Gerresheimer Glas GmbH, an indirect subsidiary of Gerresheimer AG, has today 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 adjusted EBITDA multiple of around 10.
Bormioli Pharma, has 9 production sites in Europe. The Group generates revenues of around EUR 370 million and an adjusted EBITDA margin of around 21 percent. 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 adjusted EBITDA margin in the near term and more than 10 percent 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.”
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 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.