Prominent activist investor initiates abrupt shift at Gerresheimer through CFO appointment change
Gerresheimer, a leading pharmaceutical packaging conglomerate, is currently undergoing significant changes following the involvement of Active Ownership Capital (AOC).
Behind the scenes of these changes is Florian Schuhbauer, a former partner at Triton, who is associated with AOC. The investment firm, which now holds a 5.3% stake in Gerresheimer with the potential to acquire an additional 1.9%, has become the second-largest shareholder, trailing behind Goldman Sachs Asset Management (8.9%).
The recent leadership change at Gerresheimer sees Bernd Metzner, the current CFO, stepping down on August 31, 2025. His departure follows criticism he faced following the failed sale of the company to financial investors. Wolf Lehmann, an Operating Partner at Triton, is set to succeed Metzner as CFO, starting September 1. Lehmann, who led Befesa to the stock exchange, is expected to drive forward the sale of further divisions and a cost-cutting program at Gerresheimer.
The Moulded Glass division, accounting for around 30% of sales, will be sold as part of these changes. This decision comes after KKR, Warburg Pincus, and KSP showed initial interest but later withdrew from the potential sale of Gerresheimer.
The capital market day, scheduled for October 15, has been postponed to a later date due to these developments.
AOC's intervention in Gerresheimer's affairs is not a first. The firm gained prominence by intervening in Stada, leading to the generic drugmaker's sale to Bain and Cinven in 2017.
In Germany, AOC is involved in the food delivery service HelloFresh and the personnel service provider Amadeus Fire.
Despite the changes, Gerresheimer's stock saw a 1.8% increase on Friday, trading at 43.22 euros at one point.
The supervisory board chairman, Axel Herberg, previously worked as a Warburg Pincus advisor, adding another layer of connection between the parties involved.
These developments at Gerresheimer mark a significant turning point for the company, and it will be interesting to see how these changes unfold in the coming months.
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