Mid-market PE firm Apax Partners is acquiring Centor, a supplier of prescription vials to the US pharmacy market, in a carve-out from German pharma Gerresheimer, as well as Gerresheimer’s global Primary Packaging Plastics (PPP) business, for a sum based on an enterprise value of approximately €1.5bn (US$1.7bn).
Further terms have not been disclosed.
Centor and Primary Packaging Plastics are market leaders in prescription vials and primary pharmaceutical packaging. They hold durable market positions, built on long-standing customer relationships. In addition to the Centor site in the US, 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 €570m with a total of around 2,400 employees.
“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.
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, according to Mehmet Tar, principal at Apax.
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.
“This transaction allows us to regain our strategic flexibility,” said Uwe Röhrhoff, CEO of Gerresheimer.
Gerresheimer will use the expected cash inflows to optimise its capital and financing structure by considerably decreasing its leverage.
“Together with the planned comprehensive refinancing, this will significantly reduce our interest expenses and achieve a sustainable capital structure,” said Wolf Lehmann, CFO of Gerresheimer.
Morgan Stanley is lead financial advisor to Gerresheimer. Commerzbank also supports as financial advisor and has provided fairness opinions. Latham & Watkins is legal counsel to Gerresheimer.
