KKR, investing on behalf of its infrastructure arm, has agreed to acquire a majority stake in LEAP, a pallet-pooling platform in India.
The value of the transaction was not disclosed. Indian media reports said the transaction gave LEAP an enterprise value of INR3bn rupees (鈧�34m).
LEAP operates a network of 21 warehouses and more than 3,500 customer locations, and manages more than 6m total assets, including pallets and containers, across India for its customers.
Ami Momaya, director, infrastructure, at KKR, described LEAP as 鈥渁 standout leader鈥� in India鈥檚 pallet pooling industry. LEAP would play an important role in driving India鈥檚 continued modernisation and growth, he said.
鈥淟EAP is supporting this shift by providing the critical assets needed for the manufacturing, storage and movement of goods in supply chains and, in so doing, helps companies to be better equipped to improve the environmental impact of their operations.鈥�
Sunu Mathew, founder and managing director at LEAP India, said: 鈥淲e look to tap into KKR鈥檚 global expertise to accelerate our growth and deliver impactful solutions to our clients.鈥�
Mathew, who set up the company in 2013, remains a shareholder in the company which, in 2021, reportedly attracted an investment of $25m (鈧�22.7m) from Morgan Stanley.
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