Corinthia and Rabobank have refinanced Tjoapack, a Dutch contract packaging organisation specialising in pharmaceutical supply chain solutions, according to 9fin sources.

Blended pricing is around Euribor+500bps, sources said, with low opening leverage and incurrence leverage between 4x-5x. Tjoapack generates EBITDA of around €10m, they added.

Rabobank is ranked super senior in the Ampersand Capital Partners-backed firm’s capital stack, according to the sources.

Nielen Schuman acted as debt advisor for the transaction, it announced on LinkedIn on Monday 12 January. The refinancing was for the purposes of supporting Tjoapack’s further expansion in the US and the construction of a new 170,000 sq ft manufacturing facility, the Dutch advisory firm added.

Founded in 1989, Tjoapack provides packaging for healthcare products such as oral solids, injectables, or other custom solutions, according to its website. It is headquartered in Etten-Leur near the Dutch city of Breda.

In December 2025, the firm announced significant strategic investment to expand its operational footprint in the US, including the above site, which is being developed adjacent to its existing site in Clinton, Tennessee and scheduled for completion in early 2027.

The move into the US follows Ampersand acquiring a majority stake in Tjoapack in 2020, the sponsor’s website says.

Corinthia declined to comment. Ampersand, Nielen Schuman, Rabobank, and Tjoapack did not return requests for comment.

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