Real assets fund manager Stonepeak is acquiring a 50% interest in IFCO Group from Abu Dhabi Investment Authority (ADIA), to become a co-controlling owner alongside existing investor Triton in the reusable packaging containers provider.
An ADIA subsidiary is selling its stake to Stonepeak for an undisclosed amount, after six years of co-ownership with Triton.
In early 2019, Triton and the unnamed ADIA subsidiary agreed to acquire IFCO for an enterprise value of $2.51bn (€2.14bn).
Founded in 1992, IFCO operates a global logistics system with over 400m reusable packaging containers (RPCs) for the shipment of fresh fruit, vegetables and other perishable goods from producers to retailers.
The company has a network of approximately 140 service centres dedicated to washing and repairing RPCs after use. IFCO has around 2,000 employees and serves more than 300 retailers and 18,000 growers across over 50 countries.
Nikolaus Woloszczuk, senior managing director at Stonepeak, said: “As the operator of the largest and most established logistics network for reusable packaging in the grocery supply chain globally, IFCO represents a critical component of the logistics infrastructure delivering fresh produce. Its leadership position is underpinned by its network and scale, which deliver cost and sustainability advantages over single-use cardboard for retailers and growers.
“We believe the company’s high-quality, market-leading platform has meaningful embedded and adjacent growth opportunities, and we are excited to partner with Triton and the IFCO team to accelerate this next chapter of growth at IFCO. With IFCO’s strong and growing presence in North America, the company fits squarely within our infrastructure investment strategy for the region.”
Stephan Förschle, partner and co-head of business services at Triton, said: “We thank ADIA for its support of IFCO and the trustful collaboration with Triton over the last six years and are looking forward to continuing our investment journey with Stonepeak. Together we share the same ambition to create value for our investors and portfolio companies.
“IFCO is at the core of Triton’s business services investment strategy, where we have many years of experience and in-depth sector know-how. We thank the IFCO management team and all employees for the great journey and their excellent contribution so far and will remain a committed investor as we are very excited about the company prospects.”
Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA, said: “ADIA invested alongside Triton in IFCO’s carve-out from Brambles in 2019. Since then, IFCO has built solid foundations for the future, based on strong operational performance and enhanced digital capabilities, and is well positioned for growth.”
Michael Pooley, CEO of IFCO, said: “With the support of ADIA and Triton, IFCO has gone through a successful strategic and operational transformation and delivered strong growth. We want to thank both investors for their contribution and welcome Stonepeak as a new partner alongside Triton.
“Stonepeak’s expertise in critical infrastructure and proven investment strategy paired with Triton’s long years of sector experience and focus on digitalisation and sustainability will contribute largely to IFCO’s further growth, strengthening our market leading position globally.”
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