PE still in race for Rexam healthcare unit

German corporation Gerresheimer pulled out of the race because Rexam's healthcare packaging unit did not meet the firm's acquisition requirements, a spokesperson for the firm told unquote".

The bidding process, which could result in a sale valued in the region of $1bn, has been going on since June this year when Rexam decided to put the healthcare packaging unit up for sale, Reuters reported. Rexam's CEO reportedly expects a sale of its medical packaging and drug delivery service business by year-end or early 2014.

In August this year, numerous private equity firms were reported to be circling the division with around 3,000 staff and 14 worldwide factories. Rexam sold its personal care unit to Sun Capital in a $459m transaction last year.

Bain Capital currently holds two healthcare businesses in its European portfolio: Pruk, a blood plasma collection and fractionation company; and Warner Chilcott, a speciality pharmaceutical company.

At the moment, KKR holds health and beauty group Alliance Boots, healthcare provider Ambea and orthopaedic devices manufacturer Biomet in its portfolio.

Bain Capital, KKR and Rexam were not available for comment.

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