Gerresheimer will acquire Blitz LuxCo Sarl, the holding company of the Bormioli Pharma group

May 27th 2024

Gerresheimer

Gerresheimer Glas GmbH, indirect subsidiary of Gerresheimer AG, signed a purchase agreement yesterday with funds advised by Triton for the acquisition of Blitz LuxCo Sarl, the holding company Bormioli Pharma group. The purchase price is based on a determined enterprise value of approximately €800 million. Bormioli Pharma has a complementary portfolio of pharmaceutical primary packaging made of glass and plastic, as well as closure solutions, accessories and dosing systems.

With this acquisition, Gerresheimer strengthens its European presence with additional production facilities, especially in Southern Europe, and its market position as a leading full-service provider and global partner for the pharmaceutical and biotechnology industries. The transaction is subject to customary closing conditions and approvals; Closing is expected in the fourth quarter of fiscal year 2024.

“With this transaction we put an exclamation point on our growth ambitions,” he says. Dietmar Siemssen, CEO of Gerresheimer AG. “Bormioli Pharma is an ideal strategic choice for us and accelerates our transformation into an integrated systems and solutions provider. In particular, we are expanding our portfolio to include more high-value solutions. “Both companies complement each other both in terms of product portfolio and regional coverage with production centers in Europe.” 

“Bormioli Pharma has been part of Triton's portfolio since 2017. Since our investment, the company has undergone a substantial transformation in recent years with double-digit profitable growth,” he says. Moritz Gudenus, Triton Professional Investment Advisor. “We are very happy to have found in Gerresheimer a great partner for the company who will continue this success story.” 

Andrea Lodetti, CEO of Bormioli Pharma Group, adds: “with the support of Triton, we were able to strengthen our positions in the pharmaceutical packaging sector, with comprehensive capabilities in terms of technology and product offering. “We thank the Triton team for their support and look forward to our next chapter of growth with Gerresheimer.”

Complementary and attractive product portfolio

Like Gerresheimer, Bormioli Pharma has achieved double-digit profitable growth in recent years and counts leading pharmaceutical companies among its clients. With around 1.500 employees, the company generates revenues of around €370 million. Furthermore, the acquisition is expected to generate synergies of 3-5% of the company's sales in the short and medium term. In the plastic sector, Bormioli Pharma is one of the main providers of plastic systems and solutions for packaging. pharmacists with five production plants in Italy, France and Germany. In the glass sector, Bormioli Pharma has an attractive portfolio of parenteral primary packaging and other pharmaceutical products with four production plants in Italy and Germany.    

Following the integration, the acquisition will create a strong new Molded Glass business unit, with new options for a strategic reset to achieve better growth prospects and competitiveness. The combined molded glass business would generate pro forma sales of around €750 million in 2024 with an EBITDA margin of around 21% before synergies.

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