Apax sells IFCO Systems to Brambles

The buyer agreed to acquire Apax's 93.4% stake at €13.5 per share. Apax acquired 87.1% of IFCO Systems in November 2003, and announced a voluntary public offer to the remaining free float shareholders in early 2004 for €2.75 per share.

Under Apax's ownership, the company's turnover and EBITDA have grown by a yearly average of 10% and 15% respectively. The number of employees has risen by 28% since 2003. IFCO's debt level currently stands at around 2x EBITDA.

Founded in 1999, IFCO Systems is an international logistics service provider based in Germany. The company operates a pool of more than 102 million RPCs (reusable plastic containers) globally, which are used primarily to transport fresh products from producers to grocery retailers. In the US, IFCO also operates a national network of pallet management services.

IFCO posted a $735.9m turnover and $129m EBITDA for 2009.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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