Azbil Corporation has agreed to sell Telstar to Syntegon Technology Group, a portfolio company of CVC Capital Partners


Headquartered in Terrassa, Spain, Telstar has a 60-year track record as a leading manufacturer and supplier of equipment for the global pharmaceutical, biotech and research and medical industries. Telstar offers comprehensive solutions from development, engineering and construction to after-sales services for freeze-drying equipment, sterilization equipment, clean environment equipment and more. The group’s worldwide reach is supported by its extensive operational footprint, with manufacturing facilities in Spain, the UK and China as well as engineering, sales and customer service teams in eight additional countries, employing more than 930 employees. Telstar was acquired by Azbil Corporation in 2013.

The Deal

Following the philosophy of “human-centered automation,” Azbil is actively developing its building automation, advanced automation and life automation businesses both in Japan and internationally. As part of its strategy to achieve sustainable growth, increase shareholder value by 2030 and enhance future competitiveness and profitability through leveraging group research and development synergies and reassessing its overall business structure, Azbil has decided to transfer and divest Telstar. This move is aimed at optimizing its business portfolio. As a world market leader in liquid vial filling, Syntegon Technology’s acquisition of Telstar, through a wholly-owned subsidiary, significantly enhances its portfolio for liquid pharmaceutical processing. This includes freeze-dryers, loading and unloading systems and comprehensive services, which complement Syntegon’s existing solutions and bolster its innovative technologies and market presence. Lincoln International acted as the exclusive financial advisor for Azbil, leveraging its extensive industry expertise and proven track record in managing large-scale competitive processes to maximize value for Azbil. The closing of the transaction is subject to the satisfaction of customary closing conditions including regulatory approvals.

Our Perspective

Tetsuya Fujii, Lincoln International Managing Director who co-led the transaction, commented, “This transaction reinforces Lincoln’s strong track record in advising on cross-border deals and carveouts for major corporations. It exemplifies our commitment to delivering strategic and innovative solutions that drive growth and value for our clients in complex, multinational transactions.”

Ivan Marina, Lincoln International Managing Director who co-led the transaction, added, “This transaction underscores the global ongoing trend of consolidation in the market towards end-to-end solution providers in aseptic filling lines. It highlights the increasing demand for comprehensive, integrated solutions that enhance efficiency and ensure the highest standards of quality in pharmaceutical production.”

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