KKR currently has 30 portfolio companies with ownership programs.

Josh Weisenbeck, partner at KKR who leads KKR’s Industrials private equity team, said, “I am proud to have worked alongside MRP colleagues who have contributed in so many ways to the Company’s performance. Together we have been able to deliver the fantastic results that made this sale possible.

This is a great outcome for all employee owners and our limited partners in KKR’s Americas XII Fund.”

Global private equity giant KKR hit a $2.1bn final close for Asset-based Finance Partners last month. It is its first fund dedicated to asset-based finance investments. The vehicle will commit capital to privately originated and negotiated credit investments backed by large and diversified pools of financial and hard assets, with attractive risk-adjusted returns, the firm said.

KKR also launched its first Asia-focused technology growth fund last month, targeting $1bn to $1.5bn.

The firm launched the strategy in 2016 and collected $687m for NGT I.

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