Apax buys Gerresheimer plastics units in €1.5B carve-out
What's the deal? German pharmaceutical packaging manufacturer GerresheimerDealroom has a profile for this one. Try Dealroom → has agreed to sell two of its plastic packaging businesses to funds advised by ApaxDealroom has a profile for this one. Try Dealroom → in a transaction valued at €1.5bn, including debt, according to Reuters. The deal covers Gerresheimer's global Primary Packaging Plastics division and US-based CentorDealroom has a profile for this one. Try Dealroom →, which makes plastic pharmaceutical packaging.
The numbers: Together, the two businesses generated about €570m in revenue in the last financial year and employ around 2,400 people. Apax will take over 15 manufacturing sites across nine countries, plus Centor's US production facility.
Why now? Gerresheimer is trying to strengthen its balance sheet after a period of financial and governance trouble. It said proceeds will go towards reducing leverage and improving its capital structure.
The backstory: The company faced delays to its financial reporting following an internal review of its accounting practices. That disruption got it removed from Deutsche Boerse's SDAX small-cap index, while Germany's Federal Financial Supervisory Authority (BaFinDealroom has a profile for this one. Try Dealroom →) opened audits into its financial statements.
Gerresheimer said in June that the internal investigation had concluded, though it continues to assess potential damages claims. Earlier this year, it also declined an acquisition approach from US rival SilganDealroom has a profile for this one. Try Dealroom →, choosing instead to resolve its accounting matters and press ahead with disposals.
What's next? The Centor sale is expected to close before the end of Gerresheimer's 2026 financial year. The Primary Packaging Plastics deal is scheduled to complete in the first half of 2027.
The signal: The carve-out shows how a distressed public company can use private equity to shed assets, cut debt, and reset — trading scale for a cleaner balance sheet.
Read more: Private Equity Wire
Image credit: Generated with Gemini
