Progressio acquires Italian bottlemaker Garda Plast

Milan-headed private equity firm Progressio has acquired Italian bottlemaker Garda Plast.

Founded in 1996 and based near Lake Garda, the business makes plastic preforms that can be turned into bottles by industrial customers used mainly for mineral water, soft drinks and detergents.

Progressio invested in Garda Plast through its €205m second buyout fund. The purchase price was not disclosed, but Progressio normally backs businesses with revenues of between €30m and €150m.

Progressio began raising its fourth fund, targeting €225m, earlier this year.

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