GHO Capital Partners LLC, a London-based investment firm, is buying Sanner Group, a maker of plastic packaging for the pharmaceutical, diagnostic, nutraceutical and medical technology sectors.
Sanner, a fourth-generation family-owned company founded in 1894, makes more than 4 billion plastic packaging parts each year and is known as a major provider of desiccant closures and tubes for effervescent tablets.
"We have been observing increasing consolidation in the market for some time now. As a medium-sized company, we must react if we want to remain successful in the long term. With GHO, we have found a strong partner that specializes in the health care and medtech sectors and offers us further opportunities for successful growth," said Jürgen Sanner, a shareholder of Sanner, in a statement.
GHO Capital, also known as Global Healthcare Opportunities, said its backing will allow Sanner to continue to grow.
"With our support, management are well placed to realize the shared ambition to accelerate Sanner's growth, investing in both existing facilities and operations as well as leveraging our U.S. expertise to identify growth opportunities," GHO Capital said.
Sanner has about 600 workers in Germany, China, France, Hungary, the United States, India and Indonesia. Sales were approximately 98 million euros ($113.7 million) last year.
Production sites are in its headquarters of Bensheim, Germany; Kunshan, China; Budapest, Hungary; and Kirchheim, France. Sales locations are in Maharashtra, India; Jakarta, Indonesia; and Fort Wright, Ky.