CNG’s speciality films are suitable for use in flexible packaging, industrial, healthcare, and consumer applications
Global investment company KKR has agreed to invest in North American speciality films producer Charter Next Generation (CNG).
KKR is investing in CNG via its Americas XII Fund, and further terms have not been disclosed.
CNG is engaged in the production of speciality films for use in flexible packaging, industrial, healthcare, and consumer applications.
KKR will join Leonard Green & Partners as an equal co-owner of CNG, while Abu Dhabi Investment Authority’s (ADIA) wholly-owned subsidiary will also invest in CNG to become a minority owner.
CNG offers advanced solutions that help to keep food fresh longer, as well as maintain the lowest carbon footprint of any major packaging substrate with optimised size and lighter weight.
The company mainly produces high-performance speciality films that focus on the critical inner lining of packaging to protect foods and other goods by creating heat resistance, sterility, oxygen and odour barriers, UV shields and moisture protection.
The speciality films will also facilitate recyclability, compostability and the use of post-consumer resin.
CNG CEO Kathy Bolhous said: “Continuous investment in our film technologies and in our team is mission critical for us, which is why we are excited to partner with these exceptional, forward-thinking firms – particularly for their steadfast approach to employee engagement and ownership.
“Offering all employees ownership in the company aligns everyone around our objectives while providing financial rewards for their efforts, fitting well with our employee-first culture.”
Goldman Sachs, Morgan Stanley and Latham & Watkins acted as advisors to CNG, while Kirkland & Ellis and Deloitte served as advisors to KKR on the transaction.