BGF (Business Growth Fund) has exited its investment in Plastique, a manufacturer of thermoformed plastic and pulp packaging after the company was acquired by TEQ, an Illinois-based thermoformed packaging company and subsidiary of NYSE-listed ESCO Technologies, for an undisclosed sum.
Minority shareholder BGF invested GBP5 million in Plastique in July 2014. The company designs and manufactures packaging for customers in the personal care, household products, pharmaceutical, food and broader retail markets. With BGF’s support, Plastique became the first European manufacturer of smooth surfaced thermoformed pulp packaging.
Headquartered in Tunbridge Wells, Plastique invested BGF’s capital to build its thermoformed pulp packaging capability and expand its manufacturing facility in Poland. The acquisition by TEQ will enable the Plastique team to continue to develop their product offering and expand sales opportunities into new geographies and sectors. Plastique’s management team will remain in the business to drive the next phase of growth and oversee the integration with TEQ.
BGF has backed more than 100 growing businesses since 2011, including 23 British manufacturers, and will now reinvest the returns from this exit into other entrepreneurial companies.
Rory Pope, an Investor at BGF who will now step down from his position on Plastique’s board, says: “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.”
The investment was led for BGF by Rory Pope and Joe Wilson.