The pharmaceutical packaging industry in Benelux plays a crucial role in safeguarding drugs and ensuring their efficacy. This sector is filled with a mix of manufacturers, suppliers, and innovative technology companies. They create everything from conventional blister packs to high-tech smart packaging solutions that enhance patient safety. As regulatory scrutiny intensifies, companies are increasing their focus on environmentally sustainable practices and efficient supply chains. The industry is also embracing digitalisation, with new advancements in tracking and security features emerging. This evolution positions Benelux as a pivotal area for pharmaceutical innovation, reflecting the demand for packaging that meets modern healthcare needs.


The investors listed here are a blend of private equity firms, venture capitalists, and corporate investors headquartered primarily in Luxembourg, the Netherlands, and Belgium. Spanning various sizes, from small teams to large enterprises, most were established post-1980, indicating a strong legacy in finance. In 2024, these investors made over 300 deals, demonstrating active interest in the pharmaceutical packaging sector. Each organization offers unique resources, strategies, and market insights that help propel innovation within the industry, showcasing a vibrant ecosystem supporting growth and development in Benelux.


Top 15 Pharmaceutical Packaging Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, founded in 1958, that supports innovation and entrepreneurship across Europe. It offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in funding companies like Paptic, which focuses on sustainable packaging solutions, receiving both grants and equity investments to accelerate its growth. This aligns with the growing demand for innovative packaging solutions in the pharmaceutical industry. Additionally, the EIC has supported other companies in the packaging space through grants, indicating its active role in promoting advancements in this sector.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Among its notable transactions, EIB has financed Emzor Pharmaceutical Industries, which raised over $14 million in debt financing, directly linking EIB to the pharmaceutical sector. Additionally, EIB's involvement with Stora Enso, which secured a €435 million loan to enhance its renewable, fiber-based consumer packaging board production, showcases EIB's commitment to sustainable packaging solutions that can also serve the pharmaceutical industry. Furthermore, EIB's participation in funding Packhelp, a sustainable packaging marketplace, further emphasizes its interest in innovative packaging solutions that could be applicable in the pharmaceutical sector.


3. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions, CVC acquired AR Packaging, a key player in the packaging industry, and DFE Pharma, a leading global excipients manufacturer for the pharmaceutical sector. These investments reflect CVC's strategic interest in the pharmaceutical packaging market, showcasing their capability to enhance value in this sector.


4. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a specialty chemical distributor and innovation service provider based in Antwerp, Belgium, founded in 2001. The company serves over 63,000 customers across various sectors, including life sciences and industrial markets. Azelis focuses on delivering high-quality raw materials and innovative formulations tailored to specific market needs. Notably, Azelis has made strategic acquisitions to enhance its presence in the life sciences sector, including the acquisition of Megafarma, a Mexican specialty distributor for the pharma, food, and veterinary industries, which strengthens their capabilities in the pharmaceutical market. Additionally, their acquisition of YDS Chemicals NV and Chemical Solutions Sdn Bhd highlights their commitment to expanding their portfolio in sectors that may intersect with pharmaceutical packaging. These transactions demonstrate Azelis's active role in the pharmaceutical supply chain, making them a relevant player in the pharmaceutical packaging industry.


5. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare focuses on innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notably, Gilde has made significant investments in the pharmaceutical packaging context, including the acquisition of EUROPIN, a medtech contract manufacturer that specializes in customized pen cannulas and lancet needles. This acquisition aims to create a leading integrated contract manufacturer in Europe, showcasing Gilde's commitment to enhancing capabilities in the pharmaceutical packaging sector. Additionally, Gilde's acquisition of Acti-Med further strengthens its portfolio in the healthcare space, indicating a strategic approach to supporting companies that may intersect with pharmaceutical packaging needs.


6. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably, primarily targeting entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv acquired a 20.87% stake in BioConnection B.V., which is involved in biopharmaceutical processes, indicating their engagement in the healthcare sector. Additionally, their historical investments in companies like Ablynx, which focuses on therapeutic proteins, further demonstrate their commitment to the life sciences, potentially linking them to pharmaceutical packaging needs.


7. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant investments in the pharmaceutical packaging sector, including the acquisition of Bormioli Pharma, a prominent manufacturer of pharmaceutical primary packaging, which has an annual turnover of €217 million. Additionally, their investment in All4Labels - Global Packaging Group highlights their commitment to the packaging industry, further solidifying their relevance in the pharmaceutical packaging market. Other notable transactions include the acquisition of Clinigen Group, which operates within the healthcare sector, showcasing Triton's diverse investment strategy while maintaining a focus on industries that intersect with pharmaceutical needs.


8. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating in the nutrition, health, and beauty sectors. They offer a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has been involved in several transactions that align with the pharmaceutical industry. Notably, they led a funding round for OK Capsule, which raised $7 million in 2023, indicating their interest in capsule technology relevant to pharmaceutical packaging. Additionally, they participated in the funding of Panaceutics Nutrition, which focuses on scaling production capabilities and R&D in health-related products. Their investment in Interface Biologics, Inc. also highlights their engagement in innovative solutions that could impact pharmaceutical applications. Overall, dsm-firmenich's investments reflect a commitment to enhancing product offerings in the pharmaceutical sector, including packaging solutions.


9. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm founded in 1998, based in Luxembourg, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. They provide capital, strategic guidance, and governance to management teams across various sectors, including healthcare, technology, and business services. Notably, Astorg has made significant investments in the pharmaceutical sector, including the acquisition of CordenPharma, a leading contract drug development and manufacturing company, for $2.6 billion in 2022. They also acquired Nemera, a French drug-delivery systems manufacturer, for €1 billion in 2018, and a 60% stake in Groupe Ethypharm, a leader in oral drug delivery systems, in 2007. These transactions demonstrate Astorg's commitment to enhancing capabilities within the pharmaceutical packaging and delivery systems market.


10. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity based in Brussels, Belgium, that acts as an investment company for the Flemish government. Founded in 2001, PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors such as real estate, clean tech, and life sciences. PMV also offers consulting services to help businesses navigate investment challenges and achieve sustainable growth. Notably, PMV has been involved in several transactions relevant to the pharmaceutical sector, including a €2.5M Series A funding for RheaVita, which specializes in freeze-drying technology for biopharmaceutical products, and participation in funding rounds for PharmaFluidics, a diagnostics company. These investments highlight PMV's commitment to supporting innovations that are crucial for the pharmaceutical industry, including aspects related to packaging and delivery of biopharmaceuticals.


11. Fagron

  • Website: fagron.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: fagron

Fagron is a corporate investor based in Rotterdam, South Holland, Netherlands, specializing in personalized medicine and compounding services. Founded in 1990, Fagron has established itself as a key player in the healthcare sector, providing customized treatment solutions for healthcare professionals and patients. Their innovative products, such as Pentravan® and SyrSpend®, focus on effective medication delivery. In recent years, Fagron has made several strategic acquisitions to enhance its market position. Notably, they acquired Injeplast, a producer of plastic packaging, which broadens their product portfolio in Latin America. Additionally, their acquisition of Letco Medical LLC and Curaphar B.V. further strengthens their capabilities in pharmaceutical drug administration. These transactions highlight Fagron's commitment to expanding its presence in the pharmaceutical packaging industry, making them a relevant investor in this sector.


12. Qbic Fund | Venture Capital

  • Website: qbic.be
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: qbic

Qbic Fund | Venture Capital is a venture capital fund based in Ghent, Flanders, Belgium, founded in 2012. The fund specializes in seed and early-stage investments in innovative companies across various sectors, with a strong emphasis on creating impact by transforming technological breakthroughs into sustainable businesses. Qbic supports its portfolio companies throughout their growth, focusing on sectors such as biotechnology and technology. Notably, Qbic has been involved in several transactions relevant to the pharmaceutical sector, including investments in PharmaFluidics, which raised over $2.8 million in 2017 and $680,329 in 2014, and EyeD Pharma, which raised €28 million in 2019 with participation from Qbic II fund. These investments highlight Qbic's engagement in the pharmaceutical industry, suggesting a potential interest in pharmaceutical packaging as part of their broader investment strategy.


13. Mondi Heerlen B.V.

  • Website: mondigroup.com
  • Type: Corporate
  • Headquarters: Heerlen, Limburg, Netherlands
  • Founded year: 1967
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: mondi-heerlen-b.v.

Mondi Heerlen B.V. is a corporate investor based in Heerlen, Limburg, Netherlands, and is part of the Mondi Group, a leading packaging and paper manufacturer founded in 1967. The company focuses on providing innovative and sustainable packaging solutions across various industries, including eCommerce and retail. Notably, Mondi has made several strategic acquisitions that enhance its capabilities in flexible packaging, which is crucial for the pharmaceutical sector. For example, their acquisition of Kalenobel, a Turkish consumer packaging company specializing in flexible packaging and aseptic cartons, demonstrates their commitment to expanding their portfolio in areas relevant to pharmaceutical packaging. Additionally, their acquisition of Excelsior Technologies further strengthens their position in the packaging market, potentially benefiting pharmaceutical applications. Overall, Mondi Heerlen B.V. is positioned to serve the pharmaceutical packaging industry through its diverse product offerings and strategic acquisitions.


14. Bencis


Bencis is a private equity investment company based in Amsterdam, Netherlands, founded in 1999. The firm specializes in providing capital and strategic support to business owners and management teams across various sectors, including manufacturing and healthcare. Bencis aims to help businesses achieve their growth ambitions and enhance their market presence. Notable transactions include the acquisition of Medsen Apotheek in 2019, which operates within the pharmaceutical sector, and the acquisition of Xeikon in 2013, a company known for its digital printing technology that can be applied in pharmaceutical packaging. Additionally, Bencis has invested in companies like SPGPrints and CurTec, which may also have relevance to packaging solutions. These transactions highlight Bencis's engagement in sectors that intersect with pharmaceutical packaging, making them a noteworthy investor in this space.


15. Innovation Fund


The Innovation Fund is a corporate investment fund based in Schaerbeek, Brussels, Belgium, founded in 2015. It focuses on supporting innovative startups and companies primarily in the chemistry and life sciences sectors. The fund provides funding and resources to help these companies develop their projects, collaborating with various partners and sourcing projects from academic institutions and industry initiatives. Notably, the Innovation Fund participated in the funding rounds of PharmaFluidics, a research diagnostics spinout, and Univercells, which is involved in biomanufacturing technology. These transactions highlight the fund's engagement in the life sciences, which includes aspects relevant to pharmaceutical packaging, as effective packaging solutions are essential for the delivery and stability of pharmaceutical products.



Pharmaceutical Packaging Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
AzelisAntwerp, Flanders, Belgium1001-500020015
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
GimvAntwerp, Flanders, Belgium51-20019808
Triton PartnersLuxembourg201-50019976
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
AstorgLuxembourg51-20019988
PmvBrussels, Brussels, Belgium51-200200111
FagronRotterdam, South Holland, Netherlands1001-500019901
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
Mondi Heerlen B.V.Heerlen, Limburg, Netherlands51-20019673
BencisAmsterdam, North Holland, Netherlands11-5019990
Innovation FundSchaerbeek, Brussels, Belgium1-1020150


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