Gerresheimer Glas GmbH, an indirect subsidiary of Gerresheimer AG, has signed a purchase agreement with funds advised by Triton for the acquisition of Blitz LuxCo Sarl, the holding company of the Bormioli Pharma Group (Bormioli Pharma).
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 per cent. 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 per cent 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.
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 per cent before synergies.

https://www.gerresheimer.com/en/company/newsroom/corporate-news/detail/gerresheimer-to-acquire-blitz-luxco-sarl-the-holding-company-of-the-bormioli-pharma-group-strategic-reset-of-moulded-glass-business