Triton and ADIA sign an agreement to acquire IFCO
Frankfurt (Germany), 25 February 2019 – Funds advised by Triton and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) have formed a partnership to acquire 100% of IFCO, a unit of Australian Securities Exchange-listed Brambles Limited. Triton and ADIA will have an equal share in the investing partnership. Regulatory approvals and other customary closing conditions are underway.
IFCO is the leading global provider of reusable packaging solutions for fresh foods, serving customers in more than 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.
Peder Prahl, Director of the General Partner for the Triton funds, said: "We look forward to actively supporting the management and employees of IFCO as a stable owner by investing in the growth and development of the company. Our strong industry expertise, gained through other investments and strengthened by senior industry experts, will contribute in taking the company to the next level.”
Hamad Shahwan Aldhaheri, Executive Director of the Private Equites Department at ADIA, said: “IFCO is a leading global business in an attractive and growing market, with a broad geographic footprint and strong sustainability credentials. This transaction aligns with our approach of making strategic investments alongside proven partners, supporting innovative businesses with competitive advantages and resilient earnings.”
Stephan Förschle, Investment Advisory Professional and advisor to the Triton Funds, said: “IFCO operates in a structurally growing market driven by underlying mega trends with an attractive product portfolio and strong market position in their geographies they are operating in. We look forward to applying our experience from other corporate carve out processes to build and grow the company further.”
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors.
Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximise value and support the implementation of agreed strategies.
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