Pharmaceutical glass manufacturer Gerresheimer is to acquire the holding company of Italy’s Bormioli Pharma.
The purchase price deal is expected to be approximately €800 million which corresponds to an EBITDA multiple of around 10.
Bormioli Pharma has nine production sites in Europe. The group generates revenues of around €370 million and an EBITDA margin of around 21%.
It has a portfolio of pharmaceutical primary packaging made of glass and plastic, as well as closure solutions, accessories, and dispensing systems.
The deal is expected to be completed at the end of this year.
The purchase agreement was made for the acquisition of Blitz LuxCo, the holding company of the Bormioli Pharma Group.
Gerresheimer said that the acquisition will create a new, strong Moulded Glass business unit, with options for a strategic reset for best growth prospects and competitiveness.
The combined moulded glass business would generate pro forma sales of around €750 million in 2024 with an EBITDA margin of around 21% before synergies.
