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Blue Sea Capital exits Piramida Investment

Blue Sea Capital exits Piramida Investment

Blue Sea Capital, a regional private equity fund, has successfully completed the sale of its 100 percent ownership stake in Piramida, a leading Croatian manufacturer of glass pharmaceutical packaging, to Nipro PharmaPackaging International NV, a subsidiary of Nipro Corporation which has its headquarters in Japan.

Piramida produces glass ampoules and bottles which are packaging solutions for the pharmaceutical industry. The special role of pharmaceutical glass packaging is being further highlighted during the current global COVID-19 pandemic, as vaccines are primarily packaged in glass vials. Last year alone, the company manufactured more than half a billion billion ampoules and vials and its buyers include a number of the world's leading pharmaceutical companies.

Since acquisition of Piramida, Blue Sea Capital has invested heavily in modernizing production, procuring eight new production lines and developing the bottling business. Under Blue Sea Capital ownership, Piramida has increased its staff by 35 percent and doubled its production capacity and revenue, and the company is currently among the five largest manufacturers of glass ampoules for the pharmaceutical industry in the European market. 

Nipro PharmaPackaging International is a subsidiary of Nipro Corporation,  based in Japan, listed on the Tokyo Stock Exchange, generating more than $ 4 billion in annual revenue, employs more than 33,000 people and is highlighted as one of the world's leading medical equipment and pharmaceutical packaging companies.

Saša Galić, Managing Partner of Blue Sea Capital, commented: “We are proud that Piramida has attracted the interest of one of the leading global players in the pharmaceutical packaging industry. The acquisition of Piramida by Nipro validates our investment strategy of growing regional family-led SMEs into small corporations with professional management, adequate governance and strong impact on local community. We are excited to watch Piramida enter a new phase of growth with global ambitions.”

"We look forward to working with Nipro to further strengthen Pyramid's position in the European and global market," said Sečak, while Nipro PharmaPackaging CEO Stephan Arnold said they want to continue to build excellent customer relationships and become a preferred strategic partner for many pharmaceutical companies. 

Blue Sea Capital achieved 3.8x return on Piramida investment.The transaction was executed by Ivan Zec, Mila Čiček and Marko Jojić from Blue Sea Capital.

Blue Sea Capital is a member of Croatian Private Equity and Venture Capital Association (CVCA).

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