Funds advised by Apax Partners LLP (“Apax”), the global private equity firm, have agreed to acquire Centor US Holding Inc. and Gerresheimer’s global Primary Packaging Plastics business from Gerresheimer AG. The two businesses have a combined enterprise value of approximately €1.5 billion.
Gerresheimer AG is a leading global partner to the pharma, biotech and cosmetics industries, headquartered in Düsseldorf, Germany and listed on the Frankfurt Stock Exchange. The businesses being carved out comprise Centor and Gerresheimer's global Primary Packaging Plastics business, which are market leaders in prescription vials and primary pharmaceutical packaging. The transaction includes the acquisition of 15 production sites in nine countries for primary plastic packaging in addition to the production site of Centor in the U.S.
The transactions are subject to customary closing conditions.
The S&C team which led on the transaction representing Apax includes Karan Dinamani, Tyler Hill, Florian Späth, Ian Ferreira and Rob Kearns, with significant cross-border support from colleagues in London, Frankfurt and the U.S.
This latest transaction highlights S&C’s experience advising on complex cross-border private equity and carve-out transactions and builds on the Firm’s relationship with Apax, including its recent representation of Apax Funds on the SEK 6.63 billion take-private of Swedish infrastructure business Norva24 Group AB.