Triton Partners exploring potential sale of Bormioli Pharma

Goldman Sachs is prepping for a potential process, these sources said. A fourth source said that Goldman Sachs is testing the market, but was not aware that an official sellside mandate had yet been awarded.

Goldman Sachs assisted Triton, acting as joint global coordinator and joint bookrunner in the issue of a EUR 350m bond for Bormioli Pharma in May 2023.

Bormioli Pharma is expected to be marketed off around EUR 65m 2023 EBITDA, two of the sources said. In 2022, the company reported over EUR 315m of turnover, according to a company statement.

Both private equity firms with a background in the space and industry players will be invited to bid, one of the sources said.

Triton acquired Bormioli Pharma from Vision Capital for undisclosed terms in November 2017. At the time of the deal, the company had a turnover of EUR 217m.

Under Triton’s ownership, Bormioli Pharma has grown organically and via M&A. In December 2020, it acquired ISO Arzneiverpackungen Gmbh, a German firm engaged in the production of pharmaceutical packaging, for an undisclosed sum. Earlier in March 2020, it bought GCL Pharma, a drug and cosmetic packaging firm, from Guala Closures for EUR 8.9m.

Triton Partners declined to comment. Bormioli Pharma and Goldman Sachs did not respond to requests for comment.

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