The European Commission has cleared Apax Partners' purchase of Gerresheimer's Primary Packaging Plastics unit, a business valued with Centor at about USD 1.68bn (EUR 1.5bn) enterprise value under the agreement signed in late July. The two businesses ran 16 plants in nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025. The Commission found no overlap in the same or vertically related markets and reviewed the case under its simplified procedure.
Why this mattersClearance moves a EUR 1.5bn pharmaceutical and cosmetics primary-packaging platform into private equity hands and funds Gerresheimer's shift to drug delivery and injectables.
- European Commission cleared Apax Partners' acquisition of sole control of Gerresheimer's Primary Packaging Plastics unit on 8 October 2026 under the EU Merger Regulation
- The late-July agreement, which also included Centor, values the businesses at about USD 1.68bn (EUR 1.5bn) on an enterprise value basis
- The two businesses operated 16 plants across nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025
- The unit makes primary plastic packaging, mainly for pharmaceutical, personal care and cosmetics customers
- The Commission found the parties are not active in the same or vertically related markets; case number M.12602, simplified procedure
- Gerresheimer is divesting to reduce debt and focus on drug delivery systems, medical devices and primary packaging for injectable medicines
Gerresheimer completed the sale of its US closures subsidiary Centor to funds advised by Apax Partners on 1 October 2026, about two months after signing on 29 July 2026. Centor accounts for roughly half of the combined enterprise value of about EUR 1.5bn (USD 1.7bn) agreed for Centor and the group's global Primary Packaging Plastics business. The proceeds go to debt reduction; the Primary Packaging Plastics sale is still expected to close in the first half of 2027, followed by a group refinancing.
Why this mattersThe closures exit funds deleveraging and leaves Gerresheimer concentrated on primary pharmaceutical packaging and drug-delivery systems, with one disposal still to run.
- Centor sale completed on 1 October 2026, about two months after the agreement signed on 29 July 2026
- Buyer is funds advised by Apax Partners
- Centor represents about half of the combined enterprise value of roughly EUR 1.5bn (USD 1.7bn) agreed for Centor and Primary Packaging Plastics
- Proceeds are earmarked for debt reduction, according to CFO Wolf Lehmann
- Primary Packaging Plastics disposal is expected to close in the first half of 2027, with a comprehensive group refinancing prepared with lenders afterwards
- Gerresheimer reports Q3 2026 results on 31 October 2026
Gerresheimer said preparations to close the sale of its Centor closures business are in their final stages, with completion expected in October 2026; Centor and the Primary Packaging Plastics unit together carry an enterprise value of about EUR 1.5bn, and the PPP sale is targeted for the first half of 2027. Closure of the Chicago Heights moulded glass plant was due to be completed by the end of September 2026. Preliminary second-quarter revenue was EUR 578m with adjusted EBITDA of EUR 102m, more than 50% above the first quarter.
Why this mattersThe divestments and plant closure accelerate Gerresheimer's shift to a pure pharma and drug-delivery packaging group as it works to rebuild its balance sheet.
- Preparations for closing the Centor sale are in their final stages, with the transaction expected to close in October 2026.
- Centor and Primary Packaging Plastics have a combined enterprise value of about EUR 1.5bn; the PPP sale is targeted to close in the first half of 2027.
- Closure of the Chicago Heights moulded glass plant was targeted for completion by the end of September 2026.
- Q2 2026 adjusted EBITDA was EUR 102m, up EUR 35m or more than 50% from EUR 67m in Q1 2026.
- Q2 2026 revenue was EUR 578m, against EUR 614m in Q2 2025 and EUR 523m in Q1 2026.
- H1 2026 revenue was EUR 1.10bn and adjusted EBITDA EUR 168m, versus EUR 1.14bn and EUR 224m in H1 2025.
- Gerresheimer reiterated its expectation of a stronger second half of 2026
- Gerresheimer had cut its full-year outlook in June 2026
- Gerresheimer shares rose 8% in early trading after the Q2/H1 results
- Net financial debt stood slightly above EUR 2bn, with disposal proceeds targeted to bring leverage to at or below 3.0x net debt to adjusted EBITDA
- Gerresheimer's transformation programme targets an annualised EBITDA improvement of EUR 50m to 70m through 2027
Goldman Sachs Alternatives has agreed to acquire Tosca, a reusable plastic container, pallet and bulk bin pooling operator, from funds advised by Apax Partners. Tosca runs 63 service and wash centres serving more than 5,000 customers across 30 countries in North America and Europe. Completion is expected later in 2026, subject to customary closing conditions and regulatory approvals.
Why this mattersThe deal signals continued private-capital appetite for reusable-packaging infrastructure, a segment competing directly with single-use packaging on food-supply-chain economics.
- Tosca operates 63 service and wash centres across North America and Europe.
- The company serves more than 5,000 customers in 30 countries.
- Buyer is the Infrastructure business of Goldman Sachs Alternatives.
- Seller is funds advised by Apax Partners LLP.
- Completion is expected later in 2026, subject to regulatory approvals.
- Sidley Austin advised Goldman Sachs Alternatives on the transaction.
KKR has emerged as the preferred bidder to acquire Portuguese plastics packaging maker Logoplaste, according to people familiar with the matter. The US private equity firm is in exclusive talks with Logoplaste's owners after rival bidder Apax Partners dropped out of the process. A deal could be reached in the coming weeks.
Why this mattersA change of control would place Portuguese packaging maker Logoplaste under a new private equity owner, resetting its investment and acquisition plans for the next holding period.
- KKR has emerged as the preferred bidder for Portuguese packaging maker Logoplaste, according to people familiar with the matter, reported on 16 September 2026.
- KKR is in exclusive talks with Logoplaste's owners.
- Apax Partners has dropped out of the process.
- A deal could be reached in the coming weeks, with no certainty that the talks lead to a transaction.
- A takeover of Logoplaste could rank among the largest deals in Portugal in 2026.
- Ontario Teachers' Pension Plan Board holds 60% of Logoplaste and is considering a sale valued at more than EUR 1.7bn (USD 1.95bn), expected to complete in 2026
- Minority shareholders may reinvest alongside the buyer to retain a combined 40% stake
- Logoplaste operates more than 60 plants in 17 countries for customers including Kraft Heinz, Diageo and L'Oreal, with annual revenue of about EUR 1bn (USD 1.15bn)
- Carlyle invested about EUR 660m (USD 758m) in Logoplaste in 2016, when the company was valued at EUR 1.4bn (USD 1.61bn) including debt in 2021
