Gerresheimer to Acquire Blitz LuxCo Sarl, the Holding Company of the Bormioli Pharma Group 

Gerresheimer Glas GmbH, an indirect subsidiary of Gerresheimer AG, recently signed a purchase agreement with funds advised by Triton for the acquisition of Blitz LuxCo Sarl, 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. The transaction is subject to customary closing conditions and approvals. Closing is expected in the fourth quarter of the 2024 financial year.

“With this transaction, we are putting an exclamation mark on our growth ambitions,” said Dietmar Siemssen, CEO of Gerresheimer AG. “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,” added 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.”

Andrea Lodetti, CEO of Bormioli Pharma Group, also added “With the support of Triton, we were able to build out our positions across pharma packaging, with one-stop-shop capabilities in terms of technology as well as product offering. We thank the Triton team for their support and look forward to our next chapter of growth with Gerresheimer.”

Complementary, attractive product portfolio
Like Gerresheimer, Bormioli Pharma has achieved double-digit profitable growth in recent years and counts leading pharmaceutical companies among its customers. With around 1,500 employees the company generates revenues of around EUR 370 million and an adj. EBITDA margin of around 21%. In addition, 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.

Transaction supports transformation into a system and solution provider
At the same time, the acquisition of Bormioli Pharma accelerates Gerresheimer’s further transformation into a system and solutions provider as part of the formula g corporate strategy. 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.

Strategic reset of Moulded Glass business
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 combined molded glass business would generate pro forma sales of around EUR 750 million in 2024 with an EBITDA margin of around 21% before synergies.

Strong commitment to innovation and sustainability
Gerresheimer and Bormioli Pharma share a strong commitment to innovation and sustainability. Both have implemented structured innovation processes in the company, to develop for example particularly user-friendly, barrier-free and secure systems and solutions or smart connected primary packaging. At the same time, both companies have set ambitious goals in the area of sustainability and are working together with customers on more environmentally friendly primary packaging solutions, among other things.

Financing of the transaction through a banking syndicate
The purchase price will be financed by a bridge loan from a banking syndicate consisting of UniCredit, Commerzbank and LBBW.

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare. Triton has over 200 investment professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.

Bormioli Pharma works closely with the pharmaceutical industry and all companies that are working towards the future of healthcare globally. As a world-renowned player in the packaging industry, the company serves the pharmaceutical and biopharmaceutical markets with complete solutions, including glass and plastic bottles, plastic and aluminum closures and accessories. Bormioli Pharma’s wide product ranges are designed and manufactured with a focus on innovation and addressing ever-growing sustainability issues. Moreover, each product is specifically conceived for the destination market thanks to an accurate portfolio segmentation. Bormioli Pharma has a global presence in over 100 countries, with around 1,500 employees and 9 plants across Europe specialized in the production of glass and plastic packaging. In 2023, the company sold more than 8 billion pieces. As a partner to the pharmaceutical industry, Bormioli Pharma invests and innovates with a single goal: making health a positive practice, available to everyone, kind to the planet. For more information, visit www.bormiolipharma.com/en.

Gerresheimer is an innovative systems and solutions provider and a global partner to the pharma, biotech, and cosmetics industries. The company offers a comprehensive portfolio of pharmaceutical containment solutions, drug delivery systems and medical devices as well as solutions for the health industry. The product range includes digital solutions for therapy support, medication pumps, syringes, pens, auto-injectors and inhalers as well as vials, ampoules, tablet containers, infusion, dropper and syrup bottles, and more. Gerresheimer ensures the safe delivery and reliable administration of drugs to the patient. With 35 production sites in 16 countries in Europe, America and Asia, Gerresheimer has a global presence and produces locally for regional markets. With around 12,000 employees, the company generated revenues of around €2bn in 2023. Gerresheimer AG is listed in the MDAX on the Frankfurt Stock Exchange (ISIN: DE000A0LD6E6).