United Kingdom-based PET container maker Petainer has announced it has completed a deal with KKR Credit for 100 million euros ($114.1 million) in debt and equity investment. KKR Credit is taking a substantial minority shareholding stake in the company.
Current investors Next Wave Partners of London will retain a majority share in the company.
The money is to be used to refinance the company's capital structure and also finance the implementation of the company's growth strategy, states Petainer.
Nigel Pritchard, CEO of Petainer said: “The financial and operational strength of KKR Credit, alongside the continued support of Next Wave Partners provides substantial resources to Petainer to enable continued rapid growth via new product development and international expansion.
“We have already launched a number of initiatives to help drive growth, including our online store serving the brewery and winery sectors, a new app to support our market-leading petainerKeg and the launch of our PET watercooler, now with a handle, which rivals polycarbonate.
“We are also close to completing a deal to establish a new innovation center in the U.K. to help drive new product development, and have already started recruiting a team of high quality experts. This underlines our commitment to ensuring we deliver a pipeline of innovative high performance and sustainable PET packaging which is valued by our customers.”
Petainer says it currently has production plants, blow molding facilities and sales offices in Sweden and the Czech Republic, North America, Russia, India, Germany and the U.K.
The company maintains it offers a more sustainable option for brand owners through a lightweight container that can be easily recycled.