Apax Funds agree carve-out of pharmaceutical packaging businesses from Gerresheimer
28th July 2026
Apax 16 production sites with around 2,400 employees in nine countries Combined enterprise value of around EUR 1.5 billion Significant optimization of the capital a- 16 production sites with around 2,400 employees in nine countries
- Combined enterprise value of around EUR 1.5 billion
- Significant optimization of the capital and financing structure through expected cash inflows, meaningfully decreasing leverage
Gerresheimer Glass Inc., USA, Gerresheimer Glas GmbH, Gerresheimer Group GmbH, and Gerresheimer AG (“Gerresheimer”), today entered into definitive agreements with an affiliate of funds advised by Apax Partners LLP (“Apax Funds”) regarding the sale of Centor US Holding Inc., USA, as well as Gerresheimer’s global Primary Packaging Plastics (PPP) business. The purchase price for the two business units combined is based on an enterprise value of approximately EUR 1.5 billion. The parties have agreed not to disclose further terms of the agreements. The transactions are subject to customary closing conditions and approvals and will be closed independently of one another.The sale of Centor is expected to close by the end of financial year 2026, while the sale of the global Primary Packaging Plastics business is expected to close in the first half of financial year 2027. Gerresheimer will use the expected cash inflows to significantly optimize its capital and financing structure by considerably decreasing its leverage.
“This transaction allows us to regain our strategic flexibility,” explains Uwe Röhrhoff, CEO of Gerresheimer AG. “At the same time, as a leading global partner to the pharmaceutical and biotech industries, we are focusing our business even more strongly on high-value drug delivery and medical devices, and primary packaging for injectable drugs.”
“Centor and Primary Packaging Plastics are market leaders in prescription vials and primary pharmaceutical packaging, built on a decades long reputation for quality and reliability. We have significant experience in carveouts and, together with our Operational Excellence Practice, we will work alongside management to establish a strong, standalone company positioned for long term growth,” says Anders Meyerhoff, Partner at Apax.
“Healthcare packaging plays a critical role in patient safety, with Centor’s and Primary Packaging Plastics’ products used to dispense medicines safely to millions of patients every day. As an independent company backed by the Apax Funds, the business will have the capital to invest in capacity, innovation and US expansion, building on its global leadership in healthcare packaging,” adds Mehmet Tar, Principal at Apax.
16 production sites in nine countries
The Apax Funds are acquiring the business providing packaging systems for dispensing prescription drugs in the U.S. and the global business for primary plastic packaging—representing a combined enterprise value of approximately 1.5 billion euros. In addition to the Centor site in the United States, the transaction includes a total of 15 production sites for primary plastic packaging in nine countries. In 2025, the two businesses generated combined revenue of approximately EUR 570 million with a total of around 2,400 employees.
Significant optimization of the capital and financing structure
“This transaction is an important milestone in optimizing our capital and financing structure, decreasing our leverage significantly,” says Wolf Lehmann, CFO of Gerresheimer AG. “We will use the expected cash inflows to accelerate our debt reduction. Together with the planned comprehensive refinancing, this will significantly reduce our interest expenses and achieve a sustainable capital structure. In addition, the continued implementation of our transformation program will also have a positive impact on our operating and free cash flow.”
Completion of the Centor sale before the end of this financial year
The transactions are subject to customary closing conditions and approvals. Gerresheimer expects to complete the sale of Centor by the end of financial year 2026. The sale of the global Primary Packaging Plastics business is expected to be completed in the first half of financial year 2027.
Morgan Stanley & Co. International plc is serving as lead financial advisor to Gerresheimer. Commerzbank also supports as financial advisor and has provided fairness opinions. Latham & Watkins is serving as legal counsel to Gerresheimer.