Lindsay Goldberg to Acquire Bilcare Research, a Leading Pharmaceutical Packaging Manufacturer

On September 9, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that private equity firm Lindsay Goldberg will acquire Indian pharmaceutical packaging manufacturer Bilcare Research (Bilcare). The transaction values Bilcare Research at €250–300 million ($279–334 million), including debt. No other deal details were disclosed.

Bilcare is a Swiss company specializing in pharmaceutical packaging research solutions, with over 1,000 employees and annual sales of €300 million. The company manufactures plastic packaging for the pharmaceutical, consumer goods, and chip card manufacturing industries, providing effective and affordable packaging solutions. Bilcare’s pharmaceutical packaging offerings include specialty polymer films and aluminum foil for packaging solid-dose medications. With a robust client base of more than 1,000 customers across over 100 countries worldwide, Bilcare serves major clients such as Novartis (NOVN.S), GlaxoSmithKline (GSK.L), and Pfizer (PFE.N).

At this year’s Manufacturing & Packaging Awards, Bilcare Research was named the 2019 Best Global Blister Packaging Solutions Provider for Pharmaceuticals by the Global Health & Pharma (GHP) Magazine. The winner was selected through voting by GHP’s respected industry partners and its dedicated research team. Recipients were evaluated based on their expertise in specific fields, contributions to clients, and customer satisfaction levels.

It is reported that the global pharmaceutical packaging market size was $90.9 billion in 2018. Emerging economies such as China, India, and Brazil hold significant market potential in pharmaceutical packaging. By 2018, the market size of China's pharmaceutical packaging industry is expected to reach RMB 99.1 billion. In developed countries, printing for pharmaceutical packaging accounts for approximately 30% of the total value of pharmaceutical products, whereas in China, it accounts for less than 10%.

Lindsay Goldberg is a private equity firm headquartered in New York, USA, founded by Alan Goldberg in 2001. The company focuses on investments in the manufacturing, energy transmission, waste management, financial and business services, and healthcare sectors. Since its inception, Lindsay Goldberg has raised approximately $13 billion across four funds. The firm raised $2 billion for its first fund in 2002. In 2006, it completed fundraising for its second fund, with a capital commitment of $3.1 billion. In 2008, Lindsay Goldberg began raising its third fund, targeting $4 billion. As of November 2015, the firm had raised $3.4 billion for its fourth fund.

(Compiled by Tian Shuhang)