LONZA CHI acquired by LONE STAR FUNDS
Context
Lone Star Funds has entered into a definitive agreement to acquire a majority stake in Lonza Group’s Capsules & Health Ingredients (CHI) division. Lonza will retain a 40% equity position in the newly independent business, ensuring industrial continuity and shared upside in the future growth of the platform. The strategic rationale for Lonza is the completion of its long-term transformation into a "pure-play" CDMO (Contract Development and Manufacturing Organization). For CHI, the transition to a standalone entity under Lone Star’s control is designed to enhance its strategic agility and provide the dedicated capital necessary to accelerate innovation in plant-based capsules and nutritional ingredients. The sale process, which began in late 2024, was advised by Bank of America and Centerview Partners. This carve-out follows several other Lonza divestitures, including its Personalized Medicines and MODA software businesses.
LONZA CHI, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Lonza CHI (Capsules & Health Ingredients) is a global leader in the production of hard capsules and dosage form solutions for the pharmaceutical and nutraceutical industries. The business operates across three integrated segments: Hard Empty Capsules (gelatin and plant-based), Dosage Form Solutions, and Health Ingredients (science-backed nutrition for joint health and energy). With a manufacturing footprint spanning the Americas, Europe, and Asia Pacific, CHI is recognized for its high-quality technical capabilities and established relationships with blue-chip global customers. The entity acts as a critical supply chain partner, offering end-to-end development platforms from raw ingredients to finished dosage forms, benefiting from structural growth trends in the global health and active lifestyle markets.
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REFERENCES
Valuation range: EV 1b - 4b CHF
Revenue range: 750M - 1.3b CHF
EBITDA range: 250M - 500M CHF
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: lone star funds