Next Wave Partners, the growth capital firm, has invested a further €10m in portfolio company Petainer.

Next Wave said the funding for the packaging business comes after a substantial increase in demand for its “PetainerKeg” range of products. Last year the company received a €100m debt and equity investment from KKR, a deal which allowed Next Wave to return €40m to investors and retain its control position.

Petainer develops plastic packaging products for the consumer goods, brewery and wine industries. It focuses on developing sustainable packaging using highly engineered plastics. The “PETKeg”, for example, is substantially lighter than its metal counterpart, requires less energy in its manufacture and is recyclable.

The business, led by chief executive Nigel Pritchard, is based in the UK and operates production plants in Sweden, the Czech Republic and Russia with blowing facilities in North America and a joint venture in India. It has sales offices in Sweden, the Czech Republic, Germany, the US and the UK.

Next Wave, led by managing partner Jonathan Brod, first backed Petainer eight years ago. The firm manages more than €350m of assets and has a team of nine investment professionals.