BGF in swift exit from Plastique

The terms of the transaction were not disclosed. TEQ is a subsidiary of Esco Technologies, a NYSE-listed manufacturer of engineered filtration products and diagnostics instruments. TEQ meanwhile focuses on thermoformed packaging.

Plastique's management team will remain with the business following the acquisition.

BGF committed £5m for a minority stake in Plastique in mid-2014. The business planned to expand in its core market and boost its market share in the thermoformed pulp sector.

At the time of the investment, Plastique intended to double the size of its facility in Poland in order to house additional manufacturing equipment and bring outsourced storage in-house. The investment also supported the acquisition of additional manufacturing equipment.

While still very active on the buy-side, BGF has started divesting stakes in portfolio companies in recent months. In September 2015, the investor was among several backers exiting adversiting platform Unruly via a £114m trade sale to Newscorp. It then sold its minority stake in marketing business The Exchange Lab in a trade sale to WPP in December.

Company
Established in 1979 and based in Tunbridge Wells, Plastique designs and manufactures thermoformed packaging for customers in the personal care, household products, pharmaceutical and food markets.

The business was generating revenues of around £25m and employed 170 staff at the time of BGF's investment. According to Esco, Plastique's revenues currently stand at $35m, implying that revenues stayed relatively flat in the past 18 months.

People
BGF – Rory Pope, Joe Wilson (investors).

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• Topics
• Exits
• UK / Ireland
• Industrials
• BGF (Business Growth Fund)
• Trade sale