IRÚN, SPAIN -- Spanish closure molder Grupo Betapack, which owns a subsidiary in Brazil, has been acquired by Madrid-based private equity firm Mercapital.

Mercapital, which took an 80 percent stake in the molder, aims to consolidate Betapack's position as a leading supplier of closures to Europe's bottled water segment and support its international expansion.

Betapack molds polyethylene and polypropylene is Europe's third ranked closure producer for the water market.

The new investor, along with Betapack's management team, invested 40 million euros ($53 million) in the Irún-based packaging company through the purchase of shares and a capital increase.

Betapack runs plants in Irún and its South American offshoot Mirvi Brasil, in Cabreúva, near São Paulo.

Mercapital bought the shares from the Basque Country state risk fund Suztapen Fondo de Capital Riesgo (FCR).

Betapack recorded 2012 sales of 60 million euros ($80 million).