Press Release from the Competition Council regarding the economic concentration project concerning the indirect exclusive control acquisition by the Funds « Lone Star », through « Lone Star Fund XII, L.P. », of the companies « Capsugel Belgium NV », « Capsugel Switzerland AG » and « Capsugel Holdings US, INC. » and their subsidiaries

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the « summary of the operation » below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The indirect acquirer: « Lone Star Fund XII, L.P. »;
• The direct acquirers: the companies « LSF12 Pillar Investments S.à.rl. » and « LSF12 Pillar Investments (US), Inc. ».
• The targets: The companies « Capsugel Belgium NV », « Capsugel Switzerland AG » and « Capsugel Holdings US Inc. ».

Nature of the operation

• Exclusive control acquisition.

Economic sector concerned

• Market for solid oral dosage form administration mechanisms;
• Market for the manufacture and commercialization of ingredients for human health and nutrition.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. May 4, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project concerning the indirect exclusive control acquisition, by the Funds « Lone Star », through « Lone Star Fund XII, L.P. », of the companies « Capsugel Belgium NV », « Capsugel Switzerland AG », « Capsugel Holdings US Inc. », by acquiring 60% of their capital and the rights and voting rights associated therewith, as well as their respective subsidiaries.

« Lone Star Fund XII, L.P. » is an investment fund created in June 2022. The fund’s transactions consist of investments in portfolio companies, financial institutions, or loan portfolios in North America, Europe, and the Asia-Pacific region.

« Capsugel Belgium NV » is a Belgian public limited company, with its registered office at Rijksweg 11, 2880 Bornem. It conducts the main activities of the Capsules & Health Ingredients (CHI) segment of Lonza Group AG, which includes research, development, manufacturing, and marketing activities related to various types of capsules as well as associated technologies and services. Additionally, it is involved in the production and distribution of ingredients for the pharmaceutical and nutraceutical industries.

« Capsugel Switzerland AG » is a Swiss public limited company, with its registered office at c/o Lonza AG, Münchensteinerstrasse 38, 4052 Basel, Switzerland. It also operates in the Capsules & Health Ingredients (CHI) division of Lonza Group AG.

« Capsugel Holdings US, Inc. » is an American company, with its registered office at 412 Mt. Kemble Ave, Suite 200S, Morristown, NJ 07960. As part of the Lonza CHI Activity, it oversees and owns the U.S. entities involved in the production of empty hard capsules (i.e., SODDM), dosage and filling services (DFS), specialized encapsulation technologies, as well as the marketing of nutritional ingredients for the pharmaceutical, nutraceutical, and health sectors.

 

Done in Rabat, April 23, 2026