IFCO acquisition by Triton and ADIA has been finalized
IFCO SYSTEMS, the leading global provider of reusable packaging solutions for fresh foods, announced that today the acquisition by Triton and Abu Dhabi Investment Authority (ADIA) has been finalized on May 31, 2019. The two investment companies acquired IFCO for an enterprise value of US$ 2.51 billion. This makes IFCO a fully independent company, able to act agile and flexibly and to offer the industry’s most efficient and sustainable fresh foods packaging solutions.
Brambles, the former parent company of IFCO, acquired the company in March 2011. Since then, IFCO has grown to be the global market leader for reusable plastic containers (RPCs) for fresh foods. Today, IFCO has 32 subsidiaries around the world, which serve more than 320 retailers and over 14,000 producers in over 50 countries. The company operates more than 75 service centers and a global pool of over 290 million RPCs which are used in over 1.6 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread, and other items from suppliers to retailers every year. In August 2018, Brambles announced the intent to sell IFCO.
On May 31, 2019, the acquisition of IFCO by Triton and ADIA has been finalized. Wolfgang Orgeldinger remains CEO of IFCO and is looking forward to the future: “We are very excited about the future and very proud to say that IFCO is an independent company again. This independence and the support by our investors will help to drive growth by expanding our customer base, strengthen the ties with existing customers, and enable us to act more flexibly to opportunities and challenges within the markets that we serve. I am sure that we will build on the record financial results we achieved last year. IFCO is well positioned for its future as an independent company. Since there will be no impact on our operations, we will continue business as usual and offer our customers the high-quality services and solutions they know.”
From both the financial and market share perspectives, IFCO is a strong business and a global leader in 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$1.1 billion and achieved a strong growth of 8 percent.