Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi Investment Authority (ADIA) is set to exit its 50% stake in IFCO Group, a leading global provider of reusable packaging solutions for fresh foods. Stonepeak, an alternative investment firm specialising in infrastructure and real assets, announced in a statement that it has entered into a definitive agreement to acquire the co-controlling stake from a wholly owned subsidiary of ADIA.
The remaining 50% in IFCO will continue to be held by Triton, the European mid-market sector-specialist investor that partnered with ADIA in acquiring IFCO in 2019 from Australian logistics provider Brambles Ltd. at a valuation of $2.5 billion, including debt. The new arrangement will give Stonepeak and Triton “joint and equal ownership and governance” over the company.
The cost of the transaction is not given in official statements but a Bloomberg report earlier put it over €2 billion ($2.3 billion).
“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,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA. “We wish the Company, Triton, and Stonepeak continued success in the years ahead.”
Founded in 1992, IFCO operates one of the world’s largest circular logistics systems with a pool of more than 400 million reusable packaging containers (RPCs), enabling over 2.5 billion shipments of fresh food annually across more than 50 countries. Its customers include over 300 retailers and 18,000 growers globally.
“With the support of ADIA and Triton, IFCO has gone through a successful strategic and operational transformation and delivered strong growth,” said Michael Pooley, CEO of IFCO. “We welcome Stonepeak as a new partner alongside Triton.”
“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,” said Nikolaus Woloszczuk, Senior Managing Director at Stonepeak. “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.”
“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,” said Stephan Förschle, Partner and Co-Head of Business Services at Triton.
The transaction is expected to close in Q4 2025, subject to regulatory approvals. Stonepeak was advised by Citi and Kirkland & Ellis. ADIA and Triton were jointly advised by Bank of America, Morgan Stanley, and Latham & Watkins.
