Plastique, a Tunbridge Wells, UK-based manufacturer of thermoformed plastic and pulp packaging, has been acquired by TEQ, an Illinois-based thermoformed packaging company and subsidiary of NYSE listed ESCO Technologies Inc.
The terms of the transaction were not disclosed. In conjunction with the deal, Business Growth Fund, which had invested £5m in Plastique in July 2014, exited the company.
Led by John Lowe, Managing Director, Plastique designs and manufactures packaging for customers in the personal care, household products, pharmaceutical, food and broader retail markets. The acquisition will now enable the team to continue to develop their product offering and expand sales opportunities into new geographies and sectors.
The management team will remain in the business to drive the next phase of growth and oversee the integration with TEQ.