Private equity firms L Catterton and Ambienta have agreed to acquire Italy-based beauty packaging firm Pibiplast for an undisclosed sum.
Based in Correggio, Pibiplast is engaged in designing and manufacturing of beauty and personal care plastic packaging solutions.
The Bosi family, founder and current owner of the firm, will hold a minority interest, as per terms of the deal.
L Catterton Europe managing partner Andrea Ottaviano said: “We look forward to working with Ambienta to support the Company's growth through strong investments in R&D and Capex.”
Pibiplast was established in 1954 as a manufacturer of plastic packaging for the pharmaceutical industry.
Through strategic acquisitions and investments in advanced technologies, the company improved its expertise in the skincare and makeup sectors.
The company provides a range of products and customized solutions to the customers, including global brands and emerging independent brands, in the cosmetics industry.
With its four plants in Northern Italy, the company provides services to over 500 customers across 35 countries
Pibiplast has replaced non-recyclable plastics with recyclable plastics, as part of its efforts to provide eco-friendly solutions to the customers.
The company is currently using sustainable materials such as bioplastics and recycled plastics to produce packaging solutions.
Pibiplast CEO Giorgio Bosi said: "We are excited to work with our new partners to lead Pibiplast into a new phase of growth and development by expanding our portfolio of products and expanding internationally.
“Both L Catterton and Ambienta have exemplary track records of building leading brands and we look forward to working with them to realize Pibiplast's strategic goals while staying true to our mission and core values."
L Catterton is a consumer-focused private equity firm, with more than $15bn of equity capital across six fund strategies. The firm has made more than 200 investments in major consumer brands since 1989.
With funds under management of more than €1bn, in Milan, Ambienta operates offices in Milan, Düsseldorf and London.
