Apax acquires Gerresheimer packaging businesses in €1.5bn carve-out deal

German pharmaceutical packaging manufacturer Gerresheimer has agreed to sell two of its plastic packaging businesses to funds advised by Apax in a transaction valued at €1.5bn, including debt, according to a report by Reuters.

The move comes as Gerresheimer continues efforts to strengthen its balance sheet following a period of financial and governance challenges.

The transaction covers Gerresheimer’s global Primary Packaging Plastics division alongside US-based Centor, a manufacturer of plastic pharmaceutical packaging. Together, the two businesses generated approximately €570m in revenue during the last financial year and employ around 2,400 people.

As part of the acquisition, Apax will take ownership of 15 manufacturing facilities operated by the Primary Packaging Plastics business across nine countries, in addition to Centor’s production site in the United States.

Gerresheimer said proceeds from the disposal will be used to reduce leverage and improve its capital structure, with the company aiming to materially lower its debt burden through the transaction.

The sale forms part of a broader strategic review announced earlier this year, when Gerresheimer launched a process to divest Centor as it sought to reinforce its financial position.

The agreement comes after a difficult period for the German company, which faced delays to its financial reporting following an internal review of its accounting practices. The disruption resulted in the business being removed from Deutsche Boerse’s SDAX small-cap index, while Germany’s financial regulator, BaFin, opened audits into the company’s financial statements.

Gerresheimer announced in June that its internal accounting investigation had concluded, although it continues to assess potential claims for damages arising from the issues.

Earlier this year, the company also declined an acquisition approach from US packaging rival Silgan, opting instead to focus on resolving its accounting matters and progressing the disposal programme.

Completion of the Centor transaction is expected before the end of Gerresheimer’s 2026 financial year, while the sale of the Primary Packaging Plastics division is scheduled to close during the first half of 2027.