UK-based growth capital provider Business Growth Fund (BGF) has withdrawn its investment in thermoformed plastic and pulp packaging manufacturer Plastique.

Plastique has been acquired by TEQ, an Illinois-based thermoformed packaging firm and unit of NYSE-listed ESCO Technologies.

The financial terms of the acquisition have not been disclosed.

In July 2014, BGF invested £5m in Plastique to gain a minority interest.

Plastique designs and produces packaging for clients in personal care, household products, pharmaceutical, food and broader retail sectors.

With the financial backing from BGF, Plastique is claimed to have become the first manufacturer of smooth-surfaced, thermoformed pulp packaging in Europe.

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"BGF’s capital has enabled us to further scale our operations and increase the breadth of packaging solutions we can offer our clients."

Plastique invested the capital from BGF to expand its thermoformed pulp packaging capacity and production facility in Poland.

With the latest acquisition by TEQ, the Plastique team will continue to make new product developments and extend sales to new geographic locations and sectors.

Plastique’s management team will remain in order to drive growth into the next phase and also manage the integration process with TEQ.

Rory Pope is an investor at BGF. He will resign from his position on Plastique’s board.

Pope said: "Plastique has built an excellent reputation and business of scale in the thermoformed packaging market. John, Perry and the wider team have created an innovative pulp packaging offering and we are delighted to have been a part of supporting that growth."

Plastique managing director John Lowe was quoted by as saying: "BGF’s capital has enabled us to further scale our operations and increase the breadth of packaging solutions we can offer our clients.

"Combining with TEQ provides the group with significant opportunities to accelerate the growth of our existing portfolio of businesses and allows us to expand into a broader platform of new product development areas."

Image: Plastique managing director John Lowe (left) with sales director Perry Rigler (right). Photo: courtesy of Business Growth Fund.