The Business Growth Fund (BGF), an independent investment company established by five of the UK’s high street banks, today announced a £5m growth capital investment into packaging manufacturer Plastique.
Founded in 1979, Tunbridge Wells-headquartered Plastique manufactures and sells thermoformed plastic and pulp packaging to a variety of sectors, including the personal care, household products, pharmaceutical, food and retail markets.
Since launch the business has grown steadily and now generates annual revenues of around £25m from its three sites in Tunbridge Wells and Nottingham in the UK, and the city of Poznan in Poland.
The £5m BGF investment will be used to double the size of the company’s plant in Poland, enabling it to house additional manufacturing equipment and produce more thermoformed pulp packaging – Plastique is currently the only thermoformed pulp packaging manufacturer in Europe, and BGF said the emerging market represented an “exciting opportunity”.
The investment is BGF’s 19th in the manufacturing sector to date, and will see former Simple Health & Beauty Group CEO and current chairman of Orion Media Geoff Percy join the Plastique board as non-executive director. BGF investment director Rory Pope has also joined the board.
John Lowe, managing director of Plastique, said: “Our commitment to quality and design has given us a track record of success going back over 35 years. With BGF’s involvement, we feel we can go further and faster.
“With an investment of growth capital into the company, we can significantly improve our already profitable business over the coming years without losing control of what we have worked hard to build as team.
“We are delighted to have Geoff, Rory and the wider BGF team on board and we are looking forward to an exciting period for Plastique.”
Rory Pope, investment director at BGF, added: “We are backing a proven business and team as a minority equity partner to enable them to capitalise on growth opportunities in their core thermoformed plastic market and in the emerging thermoformed pulp market.
“This is exactly what BGF was set up to do; take already growing and profitable businesses, led by strong management teams, and facilitate the acceleration of their growth through equity investment and support.
“We are excited about working with John, Perry and the rest of their team to help them achieve their ambitions for Plastique.”
Source : http://startups.co.uk/