Capsugel Acquisition, Valuation, Funding & Investors

Capsugel was acquired by Lone Star Funds for $2.2B in March 2026, a 1.7x multiple on $1.3B of revenue.

Capsugel acquisition price

$2.2B

Acquired by Lone Star Funds · Mar 2026

Capsugel revenue at acquisition

$1.3B

Last twelve months · Mar 2026

Capsugel revenue multiple at acquisition

1.7x

EV/Revenue · Mar 2026

Capsugel EBITDA multiple at acquisition

6.9x

EV/EBITDA · Mar 2026

Capsugel Overview

About Capsugel

Capsugel is a manufacturer of capsule products and drug-delivery systems for pharmaceutical and dietary-supplement companies. Its core business supplies hard capsules used to contain medicines and nutritional ingredients. The company also develops formulation and delivery technologies that support customers in turning active ingredients into finished dosage forms. Revenue comes from capsule sales, related manufacturing activities and development services for healthcare-industry customers. Before its 2011 sale, the business operated within Pfizer and produced more than180 billion hard capsules during 2010. Its international operating base served pharmaceutical and associated healthcare industries. KKR acquired Capsugel as a standalone business, with its global headquarters retained in New Jersey and dedicated Pfizer employees transferring to the business. Subsequent acquisitions of Encap Drug Delivery and Bend Research expanded its dosage-form development and manufacturing capabilities.


Founded

1963

HQ

United StatesMorristown, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$1.3B (Mar 2026)

Valuation

$2.2B (acquired Mar 2026)

Capsugel Acquisition

Capsugel was acquired by Lone Star Funds for $2.2B on 5 March 2026.

The acquisition price implies a 1.7x revenue and 6.9x EBITDA multiple on $1.3B of revenue.

Capsugel acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Lone Star Funds
5 Mar 2026PE buyout$2.2B1.7x6.9x

Capsugel Funding History

Capsugel has raised 1 funding round.

Capsugel funding rounds
DateStageInvestors
Mar 2026Undisclosed stageLonza Group (lead)

Who has invested in Capsugel?

1 investor has backed Capsugel across its funding rounds, including Lonza Group.

Lead investors include Lonza Group.


Capsugel Investors

Investors in Capsugel by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Capsugel

Capsugel has acquired 3 companies to date.

Last acquisition by Capsugel was on December 14th 2015. Capsugel acquired Xcelience for undisclosed valuation.


Latest Acquisitions by Capsugel

Xcelience
Bend Research
Encap Drug Delivery
Description
Xcelience is a San Diego-based contract development and manufacturing organization offering end-to-end services for oral solid dosage forms. Its suite includes preformulation screening, spray drying, analytical method development under USP/ICH guidelines, formulation optimization, and cGMP manufacturing up to 100,000 units. Xcelience provides micronization for poorly soluble APIs, global clinical supply chain logistics, and comparator packaging for bioequivalence trials. The company serves biotech firms transitioning to commercial scale with QbD approaches and FDA Type C filings.
Bend Research is a pharmaceutical technology development and manufacturing business based in Bend, Oregon. It works with pharmaceutical and nutritional customers on the formulation and delivery of medicines, particularly compounds with poor bioavailability. Its capabilities include spray-dried dispersions, hot-melt extrusion, modified-release formulations, inhaled products and biotherapeutic processing. The company earns revenue by providing formulation research, process development, clinical manufacturing and commercialization support to business customers. Its facilities manufacture clinical-trial quantities under current good manufacturing practice requirements. At the time its acquisition by Capsugel was announced in September 2013, the business employed approximately 250 people and had operated for more than 35 years. It became part of Capsugel’s Dosage Form Solutions business, expanding that division’s formulation and drug-delivery capabilities.
Encap Drug Delivery is a Scottish contract developer and manufacturer of pharmaceutical dosage forms based in Livingston. It specializes in liquid and semi-solid formulations filled into capsules for pharmaceutical customers. The business supplies formulation development, clinical-trial material and commercial manufacturing services, earning revenue from these development and production activities. Its manufacturing site has been inspected by the United States FDA and the United Kingdom MHRA and is equipped to process highly potent active pharmaceutical ingredients. Encap developed technologies for targeted drug release and abuse deterrence, including DuoCap, ENCODE and Abusolve. A clinical fast-track program helps customers move drug candidates from laboratory development into clinical trials. Capsugel acquired the business in March 2013 and incorporated its capabilities into the Dosage Form Solutions division.
HQ CountryUnited StatesUnited StatesUnited Kingdom
HQ City
Tampa, FL
Bend
Livingston
Deal Date14 Dec 20155 Sep 20131 Mar 2013
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Capsugel Competitors

Capsugel competitors include listed companies like Aether Industries, ACROBiosystems, Jiuzhou Pharmaceutical and Fortrea, and private ones like BioRay Pharmaceuticals and Aragen Life Sciences.

Public and private companies comparable to Capsugel
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Aether IndustriesIndiaIndiaPublicly listed$120M$39M$2.2B15.9x
ACROBiosystemsChinaChinaPublicly listed$126M$29M$2.2B13.1x
Jiuzhou PharmaceuticalChinaChinaPublicly listed$827M$197M$2.1B2.4x
FortreaUnited StatesUnited StatesPublicly listed$2.7B($814M)$2.1B1.1x
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Aragen Life SciencesIndiaHyderabadPrivate$179M$48M$1.4B7.8x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aether Industries$120M$39M18.9x15.9x57.8x50.4x
ACROBiosystems$126M$29M16.2x13.1x71.3x41.7x
Jiuzhou Pharmaceutical$827M$197M2.3x2.4x9.8x8.4x
Fortrea$2.7B($814M)1.1x1.1x(3.7x)14.2x
Granules India$567M$122M4.0x3.6x18.7x16.0x
Amber Enterprises India$1.3B$86M2.2x1.9x31.7x23.9x
Brightgene Bio-medical$184M$35M12.2x11.0x64.6x37.0x
Fagron$1.1B$199M2.4x2.1x12.9x10.4x

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Common questions about Capsugel

When was Capsugel founded?Capsugel was founded in 1963.
Where is Capsugel headquartered?Capsugel is headquartered in Morristown, NJ, United States.
Is Capsugel publicly listed?No, Capsugel was acquired by Lone Star Funds in March 2026.
Who acquired Capsugel?Capsugel was acquired by Lone Star Funds in March 2026.
How much was Capsugel acquired for?Capsugel was acquired for $2.2B in March 2026, a 1.7x revenue multiple.
What was Capsugel's last funding round?Capsugel's last funding round was a undisclosed-stage round in March 2026, led by Lonza Group.
Who are Capsugel's investors?Capsugel's investors include Lonza Group.
Which companies are comparable to Capsugel?Companies comparable to Capsugel include Aether Industries, ACROBiosystems, Jiuzhou Pharmaceutical, Fortrea, BioRay Pharmaceuticals and Aragen Life Sciences.
How many companies has Capsugel acquired?Capsugel has acquired 3 companies, including Xcelience, Bend Research and Encap Drug Delivery.

See companies similar to Capsugel

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