GP has bought a majority stake in Dutch disposable plastic bags developer and manufacturer One Way Plastics (OWP) for an undisclosed sum.
The GP's most recent buyout fund (H2 Equity Partners Fund V) held its first and final close in March 2016 on its hard-cap of £200m. H2 typically invests in mid-size companies in Benelux, the UK and Germany with up to €500m in sales.
This marks a second deal in quick succession for H2, which backed the buyout in mid-October of Poultry Machinery Joosten (PMJ), a Netherlands-based developer and manufacturer of poultry processing systems.
The fresh funding is expected to help OWP to expand in Europe and the US.
OWP, founded in 1996 and headquartered in Oosterhout, is a developer and manufacturer of disposable piping bags for bakers and chefs.
H2 Equity Partners – Gert Jan van der Hoeven (managing partner).
One Way Plastics – Jan van der Straaten (founder, managing director).
Danish VC Heartcore Capital, UVC Partners and existing investor Picus Capital also take part
Deal is an extension of the $4.1m series-A funding round led by Blossom Capital in October 2019
Fresh capital will help the provider of cloud access services expand in western Europe
DBay has also negotiated a new revolving credit facility for the transport and logistics company