IFCO Systems, a leading global provider of reusable packaging solutions for fresh foods, announced that its parent company, Brambles, has entered into a binding agreement to sell IFCO to Triton and a wholly owned subsidiary of the Abu Dhabi Investment Authority for an enterprise value of $ 2.51 billion. The transaction is subject to customary regulatory approvals and is expected to be completed during the second quarter of 2019.

Brambles, the parent company of IFCO, announced in August 2018 that it intended to pursue a separation via a demerger or sale. Brambles announced that Triton and a wholly owned subsidiary of the Abu Dhabi Investment Authority, have formed a partnership to acquire 100 percent of IFCO.

“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," said Wolfgang Orgeldinger, chief executive officer of IFCO Systems. “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. I personally am very excited by this development and I am looking forward to working together with Triton and ADIA. I am confident that we are well positioned for growth which we have already demonstrated with our record financial results this past year.”

From both the financial and market share perspectives, IFCO is a strong business and a global leader in reusable plastic containers 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 $1 billion for the first time, and achieved a strong growth of 8 percent.