US private investment firm Lindsay Goldberg has expanded its presence in Europe with the acquisition of Basel, Switzerland-based packaging firm Bilcare Research, a subsidiary of Mumbai-listed Bilcare Ltd.
Headquartered in Basel, Switzerland, Bilcare primarily serves the pharmaceutical and food and beverage industries.
In a 12 Nov statement, Lindsay Goldberg said Bilcare held Europe’s top ranking in the pharmaceutical packaging segment, an end market with high barriers to entry and attractive growth.
The company is also claimed to hold the second position globally in the pharma segment.
Bilcare has a global footprint with production facilities in Europe, the US and Asia, and a large and diverse customer base.
The acquisition marks Lindsay Goldberg’s third European packaging purchase since 2012, when it invested in the Weener Group. In 2016, the investment firm acquired Austrian packaging company Schur Flexibles.
Lindsay Goldberg said that with Bilcare’s acquisition, it gained an attractive platform to execute on a buy-and-build strategy in the pharmaceutical packaging sector.
The New York-based firm said it was introduced to the Bilcare opportunity through its German affiliate partners, who had developed a relationship with the controlling shareholder of Bilcare a year prior to the commencement of the limited process.
Post-acquisition, Lindsay Goldberg affiliate partner Thomas Unger will serve as chairman of Bilcare.