KKR Suspends $2 Billion Sale of Singapore’s Goodpack

(Bloomberg) -- KKR & Co. is suspending its planned sale of Goodpack Ltd., a Singaporean provider of intermediate bulk containers, after bids fell short of expectations, according to people familiar with the matter.

The coronavirus outbreak has disrupted the sale, which was expected to fetch at least $2 billion, said the people, who asked not to be named as the information is private. Potential buyers have expressed difficulties in getting financing and offers were below what the New York-based buyout firm anticipated, the people said.

Any successful sale of Goodpack for $2 billion would mark one of the biggest exits by a private equity of a Singapore-based company, according to data complied by Bloomberg.

Goodpack’s latest sales figures remained resilient as its business wasn’t directly hit by the pandemic, one of the people said. The company focuses on leasing bulk containers for packing and transporting bulk cargo for industries such as rubber and food, the person said.

KKR may resume the process within the next few months once concerns over the coronavirus ease, the people said. A representative for KKR declined to comment, while a representative for Goodpack didn’t immediately respond to requests for comment.

The private equity firm acquired Goodpack six years ago for about S$1.4 billion and delisted the company. KKR started working with financial advisers on identifying potential buyers for the business last year, Bloomberg News reported previously.

Goodpack, headquartered in Singapore, has regional offices in 22 countries and operational depots in 31 countries across six continents, according to a press release last year.

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