Asset management and investment group Alcentra has completed unitranche investment in the plastic packaging division of France-based Chesapeake.

The investment will provide capital to increase business in areas of high agricultural development, particularly in Brazil and Russia, while supporting the buyout by funds advised by CEREA Partenaire in association with Bpifrance, Chemark and the management of the group.

Funds managed by Alcentra agreed to provide all the financing for the deal. As an observer, Frédéric Méreau of the European Direct Lending and Mezzanine Investments team will represent Alcentra on the company's board of directors.

The transaction is said to support Alcentra's investment strategy to provide European mid-market firms, which are getting less banking support, with risk-adjusted returns.

Chesapeake provides specialty plastic packaging and focuses on delivering products and services for the transport and storage of goods to customers trading in the agrochemical and flavoring sectors.