A toothpaste tube manufacturer that has produced packaging products for more than 150 years has been bought in a secondary buy-out.

Management at Betts Global, which supplies companies such as Colgate Palmolive, GlaxoSmithKline, Procter & Gamble and Unilever, acquired the company after securing the backing of Gresham Private Equity.

The value of the deal has not been disclosed, but management raised more than £110 million to complete the deal. The package included capital to develop Betts’ business by expanding its operations in the personal care market as well as entering new sectors.

The funding package included £75 million of debt arranged and underwritten by CIT Capital Finance.

The company was sold by Permira, Royal Bank of Scotland and Bank of Scotland.

Gresham’s team was led on the deal by its London-based partner Christian Bruning from its London office, who joins Betts’ board along with James Barbour-Smith.

Also joining the board as chairman is Paul Bateman, a former group operations director of Boots where he was responsible for manufacturing, HR, logistics and IT.

Betts has more than 1,300 employees working from 14 sites in eight countries, such as Brazil, China, India, Indonesia, Mexico, Poland, the UK and US.