Private equity firm Blackstone Group has mandated investment banks Credit Suisse Group and Morgan Stanley to advise on the initial public offering (IPO) of Gerresheimer Group, several people familiar …
Private equity firm Blackstone Group has mandated investment banks Credit Suisse Group and Morgan Stanley to advise on the initial public offering (IPO) of Gerresheimer Group, several people familiar with the matter informed Dow Jones Newswires on 21 February 2007. Blackstone plans to float the German packaging systems company in mid 2007, it was said. It is not clear yet whether the IPO will take place at the end of the 1H of 2007 or in the 2H of the year, the sources said. Spokespeople for Blackstone Group and the two investment banks declined to comment. Founded in 1864, Gerresheimer Group specializes in packaging systems based on glass and plastics. It serves the pharmaceutical and cosmetics industries. In 2005, Gerresheimer generated sales of around EUR 526 million. After taking over drug delivery systems company Wilden AG early in 2006, the company expects 2006 sales of EUR 900 million.