Brambles Ltd., the parent company of reusable plastic container firm IFCO Systems, is selling the RPC maker/pooler to Triton and a government investment group in the United Arab Emirates for $2.51 billion.
Sydney, Australia-based Brambles bought IFCO in 2010. By divesting the business of the RPC unit, it can focus on its CHEP pallets.
Brambles has entered into a binding agreement to sell to Germany-based investor Triton and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, according to a news release, and the deal is subject to regulatory approvals. The sale is expected to be completed in the second quarter of 2019.
“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,” Wolfgang Orgeldinger, CEO of IFCO, said in the release. “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.”
In its most recent financial year, IFCO had revenues of more than $1 billion for the first time, with growth of 8% from the previous year, according to the release.
“I am confident that we are well positioned for growth which we have already demonstrated with our record financial results this past year,” Orgeldinger said in the release.
IFCO has more than 290 million RPCs in circulation in more than 50 countries, according to the release, which are used for more than 1.3 billion shipments of fresh produce and other food a year.
