IFCO SYSTEMS, the leading global provider of reusable packaging solutions for fresh foods, today announced that its parent company Brambles has entered into a binding agreement to sell IFCO to Triton and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), for an enterprise value of US$ 2.51 billion. The transaction is subject to customary regulatory approvals and is expected to be completed during the second quarter of 2019.
Brambles, the parent company of IFCO, announced in August 2018 that it intended to pursue a separation via a demerger or sale. Brambles today announced that Triton and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), have formed a partnership to acquire 100 percent of IFCO.
“This is an exciting step for our business, and we believe it will enhance our ability to strengthen ties with existing customers while driving growth by expanding our customer base”, said Wolfgang Orgeldinger, CEO of IFCO SYSTEMS. “IFCO is well positioned for its future as an independent company. The acquisition by Triton and ADIA will provide us with increased flexibility and new growth opportunities in the markets we serve. I personally am very excited by this development and I am looking forward to working together with Triton and ADIA. I am confident that we are well positioned for growth which we have already demonstrated with our record financial results this past year.”
From both the financial and market share perspectives, IFCO is a strong business and a global leader in reusable plastic containers (RPCs) with a large addressable market and clear opportunities to capitalize on growth in the sector. In financial year 2018, IFCO generated revenues of more than US$1 billion for the first time, and achieved a strong growth of 8 percent.
About IFCO SYSTEMS
IFCO is the leading global provider of reusable packaging solutions for fresh foods, serving customers in 50+ countries. IFCO operates a pool of over 290 million Reusable Plastic Containers (RPCs) globally, which are used for over 1.3 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread, and other items from suppliers to grocery retailers every year. IFCO RPCs ensure a better fresh food supply chain by protecting freshness and quality and lowering costs, food waste and environmental impact compared to single-use packaging. More: www.ifco.com.
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton’s portfolio have combined sales of around €13 billion and around 84,000 employees. For more information: www.triton-partners.com