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07-28-2015

Gerresheimer to Acquire Centor

Gerresheimer AG, Düsseldorf, Germany, one of the leading partners to the pharma and healthcare industry worldwide, will further extend its pharmaceutical packaging business with the acquisition of Centor US Holding Inc., Perrysburg, OH/USA. Gerresheimer has reached an agreement with Nemera Development S.A. to acquire 100% of the share capital of Centor.

According to Gerresheimer, Centor is the leading manufacturer of plastic vials and closures for oral drugs in the prescription retail market. It is a carve-out of Nemera Group, a former business of Rexam Healthcare divested in 2014. Centor’s annual revenue in 2014 amounted to USD 167 million (pro forma).

The US prescription industry is structured around the established ‘pour-and-count’ system, whereby the exact number of prescribed oral drugs is delivered to patients in plastic vials. Centor has a superior product portfolio, including Screw–Loc and 1-Clic, the two leading products in the US plastic vials market. Centor serves national and regional pharmacy chains, supermarkets and wholesalers.

The total consideration amounts to USD 725 million cash-free and debt-free. The enterprise value underlying the transaction represents approx. 9.8x LTM June 2015 EBITA (pro forma). It will be an all cash acquisition which is fully debt financed. A quick deleveraging after the acquisition is expected driven by Gerresheimer’s high cash generation. The closing of the transaction is subject to regulatory approval and expected during the fourth quarter of financial year 2015. The transaction is expected to be adjusted EPS accretive by a low double digits percentage already in financial year 2016. Centor will be integrated in the Plastics & Devices Division of Gerresheimer.

Company profile

Gerresheimer AG

Klaus-Bungert-Straße 4
DE 40468 Düsseldorf
Tel.: 0211 6181-00
Fax: 0211 6181-295

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