LUXEMBOURG – Gerresheimer Glas, a subsidiary of Gerresheimer, has inked a purchase agreement to acquire Blitz LuxCo, the holding company of Bormioli Pharma, in a deal valued at approximately €800 million (US$870.16 million).
This strategic acquisition expands Gerresheimer’s European presence, particularly in Southern Europe, while solidifying its position as a leading full-service provider and global partner for the pharmaceutical and biotech industries.
Dietmar Siemssen, CEO of Gerresheimer, expressed excitement about the transaction, stating, “With this transaction, we are putting an exclamation mark on our growth ambitions. Bormioli Pharma is an ideal strategic fit for us and accelerates our transformation into an integrated systems and solutions provider.”
He continued, “We are expanding our portfolio to include further high-value solutions. Both companies complement each other regarding product portfolio and regional coverage with European production sites.”
The purchase price is based on a determined enterprise value of around €800 million (US$870.16 million), corresponding to an adjusted EBITDA multiple of around 10.
Bormioli Pharma boasts nine production sites across Europe, generating approximately €370 million (US$402.45 million) in revenues and an adjusted EBITDA margin of around 21%.
Expected to be 50 to 100 basis points accretive to adjusted 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, with completion anticipated in Q4 of this financial year.
Andrea Lodetti, CEO of Bormioli Pharma Group, expressed gratitude for the partnership with Triton and anticipation for the future with Gerresheimer. He said, “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 and product offering.”
Additionally, the acquisition accelerates Gerresheimer’s transformation into a system and solutions provider as part of the formula G corporate strategy.
It will create a new Moulded Glass business unit with pro forma sales of around €750 million (US$815.77m) in 2024 and an EBITDA margin of around 21% before synergies, highlighting its commitment to growth and competitiveness.
In 2018, Gerresheimer made a significant move by agreeing to acquire Sensile Medical, a Swiss medical products developer, for a maximum consideration of up to €350 million, including an upfront payment of €175 million.
This strategic acquisition aligns with Gerresheimer’s vision to offer clients devices equipped with digital and electronic capabilities for drug administration.
The German company anticipates that this acquisition would enhance its product offerings and expand its business model toward becoming an Original Equipment Manufacturer (OEM).
This strategic shift underscores Gerresheimer’s commitment to innovation and meeting the evolving needs of the healthcare industry.
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