US-based private-equity firm Kohlberg Kravis Roberts (KKR) has agreed to provide €100m debt and equity financing to sustainable packaging provider Petainer UK.
The funding will be used by Petainer to finance its capital structure and its new growth strategy.
Under the terms of the binding agreement, Next Wave Partners will retain the majority shares of Petainer UK while KKR Credit will take a substantial minority shareholding.
Petainer CEO Nigel Pritchard 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."
Petainer said that the KKR Credit's financial and operational strength combined with support of Next Wave Partners provides a financial structure to support Petainer's growth strategy through new product development and international expansion.
KKR Credit director Mark Brown said: "We believe the company now has the long-term capital structure necessary to pursue attractive strategic growth initiatives."
Brown said that the investment is in line with KKR's effort to bring long-term capital to companies which seek to diversify the sources of funding.
The transaction is scheduled to be completed in April 2016.
