Petainer Ltd., known for making plastic beer kegs, is being acquired by private equity firm Ara Partners.
Ara, which concentrates on industrial decarbonization investments, said the deal includes Petainer management as well as affiliates of investment firm Next Wave Partners LLP.
Petainer makes packaging for soft drinks, beer, water and other consumer product segments and has "particular strengths" in refillable PET bottles, recycled PET and circular applications, Ara said.
"Petainer is a compelling addition to Ara's portfolio of companies working to decarbonize the packaging industry through technical innovation and best practices," said Ara partner Christopher Picotte in a statement.
"From its product leadership in the [refillable PET] and recycled PET markets, to the certified carbon neutral manufacturing at its Lidköpkng factory in Sweden, the company has consistently achieved success in decarbonizing both its products and its own operations," he continued.
Petainer CEO Hugh Ross said the new ownership will allow his London-based firm to expand.
"Ara's investment focus on industrial decarbonization and its expertise and existing presence in the plastics recycling industry in Europe and the Americas make them a uniquely valuable partner for Petainer. Ara's ownership will significantly enhance Petainer's ability to invest in expansion alongside our multi-national customers."
Houston-based Ara Partners also has invested in Circulus Holdings, a low density polyethylene film recycler in Riverbank, Calif., and Aloxe, which it describes as a PET recycling platform based in Europe.
Along with beer kegs, Petainer manufactures preforms, jars and bottles. Manufacturing locations are in As, Czech Republic; Kiln, Russia; and Lidköping. Blow molding sites are in Modesto, Calif.; Toronto; Tijucas, Brazil; Novokuznetsk, Russia; and Bangkok. The U.S. location opened in 2016.