Triton's Bormioli Pharma bolts on R&G Beteiligungs

Alessia Argentieri
13 September 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Triton Partners-backed Bormioli Pharma, an Italian pharmaceutical packaging business, has acquired German peer R&G Beteiligungs (R&G) from Hil-Invent.

The acquisition was made via a newly incorporated German vehicle wholly owned by Bormioli Pharma and named Remus BidCo.

The deal was financed with a debt package provided by a pool of banks. In addition, Hil-Invent reinvested in the company acquiring a 5.3% stake in Blitz LuxCo, the holding company that controls the entire share capital of Bormioli Pharma.

Through this acquisition, Bormioli Pharma expects to strengthen its presence in the German and northern European markets, and expand its current offering with a complementary range of products.

Triton bought Bormioli Pharma, at the time known as Bormioli Rocco, from Vision Capital in July 2017. Vision fully exited the asset, selling the pharmaceutical packaging part of the business to Triton and its tableware unit to Italian trade buyer Bormioli Luigi. The deal ended a six-year holding period for Vision, which had bought the business as part of a portfolio of assets from Italian retail bank Banco Popolare for €375m.

To finance the acquisition of Bormioli, Triton drew equity from Triton Fund IV, a €3.3bn vehicle closed in 2013. The GP launched a fifth fund in March 2018 and held a final close on its €5bn hard-cap in January 2019. The fund focuses on European mid-market companies operating in the industrial, business services, consumer and healthcare sectors.

In addition, Triton also manages its Smaller Mid-Cap buyout fund, which hit its hard-cap of €448m in July 2018, and a €500m debt vehicle, Triton Debt Opportunities (TDO).

Company
R&G specialises in manufacturing plastic and glass packaging for the pharmaceutical industry. The company operates two production facilities located in Schleusingen and Altenfeld and employs 270 staff. It generated EBITDA of €4.1m from revenues of €25.6m in 2018.

People
Triton Partners – Peder Prahl (managing partner).
Bormioli Pharma – Andrea Lodetti (CEO).