• Home
  • News
  • Analysis
  •  
    Regions
    • Australasia
    • Southeast Asia
    • Greater China
    • North Asia
    • South Asia
    • North America
    • Europe
    • Central Asia
    • MENA
  •  
    Funds
    • LPs
    • Buyout
    • Growth
    • Venture
    • Renminbi
    • Secondary
    • Credit/Special Situations
    • Infrastructure
    • Real Estate
  •  
    Investments
    • Buyout
    • Growth
    • Early stage
    • PIPE
    • Credit
  •  
    Exits
    • IPO
    • Open market
    • Trade sale
    • Buyback
  •  
    Sectors
    • Consumer
    • Financials
    • Healthcare
    • Industrials
    • Infrastructure
    • Media
    • Technology
    • Real Estate
  • Events
  • Chinese edition
  • Data & Research
  • Weekly Digest
  • Newsletters
  • Sign in
  • Events
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)870 240 8859

      Email: customerservices@incisivemedia.com

      • Sign in
     
      • Saved articles
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
  • Free Trial
  • Subscribe
  • Weekly Digest
  • Chinese edition
  • Data & Research
    • Latest Data & Research
      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

      Read more
      2016-pevc-cover
      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

      Read more
      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

      Read more
AVCJ
AVCJ
  • Home
  • News
  • Analysis
  • Regions
  • Funds
  • Investments
  • Exits
  • Sectors
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)870 240 8859

    Email: customerservices@incisivemedia.com

    • Sign in
 
    • Saved articles
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
AVCJ
  • Southeast Asia

Goldman invests in KKR-owned Goodpack as part of refinancing

cargo-ship-shipping-container-logistics
  • Tim Burroughs
  • 09 December 2022
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  

Goldman Sachs Asset Management (GSAM) has made a structured investment in Goodpack, a Singapore-based container manufacturer controlled by KKR, as part of a broader refinancing transaction.

GSAM, which is participating through its infrastructure investing business, did not disclose the size of the deal. Debtwire, AVCJ’s sister title, reported last month that Goodpack was seeking a USD 790m five-year loan to refinance an existing USD 765m facility, the bulk of which was due to mature within 12 months.

KKR’s SGD 1.4bn (USD 1.1bn) privatisation of the then Singapore-listed company in 2014 represented the first time a private equity firm had used a term loan B for an acquisition in Asia.

The deal was supported by a USD 550m term loan B and a USD 170m second lien loan, plus a USD 85m revolving credit facility and a USD 30 letter of credit, according to Debtwire. A first refinancing was completed in 2018; Goodpack secured a USD 610m term loan B and a USD 155m second lien loan. These loans were set to mature in June 2023 and June 2024, respectively.

Last year, Goodpack received financing from China Merchant’s Group “in the form of debt instruments that can help shore up [its] financial flexibility,” reported Mergermarket, also an AVCJ sister title. KKR had initiated a formal exit process in 2019 - reportedly targeting USD 2bn for the business - but this was still on hold at the time of the China Merchant’s transaction.

S&P highlighted the refinancing risks in a report published in October, observing that the USD 765m facility represented 80% of Goodpack’s debt structure. S&P said that Goodpack was in the process of refinancing the term loan B and it didn’t envisage any difficulty in this being completed by November.

The rating agency added that refinancing was initially targeted for completion six months earlier but had been delayed by macroeconomic challenges triggered by the Russia-Ukraine conflict. It also noted the impact of “continued trade disruptions, high energy costs, and recessionary risks” weigh on Goodpack, “especially given the company's large exposure to the cyclical automotive industry.”

At the same time, however, freight rates and steel prices were easing from the peaks seen earlier in the year. This - combined with the implementation of a surcharge in contracts - had enabled the company to improve its EBITDA margin, contributing to a fall in the debt-to-EBTIDA ratio.

Goodpack is the largest global provider of intermediate bulk containers (IBCs) – reusable metal containers that typically carry rubber, food products, automotive components, and other industrial goods. The Singapore-headquartered company owns a fleet of over 4m IBCs and operates a supply chain network spanning over 70 countries with around 5,000 delivery and collection points.

GSAM said in a statement that it will work alongside existing investors and management in the pursuit of Goodpack’s strategic ambition to drive further adoption of its sustainable, high quality and cost-efficient logistics solution.

“Goodpack provides essential transport and logistics services and benefits from strong customer relationships, a well-established network and a large asset base. The Goodpack team has built an impressive, circular business model which is well-placed to continue to grow,” said Philippe Camu, chairman of global infrastructure investing at GSAM.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  
  • Topics
  • Southeast Asia
  • Industrials
  • Financing
  • Infrastructure
  • Singapore
  • Structured finance
  • Goldman Sachs
  • KKR
  • Logistics

More on Southeast Asia

housing-house-home-mortgage
Singapore fintech start-up LXA gets $10m seed round
  • Southeast Asia
  • 10 Nov 2023
airport-travel
Asia’s LP landscape: North to south
  • LPs
  • 08 Nov 2023
singapore-harbor-cityscape-night
Reed Smith hires Sidley Austin's Asia fund formation leader
  • Southeast Asia
  • 02 Nov 2023
biotech-lab-healthcare-pharma-02
Polaris leads $27m round for Singapore's Engine Biosciences
  • Southeast Asia
  • 01 Nov 2023

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs
  • 10 November 2023
housing-house-home-mortgage
Singapore fintech start-up LXA gets $10m seed round

New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.

  • Southeast Asia
  • 10 November 2023
india-rupee-money-nbfc
India's InCred announces $60m round, claims unicorn status

Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”

  • South Asia
  • 10 November 2023
roller-mark-luke-finn
Insight leads $50m round for Australia's Roller

Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.

  • Australasia
  • 10 November 2023
Back to Top
  • About AVCJ
  • Advertise
  • Contacts
  • About ION Analytics
  • Terms of use
  • Privacy policy
  • Group disclaimer
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013