TAPI has reached an agreement to acquire an 80% stake in T&G, with the aim of improving its position in the niche market of beverage closures while expanding business in the central European countries.
Based in Italy, the acquirer is a synthetic closures manufacturer for the food and cosmetics industries, whereas Germany-based T&G designs, produces and distributes closures for the beverage market.
T&G founder and managing director Mario Conoscenti will retain the remaining 20% stake.
CITIC Capital China Partners III has completed the acquisition of Axilone, a cosmetics packaging provider based in France, from Oaktree Capital Management.
Based in China, CITIC is a private equity firm, whereas Axilone provides plastic and metal packaging solutions and has subsidiaries in Spain, the US and China.
Axilone’s products include caps, jars, and galvanised and metallised packaging for the make-up, fragrance and skincare markets.
The acquisition is expected to help Axilone continue its geographic and product expansion.