Will help change market dynamics of PET/plastic packaging in India
Online PR News – 20-April-2016 – Mumbai – Will help change market dynamics of PET/plastic packaging in India
Mumbai, India, April 19, 2016: Petainer UK Holdings (“Petainer”, “the Company”) today announced that it has signed a binding agreement with KKR Credit for a €100 million debt and equity investment. The funding from KKR Credit will be used to refinance the Company’s capital structure and also finance the implementation of the Company’s growth strategy.
Next Wave Partners (“Next Wave”) will remain the majority shareholders and KKR Credit is taking a substantial minority shareholding. The transaction is expected to complete later in April 2016.
Petainer is a global provider of high performance packaging solutions to a diverse range of consumer food and beverage end markets, including beer, wine, cider, carbonated soft drinks (“CSDs”), water and sauces. Petainer has specialist expertise in high stretch polymer engineering that it applies across much of its product portfolio to create differentiated and market disruptive packaging. The investment from KKR Credit provides substantial resources to Petainer to enable continued rapid growth via new product development and international expansion.
Nigel Pritchard, Chief Executive of Petainer said: “Petainer’s proprietary technology has enabled us to launch disruptive new products like the petainerCooler™ and petainerKeg™, that rival traditional substrates and that are technically superior and minimise waste through customer supply chains. Our lightweight, high performance products also help to reduce carbon footprints, making us a valued partner for customers at a time when regulators and brand owners are placing an increased focus on sustainability.
Today’s announcement is an important milestone in the development of our company. The financial and operational strength of KKR Credit, alongside the continued support of Next Wave Partners, provides the business with a robust financial structure to continue and accelerate our growth strategy, both through market consolidation and the development of our new product pipeline. This is a tremendous next chapter for the company.”
Petainer entered the Indian market in January 2015 through a joint venture. Petainer Innopac Packaging, which is a joint venture between Petainer UK Holdings Ltd and Innopac Containers Pvt Ltd aims to manufacture high quality, high performance and gamechanging PET/plastics packaging in India.
Petainer Innopac recently inaugurated its world class manufacturing plant near Mumbai which currently manufactures the petainerCooler™, 20 liter bulk containers for water, which due to its patented design and technology helps making the water safer for the consumers and substantially reduces the environmental waste.
Looking at this development from an Indian perspective Mr. Atit Bhatia, Managing Director, Petainer Innopac Packaging said, “We are very pleased that Petainer has received this big round of funding which will help us to further strengthen our partnership in India as it would help us to accelerate our joint growth in the Indian marketplace and will enable us to have more resources to invest and bring to India products which are game changing and the country has never seen before.
This funding further strengthens our belief that we have entered the plastic packaging segment with the right technology, right partners and with absolutely fantastic products which would substantially reduce the total cost of ownership for brand owners in India.“
About Petainer Innopac Packaging
Petainer Innopac Packaging is a joint venture between Petainer UK Holdings Ltd and Innopac Containers Pvt Ltd. The company manufactures high quality, high performance and sustainable PET/plastics packaging solutions. The aim is to deliver game changing solutions in the PET & Plastic packaging industry while reducing the carbon footprint from environment at reduced cost of ownership to the brand owners.
Petainer Innopac focuses significant attention on proprietary innovation, leveraging its core competency in high stretch polymer engineering, which provides high performance packaging solutions. The company has its head office in Delhi and they have recently launched their manufacturing unit in Mumbai. The manufacturing hub uses preforms made by Petainer in Europe and is equipped with world class blow molding equipment to provide better and on time deliverables to the market.
Petainer Innopac’s innovative 20 L petainerCooler-Jar for the water industry provides Economic savings of up to 30-40% to the brand owners by providing a high quality product which increases strength & life cycle, reduces waste and drives significant supply chain gains.
Petainer’s transformative effect can also be seen in the beer and wine market; petainerKeg™ is inexpensive for producers, reduces transport costs and environmental impact, without impacting taste.