KKR & Co. is exploring a potential sale for Goodpack Ltd., a Singaporean provider of intermediate bulk containers, according to people familiar with the matter.
The New York-based private equity firm is working with a financial adviser on identifying potential buyers for the business, which is worth at least $2 billion, the people said. KKR may start a formal sale process as soon as year-end, the people said, asking not to be identified because the matter is private.
KKR acquired Goodpack five years ago for about S$1.4 billion ($1 billion) and delisted the company. Goodpack, headquartered in Singapore, counts regional offices in 22 countries and operational depots in 31 countries across six continents, according to a February press release.
Goodpack has attracted interest from industry competitors and other private equity firms, one of the people said. Deliberations are at an early stage, and KKR could decide to retain the business for now or push back the timeline for a sale, the people said.
A representative for KKR declined to comment. Calls to Goodpack’s headquarters went unanswered and the company didn’t immediately respond to an email sent via its website.
Buyout firms are betting on logistics as one of the areas of future growth amid changes in global consumption. Blackstone Group LP agreed this week to buy $18.7 billion of U.S. logistics assets from Singapore’s GLP Pte, in what it says is the world’s biggest private-equity real estate deal.