Madrid-headquartered private equity fund Tresmares Capital has acquired a minority stake in Spanish packaging company Formaspack.
Under the terms of the deal, Cantabria-based Formaspack will benefit from a €50 million financial injection from Tresmares Capital and the fund's backers, Banco Santander.
The financing will be used to develop the company’s PET (polyethylene terephthalate) recycling business.
Formaspack will continue to be led by the Sastre family, which will retain a majority stake in the company.
Formaspack was advised by Norgestion on the deal, while Tresmares Capital was advised by Cuatrecasas.
Tresmares Capital is led by president Borja Pérez and CEO Borja Oyarzabal.