Triton and ADIA Finalize Acquisition of IFCO
MUNICH, GERMANY - The acquisition of IFCO by Triton and Abu Dhabi Investment Authority (ADIA) was finalized on May 31, 2019.
The two investment companies acquired IFCO for $2.51 billion, making IFCO a fully independent company. This gives the reusable plastic containers (RPCs) provider the flexibility to offer more efficient and sustainable fresh foods packaging solutions.
“We are very excited about the future and very proud to say that IFCO is an independent company again,” said Wolfgang Orgeldinger, CEO of IFCO. “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.”
According to a press release, in March of 2011, IFCO's former parent company, Brambles, acquired the company. Since then, IFCO has grown in the market for RPCs for fresh foods. IFCO has 32 subsidiaries around the world today, 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. Brambles announced the intent to sell IFCO in August 2018.
IFCO is a powerful business with a large addressable market, with clear opportunities to capitalize on growth in the sector. IFCO generated revenues of more than $1.1 billion and achieved a growth of 8 percent in financial year 2018.
AndNowUKnow first reported on this story in February 2019.
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