Nipro Takes Over Croatian Pharmaceutical Packaging Company Piramida

Lauren Simmonds

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As Poslovni Dnevnik/Suzana Varosanec writes, the Sesvete-based Piramida company, which is a Croatian pharmaceutical packaging producer, has enjoyed some excellent business results – growth of 15 to 20 percent per year.

These brilliant results have naturally attracted attention in the form of an April purchase/transaction which has now been completely carried out and turned into an ownership transformation. As a result of that, this leading Croatian pharmaceutical packaging manufacturer entered the composition of the Nipro Corporation, a global group with 70 years of tradition, based in Osaka, Japan.

The acquisition of Piramida, crucial for strengthening its position here on the European market in which Piramida has a prominent position as one of the top five manufacturers, was carried out by their European subsidiary – Nipro Pharma Packaging International NV. The current owner of Piramida – the regional private equity fund Blue Sea Capital, is thus successfully leaving the company’s ownership.

A new development phase of the Piramida with global ambitions is expected under the leadership of a strong global corporation, while the fund itself is opening up a new opportunity for equity entry with its own capital into other stable and growing companies in Croatia’s immediate region. The sale of Piramida to a top player such as the Nipro Corporation and whose shares are listed on the Tokyo Stock Exchange is also a strong confirmation and good reference for the fund’s operations.

The Japanese group generates about 4 billion US dollars in annual revenue, has more than 33,000 employees, and big business plans for the period up to 2030 with the goal of achieving total sales of 1 trillion JPY (equal to around 7.6 billion euros). Their recent investments in the United States and much closer to home in France are in the amount of 60 million dollars in the expansion of production capacities that will be in operation during the year 2024.

According to Stephan Arnold, the director of Nipro PharmaPackaging, the acquisition of Piramida strengthens the position of the world’s leading supplier of primary glass packaging for the pharmaceutical industry. Such packaging, he argues, plays a crucial role in today’s challenging world, especially as a result of the ongoing coronavirus pandemic and increased vaccine production. By purchasing this Croatian pharmaceutical packaging company and its annual capacity of more than 0.5 billion glass containers, Nipro is now able to meet specific Central European market needs.

Blue Sea Capital introduced corporate governance and professional management to Piramida, helping this Croatian pharmaceutical packaging company to develop its customer portfolio. They invested in eight new production lines to modernise the company and develop the ampoule business, resulting in an increase in the number of employees by 35 percent, doubling production capacities and revenue, and ranking among the five largest manufacturers of glass ampoules for the pharmaceutical industry in all of Europe. The factory in Sesvete otherwise produces more than half a billion bottles per year.

Commenting on the successful sale of the company, Sasa Galic, a partner and director of Blue Sea Capital, pointed out that this confirms the success of their investment strategy of transforming regional, family, small and medium companies into small corporations with professional management and a strong influence on the local community.

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