Prior notification of a concentration (Case M.12109 – BAIN CAPITAL / KOHLBERG / PCI PHARMA GROUP) – Candidate case for simplified procedure
Date: 2025-09-16
Institutions: Directorate-General for Competition, European Commission
Subjects: United States, bio-industry, clinical trial, company with share capital, economic concentration, merger control, pharmaceutical industry, provision of services








C_202505046EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/5046


16.9.2025






Prior notification of a concentration
(Case M.12109 – BAIN CAPITAL / KOHLBERG / PCI PHARMA GROUP)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/5046)


1.   
On 4 September 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Bain Capital Investors, LLC (‘Bain Capital’, United States),










—


Kohlberg & Co., L.L.C. (‘Kohlberg’, United States),










—


KPCI Holdings Limited, doing business as PCI Pharma Group (‘PCI Pharma’, United States).




Bain Capital and Kohlberg will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of PCI Pharma.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Bain Capital is a US private equity firm that invests globally in companies across a number of industries, including information technology, healthcare, retail and consumer products, communications, financial services and industrial/manufacturing,










—


Kohlberg is a US private equity firm specialised in investments in middle market companies. Through the funds it manages, Kohlberg invests in various companies operating across the world, with a strong focus on the US. In particular, Kohlberg specializes in investments in healthcare and services companies.






3.   
The business activities of PCI Pharma are the following:
PCI Pharma is a global provider of services to the pharmaceutical and biotechnology industries in three distinct areas: clinical trial, commercial packaging and contract development and manufacturing of finished dose pharmaceuticals. PCI Pharma’s business is predominantly focused on the US.


4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12109 – BAIN CAPITAL / KOHLBERG / PCI PHARMA GROUP
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/5046/oj
ISSN 1977-091X (electronic edition)