The Greenwich-based private equity firm L Catterton has teamed up with the Italian private equity fund Ambienta to acquire Pibiplast, an Italian manufacturer of plastic packaging for beauty and personal care products.

Founded in 1954, Pibiplast operates four plants based in Northern Italy, serving more than 500 customers across 35 countries.

During the 1990s, the company took a leadership role in its industry by transitioning away from non-recyclable plastics to environmentally friendly, recyclable plastics.

The Bosi family, the founder and current owner of Pibiplast, will retain a minority stake in the company. The terms of the transaction were not disclosed.

“Sustainability has increasingly become a driver for change in the cosmetics industry, and we were drawn to Pibiplast as a leader in eco-friendly packaging solutions,” said Andrea Ottaviano, managing partner of L Catterton Europe.

“We look forward to working with Ambienta to support the company’s growth through strong investments in R&D and capex. We also believe the highly fragmented market offers meaningful opportunities to look for add-on investments to broaden Pibiplast‘s product offering and strengthen its international presence.”

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