UK investment manager 3i Group has acquired a majority stake in German plastic packaging systems producer Weener Plastic Packaging (WPPG) for €250m.
3i bought stake from Lindsay Goldberg Vogel to accelerate WPPG's growth through acquisitions to expand into adjacent product categories and new geographies, through its international network.
WPPG CEO Roel Zeevat said: "With the support of 3i, we will be able to take our company's development to the next level by fostering growth, expanding our global footprint, continuing to build our innovation leadership and further improving the efficiency and effectiveness of our operations."
WPPG employs 2,000 people across its production units at 24 locations in 15 countries.
It designs and manufactures caps, closures, roll-on balls, jars and bottles for the personal care, food and beverage, and home care industry customers, including Beiersdorf, Colgate-Palmolive, L'Oréal, Nestlé, P&G and Unilever.
WPPG generated close to €270m in annual sales last year.
3i private equity managing director Ulf von Haacke said: "WPPG's focus on innovation and superior technical know-how is a huge competitive advantage.
"The company has a leading position in its core markets and we look forward to working with the strong management team to further increase the company's market share and global footprint through a buy-and-build strategy."