Blackstone buys Gerresheimer Glas

Blackstone is to buy Gerresheimer Glas, the German packaging company, from Investcorp and JP Morgan Partners.

The investment was made through the US$6.5bn Blackstone Capital Partners IV fund.

The sum was undisclosed but reports suggest the total cost of the deal is around €600m. Apax was rumoured to have had discussions with the vendors but is believed to have offered a lower price.

JP Morgan and Investcorp, bought Gerresheimer Glas in 2000 from Viag AG, the German energy group now known as E.ON AG. CSFB and JP Morgan are providing the debt.

The company operates from 16 locations in Europe and the US and employs 5,400 people. Sales in 2003 were €550m.