Next Wave Partners returns €40 million to its investors, retains control of the Company and secures an attractive package to support the Company’s continued growth.
London – Next Wave Partners (“Next Wave”), the growth capital private equity fund, announced today that it had signed a binding agreement with KKR Credit on a €100 million debt and equity investment into its portfolio company, Petainer UK Holdings (“Petainer”, “the Company”) valuing the Company at over €140 million. Petainer designs, manufacturers and supplies a diverse range of high performance packaging solutions to a range of fast moving consumer goods businesses.
Through the investment, Next Wave Partners returns €40 million to its investors, retains control of the Company and secures an attractive package to support the Company’s continued growth. Next Wave initially made an investment of £6 million (€6.7 million) in 2009 to acquire the Company from Rexam plc. The transaction will close at the end of April.
Jonathan Brod, Managing Partner of Next Wave stated “Petainer is in the vanguard of advances in high stretch polymer engineering which have led to market disruptive products such as the petainerKeg and the petainerCooler. Since its launch in 2012, the petainerKeg has reached global leadership in one-way PET kegs providing end users with significant supply chain improvements, greater profit and superior environmental impact. The petainerKeg is only one example of Petainer’s diverse portfolio of market disruptive products based on its high stretch polymer engineering technology.”
Jonathan added “Petainer revenues have almost doubled under Next Wave’s ownership of the business while EBITDA has trebled. The Company’s impressive revenue and profit growth has allowed Next Wave to provide significant liquidity to our investors while leaving the ownership of the business unchanged.”
Robert W. Baird Limited, Macfarlanes LLP and KPMG LLP (UK) advised Petainer’s shareholders on the transaction.
About Petainer
Petainer is a global provider of high performance packaging solutions to a diverse range of consumer markets such as beer, wine, cider, carbonated soft drinks, water, food, personal care and household goods. The Group has specialist expertise in high stretch polymer engineering that it applies across much of its product portfolio to create differentiated and market disruptive packaging.
Petainer offers packaging solutions to global brands that provide them with advantages in terms of new market opportunities, supply chain improvements as well as reductions in total costs and improvements in sustainability.
Petainer is a UK-based company which has production plants in Sweden and the Czech Republic, blowing facilities in North America, Russia, India and Australia, as well as sales offices in Sweden, the Czech Republic, Germany, the USA and the UK, complemented by a network of global distributors.
For further information, please visit www.petainer.com
About Next Wave Partners
Next Wave Partners is a growth capital private equity investor who backs fast growing business services and consumer companies in the UK. The firm manages more than €250 million of assets and has eight investment professionals in its London office. Its portfolio also includes The Delivery Group, one of the UK’s fastest growing e-commerce logistics companies and Future Thinking, one of the UK’s largest private market research agencies.
For further information, please visit www.nextwavepartners.co.uk or contact Jonathan Brod at jb@nextwavepartners.co.uk or on +44 (0) 203 005 7535.
