Published 08-18-22
Submitted by KKR
Originally published on August 2, 2022
MINNEAPOLIS & NEW YORK, August 18, 2022 /CSRwire/ – KKR, a leading global investment firm, today announced the signing of an agreement to sell Minnesota Rubber and Plastics (“MRP” or the “Company”), a leading provider of materials science-based elastomer and thermoplastic solutions, to
Since KKR’s acquisition in
MRP is the latest example of KKR’s focus on employee ownership and engagement as a key driver in building stronger companies and driving greater financial inclusion. KKR introduced a broad-based employee ownership program for MRP employees as a free, incremental benefit and not in exchange for benefits, wages or wage increases (wages increased over 6% annually during KKR’s investment period). Other pillars of the broad-based employee ownership program included sharing business targets and regular progress updates with all employees, and giving employees a voice in capital expenditures and operational improvements.
All of MRP’s more than 1,450 employees across six countries and four
“I am proud to have worked alongside MRP colleagues who have contributed in so many ways to the Company’s performance. Together we have been able to deliver the fantastic results that made this sale possible,” said Josh Weisenbeck, Partner at KKR who leads KKR’s Industrials private equity team. “This is a great outcome for all employee owners and our limited partners in KKR’s
Since 2011, KKR has implemented broad-based employee ownership and alignment programs, first pioneered by KKR’s
“MRP shows the power of building an ownership culture, something we believe many more companies can replicate, and the potential of the shared ownership movement,” said
MRP’s global employee base is located in the
The MRP management team is expected to remain in place and continue to run the business under Trelleborg’s ownership. Becoming part of a larger organization, which is a global leader in polymer solutions, will unlock new benefits for MRP customers and professional growth opportunities for MRP employees.
“Today’s announcement is the culmination of a lot of hard work by our dedicated employees and KKR’s shared ownership model has allowed all MRP colleagues to share in this success,” said
The transaction, which is subject to customary regulatory approvals, is expected to close before year-end 2022.
KKR and MRP were advised by Houlihan Lokey as financial and M&A advisor, and Kirkland & Ellis as legal advisor on the transaction.
About Minnesota Rubber & Plastics
Minnesota Rubber & Plastics (MRP) is a leader in material compound development and the manufacturing of custom elastomeric and thermoplastic components. For 76 years, the company has built a reputation for consultative design services and successful production of “the tough parts.” With facilities across
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of
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Source: KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group . References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
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