VCs pay £16m for bottle company

Next Wave Ventures, WHEB Ventures and senior management have acquired German PET drinks packaging producer Petainer UK from consumer packaging company Rexam for £16m.

The acquisition will allow Petainer to expand into Central and Eastern Europe and into other beverage sectors that are said to be replacing their current packaging with PET. Headquartered in Lidköping Sweden, Petainer manufactures polyethylene terephalate bottles.

The global market for consumer packaging is estimated to be worth US$450bn, of which 70% is food and beverage applications. Market estimates predict that the global demand for PET packaging will grow by 40% by 2015 from 2009 figures.

James McNaught-Davis, managing partner at WHEB Ventures said: “Petainer’s products reduce the environmental impact normally associated with drinks packaging. Businesses faced with the increasing challenge of meeting their carbon reduction commitments have found Petainer’s products provide the solution for meeting packaging volume reduction plans.”