Jaycare Ltd., a Newcastle upon Tyne, England-based maker of pharmaceutical packaging, has been sold to an investment firm.
Terms were not disclosed. New owner London-based Phoenix Equity Partners will allow Jaycare to invest in new capacity, according to Lyndon Wild, Jaycare's sales director.
``We have significant plans for new products and significant capacity expansion being put in place to deliver them,'' Wild said.
New products will appear in the marketplace in nine months, he said. Wild would not provide details about the products or new equipment.
Jaycare has three plants near its headquarters city with injection, extrusion blow and injection blow molding capabilities. Products include bottles for vitamins and tablets.
Since 2000, the company has invested about £2 million ($3.2 million) in new injection and blow molding equipment and automation, according to the Jaycare.
This is the second time the company has been sold in the past four years. In September 2000, Jaycare managers bought the company with backing from London-based venture capital firm 3i Group plc for around $40 million.
``We backed a business with huge potential and a strong management team ... who have delivered strong profit growth and cash generation for us,'' said Phil Greves of 3i.
The management team included Wild, finance director Nick Nolan and operations director David Young. Those three will remain in place under the new ownership, with the addition of two Phoenix board nominees with packaging experience: Chairman Pat Barrett, former chairman of Jefferson Smurfitt's European businesses; and Chief Executive Officer Nigel Tipple, former CEO of British plastics packaging company VR Scott.