PRIVATE equity firm 3i announced it had agreed to invest around €250m (£183m) in Weener Plastic Packaging Group (WPPG) yesterday.
WPPG, which specialises in the design of packaging products for the personal care, food and beverage markets operates in 15 countries, employing 2,000 people.
3i is expected to support management at the German-based firm, which generated sales of approximately €270m in 2014, to secure further growth and build on its international connections.
It will do this by installing Leslie Van de Walle, a former chief executive of Rexam, as chairman on the advisory board bringing with him his deep design sector knowledge and contacts in the packaging sector.
Roel Zeevat, chief executive of WPPG said: “With the support of 3i, we will be able to take our company’s development to the next level by fostering growth and expanding our global footprint.”