Private equity firms L Catterton and Ambienta have reached an agreement to acquire Italian designer and manufacturer of beauty and personal care plastic packaging solutions Pibiplast.

Following the acquisition, Bosi family, who founded and currently owns the company, will continue to hold an interest in the company through a minority stake.

Pibiplast was established in 1954 and initially manufactured plastic packaging for the pharmaceutical industry.

“We look forward to working with Ambienta to support the company’s growth through strong investments in R&D and Capex.”

To strengthen its presence in the skincare and makeup sectors, the company continued to make strategic acquisitions and investments in technologies.

Pibiplast currently operates four plants in Northern Italy, offering products and customised solutions to the cosmetics industry.

Last year, the company’s revenues stood at more than €60m.

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L Catterton Europe managing partner Andrea Ottaviano said: “We look forward to working with Ambienta to support the company’s growth through strong investments in R&D and Capex.

“We also believe the highly fragmented market offers meaningful opportunities to look for add-on investments to broaden Pibiplast’s product offering and strengthen its international presence.”

Pibiplast expects the transaction to broaden its portfolio of products and expanding internationally.

The company also aims to expedite its sustainability plans through the development of innovative packaging solutions made using eco-friendly materials.

Ambienta chief investment officer Mauro Roversi said: “This is a tremendous opportunity for Ambienta to help Pibiplast capture the growing demand for more sustainable packaging and the exceptional prospects offered by the beauty and personal care sector.”