The Japanese company Nipro PharmaPackaging International NV acquired the Croatian producer of glass pharmaceutical packaging "Piramida", the Blue Sea Capital equity fund reported on Monday.

That regional private equity fund, which has successfully completed the sale of its 100 percent ownership stake in Piramida to Nipro PharmaPackaging International NV, a subsidiary of Nipro Corporation which has its headquarters in Japan, says in a press release that after it had acquired Piramida, it had “invested in the acquisition of 8 new production lines, the modernisation of facilities and the development of the vials business. ”

“Under Blue Sea Capital’s ownership, Piramida has increased the number of employees by 35 percent and doubled production capacities, as well as revenues. Moreover, the company is now ranked in the top five largest glass ampoule manufacturers for the pharmaceutical industry in the European market,” says Piramida’s former owner.

The Croatian company’s outstanding results have been recognised by one of the world’s leading producers of medical equipment and pharmaceutical packaging, headquartered in Japan. Tokyo Stock Exchange-listed Nipro Corporation generates more than USD 4 billion in annual revenues, employs over 33,000 people, and serves the Pharmaceutical, Medical Device, and Pharma Packaging Industries.

Its new owner “Nipro PharmaPackaging” is specialized in developing and manufacturing advanced pharma packaging products and complete packaging solutions for early development drugs or the enhancement of packaging solutions for existing drugs.

Kresimir Sečak, CEO of Piramida, was quoted as saying that “together with Blue Sea Capital we managed to spur strong growth in Piramida and transform it into one of the most attractive Croatian SMEs that exports 97 percent of its production to a blue chip customer portfolio. The management team is looking forward to working with Nipro to further advance Piramida’s position on the European and global markets.”