Blue Sea Capital completes sale of leading Croatian glass pharmaceutical packaging company to Japanese Nipro Corporation

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.
The Sesvete based Croatian company Piramida manufactures glass ampoules and vials, which are the packaging solutions used by 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 0.5 billion ampoules and vials and its buyers include a number of the world’s top pharmaceutical companies.
Since acquisition of Piramida, the regional private equity fund Blue Sea Capital has 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% 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.
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.”
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.
Stephan Arnold, CEO of Nipro PharmaPackaging, added: “We want to continue to build excellent customer relationships and become the preferred strategic partner to many pharmaceutical companies.”
Kresimir Sečak, CEO of Piramida, noted: “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% 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.”
Ivan Zec, Partner of Blue Sea Capital leading the transaction, concluded: “The example of Piramida, which celebrated its 70th anniversary last year, shows that it is possible to successfully develop manufacturing companies in Croatia, and that tradition, along with continued investments in know-how and new technologies, can result in globally competitive and recognised Croatian 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. Šavorić & Partners acted as legal counsels, KPMG as financial advisors and Van Campen Liem as tax and structuring advisors.

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