Gerresheimer to acquire Blitz LuxCo, the holding company of the Bormioli Pharma Group

Gerresheimer Glas, an indirect subsidiary of Gerresheimer, signed a purchase agreement with funds advised by Triton for the acquisition of Blitz LuxCo, the holding company of the Bormioli Pharma Group. The purchase price is based on a determined enterprise value of around EUR 800 million, which corresponds to an adj. EBITDA multiple of around 10 Bormioli Pharma, has 9 production sites in Europe. The Group generates revenues of around EUR 370 million and an adj. EBITDA margin of around 21%.

Bormioli Pharma has a complementary portfolio of pharmaceutical primary packaging made of glass and plastic, as well as closure solutions, accessories, and dispensing systems. With this acquisition, Gerresheimer strengthens its European footprint with additional production sites, especially in Southern Europe, and underpins its market position as a leading full-service provider and global partner for the pharmaceutical and biotech industries. The acquisition is expected to be 50 to 100 basis points accretive to Adj. EBITDA margin in the near term and more than 10% accretive to EPS from the first year after closing.

« With this transaction, we are putting an exclamation mark on our growth ambitions, » says Dietmar Siemssen, CEO of Gerresheimer. « Bormioli Pharma is an ideal strategic fit for us and accelerates our transformation into an integrated systems and solutions provider. In particular, we are expanding our portfolio to include further high-value solutions. Both companies complement each other both in terms of product portfolio and regional coverage with production sites in Europe. » 

« Bormioli Pharma has been a Triton portfolio company since 2017. Since our investment, the company has gone through a substantial transformation in recent years with double-digit profitable growth, » says Moritz Gudenus, Investment Advisory Professional at Triton. « We are very pleased that we have found a great partner for the company in Gerresheimer, who will continue this success story. » 

The acquisition is expected to generate synergies of 3-5% of the company’s sales in the near and medium term. Bormioli Pharma manufactures pharmaceutical primary packaging made of glass and plastic, as well as closure solutions, accessories and dosing systems. In the plastics sector, Bormioli Pharma is one of the leading suppliers of pharmaceutical plastic systems and solutions with five production sites in Italy, France and Germany. In the glass sector, Bormioli Pharma has an attractive portfolio for parenteral and other pharmaceutical primary packaging with four production sites in Italy and Germany. In the future, Gerresheimer will be able to offer more integrated solutions consisting of primary packaging and matching closure options and will become one of the leading full-service providers for the pharmaceutical and biotech industries.

Following the integration, the acquisition will create a new, strong Moulded Glass business unit, with new options for a strategic reset for best growth prospects and competitiveness. The transaction is subject to customary closing conditions and approvals. Closing is expected in the fourth quarter of the 2024 financial year.