KKR said to halt planned $2bn-plus Goodpack sale as coronavirus hampers buyer financing

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KKR is reportedly suspending its planned sale of Singapore bulk container provider Goodpack amid coronavirus disruption after bids fell short of its $2bn-plus expectations.

Potential bidders have struggled to get financing according to Bloomberg, which cited unnamed people it said were familiar with the matter.

It added that Goodpack’s sales figures had been resilient through the coronavirus crisis so far, as its business wasn’t directly affected by the pandemic.

The company specialises in leasing bulk containers for “challenging payloads”, according to its website, including natural rubber, food and liquids and specialty industrial goods such as tires and automotive parts.

Bloomberg said KKR could resume the sale process within the next few months as concerns over the coronavirus ease.
A report late last year from Reuters said KKR had contacted private equity majors Blackstone and EQT, as well as CK Infrastructure Holdings, to gauge buyer interest for a Goodpack deal.
KKR bought Goodpack in a S$1.39bn ($1.1bn) take-private deal in 2014, with Carlyle and Blackstone also reported to be interested at the time.
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