Private equity fund Progressio Investimenti II (Milan / Italy; www.progressiosgr.it) has bought a majority stake in Italian PET preforms producer Garda Plast (Polpenazze del Garda; www.gardaplast.it) for an undisclosed sum.

The investor has taken a 70% share from the Tonoli family, with Amos and Luca Tonoli retaining a 30% stake in the business. The family said the decision to partner with a private equity group was prompted by the need for support in managing the growth that Garda Plast has experienced in just a few years, during which it has become one of the country’s leading PET preform producers.

Amos and Luca will maintain their existing roles in the production department and the commercial side of the business, respectively. Massimo Cutolo will join the Garda Plast team as managing director. Progressio’s managing director, Filippo Gaggini, described Garda Plast as a “hidden champion” and said the fund would support its growth path, including through a strategy of bolt-on acquisitions.

The private equity firm is currently raising funds for its new investment vehicle, Progressio Investimenti III, which is dedicated to institutional and private investors and family offices, with a target of EUR 225m. In January 2016, Progressio Investimenti II became a shareholder in Industrie Chimiche Forestali (ICF, Milan; www.forestali.it), a chemical company making products for the footwear, automotive and packaging industries. Progressio said its focus is on small- and medium-sized enterprises (SMEs) with unique and specific know-how and with a resilient competitive position.