Ludgate et al. back ECO Plastics

The funding round will facilitate the continued expansion of the company, notably by financing short-term, added-value expansion opportunities.

The company has had four funding rounds since 2007 from Ludgate, SAM Private Equity, Disruptive Capital and Emerald Technology Ventures. The latest one, a £24m round completed last July, contributed to ECO Plastics's joint venture with Coca Cola.

Debt
The company's debt provider, Close Brothers, has committed further working capital to support expansion plans. The business also has a £1.5m loan from WRAP, which it received in February.

Company
ECO Plastics is a Hemswell, Lincolnshire-based plastic bottle reprocessor that was founded in 2000. The company produces PET (polyethyleneterephthalate), which is used in soft drink bottles, and HDPE (high density polyethylene), which is used in milk bottles.

Its modern plant is capable of processing 150,000 tonnes of mixed plastics a year. This includes some 40,000 tonnes of bottle-grade rPET pellet, a food-grade pellet that allows drink companies to increase the proportion of recycled material in their bottles.

People
Bill Weil, chief investment officer at Ludgate, sits on the company's board as director. Cedriane de Boucaud from Disruptive and Keimpe Keuning, senior investment manager at SAM, also represent their firms on the company's board. Peter Gangsted is the chairman of ECO Plastics and Jonathan Short is the company's managing director.

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• Topics
• Expansion
• UK / Ireland
• Industrials
• Ludgate Investments Ltd
• United Kingdom