Gerresheimer Glas, a subsidiary of Gerresheimer, has entered into a purchase agreement to acquire Blitz LuxCo, the holding company of Bormioli Pharma.
The acquisition is valued at approximately €800m ($866.14m).
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Bormioli Pharma, with nine production sites across Europe, offers a range of pharmaceutical primary packaging products made from glass and plastic, including closure solutions, accessories, and dispensing systems.
The acquisition is poised to create a robust Moulded Glass business unit, which is projected to generate sales of about €750m in 2024, with an earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of roughly 21% before synergies.
Gerresheimer expects the acquisition to strengthen its European presence, particularly in Southern Europe and also cement its position as a full-service provider for the pharmaceutical and biotech sectors.
The acquisition aligns with Gerresheimer’s ‘formula g’ corporate strategy.
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By GlobalDataFinancially, the acquisition is expected to increase Gerresheimer’s adjusted EBITDA margin by 50 to 100 basis points in the short term and enhance its earnings per share by more than 10% from the first year post-closing.
The transaction is subject to standard closing conditions and approvals, with completion anticipated in the fourth quarter (Q4) of the 2024 financial year.
Gerresheimer CEO Dietmar Siemssen said: “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.
“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.”
The purchase will be financed through a bridge loan provided by a banking syndicate comprising UniCredit, Commerzbank, and LBBW, with advisory support from Triton.
