A toothpaste tube manufacturer that has produced packaging products for more than 150 years has undergone a secondary buy-out. Management at Betts Global, which supplies companies such as Colgate Palmolive, GlaxoSmithKline and Unilever, acquired the company with backing from Gresham Private Equity.

A toothpaste tube manufacturer that has produced packaging products for more than 150 years has undergone a secondary buy-out. Management at Betts Global, which supplies companies such as Colgate Palmolive, GlaxoSmithKline and Unilever, acquired the company with backing from Gresham Private Equity.

Management raised more than £110 million to complete the deal, whose total value has not been disclosed. The package includes capital to expand Betts’ operations in the personal care market and to allow the company to enter new sectors.

The funding package included £75 million of debt arranged and underwritten by CIT Capital Finance. The company was sold by Permira, Royal Bank of Scotland and Bank of Scotland.

Gresham’s team on the deal was led by Christian Bruning from its London office, who joins Betts’ board along with James Barbour-Smith.

Also joining the board as chairman is Paul Bateman, a former group operations director of Boots where he was responsible for manufacturing, HR, logistics and IT.

Betts has more than 1,300 employees working from 14 sites in eight countries: Brazil, China, India, Indonesia, Mexico, Poland, the UK and the US.