Key Takeaways
- • Apax Partners is securing approximately €1bn in leveraged debt financing to support its acquisition of two Gerresheimer business units: Primary Packaging Plastics (PPP) and Centor US Holding, a US-based pharmacy packaging manufacturer.
- • The combined acquired businesses carry an enterprise value of €1.5bn, with the debt financing expected to comprise term loans and a revolving credit facility to be syndicated to institutional investors later in 2026.
- • The acquisition was initially agreed in July 2026, representing Apax's entry into the pharmaceutical and specialty packaging sector through two complementary business units focused on primary and pharmacy packaging markets.
- • Debt syndication is expected to be finalized shortly, with institutional lenders anticipated to participate in the financing package before year-end 2026.
Summary
Apax Partners is mobilizing approximately €1bn of leveraged debt financing to fund its acquisition of two business units from German packaging specialist Gerresheimer. According to Bloomberg sources, the financing package will comprise leveraged loans structured as term debt and a revolving credit facility, with plans for syndication to institutional investors later in 2026.
The transaction encompasses Gerresheimer's Primary Packaging Plastics (PPP) division and Centor US Holding, a US-based manufacturer specializing in pharmacy packaging. The combined enterprises carry a stated enterprise value of €1.5bn, though Apax Partners did not publicly disclose the specific purchase price. The acquisition was formally agreed in July 2026, marking Apax's expansion into the pharmaceutical packaging sector through two complementary operating platforms.
The debt financing structure reflects standard private equity acquisition methodology, with leveraged loans providing acquisition capital while a revolving credit facility offers operational flexibility. The syndication timeline suggests the lead lending group is expected to be finalized imminently, with institutional investors likely to commit capital across the debt package within the coming months. This approach distributes risk across a broader institutional base while providing Apax with upfront capital deployment capability.
Neither Apax Partners nor representatives from PPP and Centor US Holding provided additional commentary on the financing arrangement, with Apax declining to expand beyond the public disclosure of the acquisition terms announced in July 2026.
The transaction encompasses Gerresheimer's Primary Packaging Plastics (PPP) division and Centor US Holding, a US-based manufacturer specializing in pharmacy packaging. The combined enterprises carry a stated enterprise value of €1.5bn, though Apax Partners did not publicly disclose the specific purchase price. The acquisition was formally agreed in July 2026, marking Apax's expansion into the pharmaceutical packaging sector through two complementary operating platforms.
The debt financing structure reflects standard private equity acquisition methodology, with leveraged loans providing acquisition capital while a revolving credit facility offers operational flexibility. The syndication timeline suggests the lead lending group is expected to be finalized imminently, with institutional investors likely to commit capital across the debt package within the coming months. This approach distributes risk across a broader institutional base while providing Apax with upfront capital deployment capability.
Neither Apax Partners nor representatives from PPP and Centor US Holding provided additional commentary on the financing arrangement, with Apax declining to expand beyond the public disclosure of the acquisition terms announced in July 2026.
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