Tjoapack
Tjoapack, a Netherlands-based contract packaging organization (“CPO”), was founded in 1989 by pharmacist-turned-entrepreneur Eric Tjoa. From an initial focus on providing specialized unit dose packaging to hospitals across the Netherlands, the company steadily grew its presence in the European oral solid dose commercial market.
Since partnering with Ampersand Capital Partners in 2020, Tjoapack has doubled in size, expanded into the United States, deepened its leadership team, and strengthened its market position while remaining committed to its mission of making pharmaceutical supply chains more efficient, reliable, and safe.
Today, Tjoapack stands as a mid-sized pharmaceutical CPO with a transatlantic footprint, serving a growing roster of pharmaceutical customers in both Europe and the United States. With demand for high-quality, specialized oral solid dose and injectables packaging services rising across markets, Tjoapack is positioned for continued expansion and category leadership.
Evolving with Continuity
After more than 30 years at the helm of Tjoapack, founder Eric Tjoa was preparing to retire and was seeking to ensure a smooth transition to the next generations of leadership. His son, Dexter Tjoa, stepped into the role of CEO, bringing a fresh perspective and lifelong familiarity with the company’s operations and mission.
To support the transition and position the company for continued development, the Tjoa family sought out a strategic partner that could preserve the company’s legacy while facilitating its next phase of expansion. Ultimately, Ampersand’s experience in the CDMO space, collaborative approach with management teams, and presence in the Netherlands aligned well with Tjoapack’s search for an investment partner.
Ampersand embraced the family’s vision and worked closely with Eric and Dexter to ensure a smooth leadership handoff. The transaction, completed in April 2020, marked the beginning of a transformational new chapter for Tjoapack — one focused on expanding its global operations while maintaining the quality and customer commitment that had long defined the brand.
Ampersand had the sector knowledge and the collaborative style we needed. They weren’t looking to take over the business; they were looking to collaborate with us. –Dexter Tjoa
Keys to Success
From the outset, Ampersand empowered Dexter and his leadership team with autonomy to run the business while providing meaningful strategic guidance and support. The firm paired Dexter with an experienced board chair who acted as both a trusted advisor and leadership coach, enhancing the company’s ability to navigate key decisions.
Ampersand’s deep experience in the pharma services sector proved helpful during the early COVID era, when Tjoapack faced both surging demand for pharmaceutical packaging and the operational complexities of global disruption. With strategic counsel from the Ampersand team — including guidance on managing supply chain challenges — Dexter was well-positioned to navigate this period of rapid change. Drawing on their experience of building pharmaceutical manufacturing capabilities across portfolio companies, Ampersand supported Tjoapack in expanding its Etten-Leur facility, adding capacity while mitigating COVID-related supply and access constraints.
“They gave me the space to lead and grow and were always available when I needed advice. That balance made all the difference. ” –Dexter Tjoa
A key element of Ampersand’s investment thesis was supporting Tjoapack’s development into a transatlantic packaging partner that could meet the growing needs of emerging and midsize pharma companies on both continents. In late 2021, with Ampersand’s leadership and guidance, Tjoapack acquired a U.S.-based CPO in Knoxville, Tennessee.
The acquisition doubled the size of the company and significantly expanded its commercial and manufacturing presence into the U.S. market. Due to COVID-related travel restrictions, Dexter was unable to travel freely between the Netherlands and the United States during the diligence and integration period. As a result, Tjoapack leaned on Ampersand’s U.S.-based team and operating network to support on-the-ground evaluation and execution. This collaboration supported the diligence process and helped prepare for an integration aligned with Tjoapack’s standards and long-term vision.
Through 2022 and 2023, Tjoapack focused on integrating its U.S. operations to align with the company’s quality standards and operational support in the Netherlands — what Dexter refers to as the “Tjoapack Way.” With Ampersand’s support and foresight, the team executed a thoughtful integration plan, leveraging Ampersand’s on-the-ground presence and extensive network to support operational improvements and planning for the U.S. site’s long-term development. This plan also prioritized strengthening the leadership team through the strategic hiring of a new CFO, U.S. President, and VP of Quality, to provide the organization with additional expertise and depth for future growth initiatives. Ampersand’s continued confidence in the company’s leadership and strategy helped enable a smooth expansion into the North American market.
“The U.S. expansion was a bold move, and there were moments when it tested us. But being able to leverage Ampersand’s US network and experience made a huge difference. They gave us the resources and the runway to make the integration work — and the confidence to stay true to our long-term vision.” –Dexter Tjoa
Through disciplined integration, strategic hiring, and determined focus on “best-in-class” operations, Tjoapack’s business is experiencing strong momentum. The company’s operational footprint and service capabilities differentiate Tjoapack from other mid-size contract packaging providers for pharmaceutical sponsors seeking a flexible, high-quality partner serving global markets.
Looking ahead, the company has begun a major U.S. facility expansion to meet growing demand. The focus will remain on core packaging services for oral solid and injectable products while building integrated customer collaboration capabilities designed to support its operations in a competitive market. As Tjoapack expands its operations, it builds on its foundation and capabilities with support from a trusted partner. It’s a partnership built not just on capital, but on shared conviction, long-term alignment, and a deep understanding of what it takes to build enduring healthcare and life sciences companies.
“Some firms want to take control, Ampersand wanted to help us grow. They supported me as a developing CEO, gave us access to great people, and helped us stay true to our mission.” –Dexter Tjoa
Disclosure: The case study and results included are for illustration purposes only and may not be typical. The case study should not be considered specific investment advice, do not take into consideration a specific situation, and are not intended to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Case study testimonials were provided by clients between May 2024 – July 2024. The client was not compensated, nor are their material conflicts of interest that would affect the given testimony. The testimony may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
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