Apax Funds agree to sell stake in IFCO Systems to Brambles
15th November 2010
Apax Funds advised by Apax Partners today announce they have agreed to sell their majority stake in IFCO Systems N.V. to the Australian logistics compaFunds advised by Apax Partners today announce they have agreed to sell their majority stake in IFCO Systems N.V. to the Australian logistics company Brambles Limited for €13.50 per share.
Munich, November 15, 2010 - Funds
advised by Apax Partners ("Apax") today announce they have agreed
to sell their majority stake in IFCO Systems N.V. ("IFCO") to the
Australian logistics company Brambles Limited ("Brambles") for
€13.50 per share. Apax Europe V acquired the stake in IFCO Systems
in November 2003 through the purchase of shares listed on the Prime
Standard of the Frankfurt Stock Exchange and announced a voluntary
public offer to the remaining free float shareholders in early 2004
for €2.75 per share.
IFCO Systems is one of the world's leading business service
providers for reusable packaging containers (RPC) and pallet
management services. The IFCO products replace the traditional
cardboard and wood containers that are used to transport fruit and
vegetables, with environmentally friendly plastic crates that can
each be used up to 100 times. Since acquiring its majority stake,
Apax has worked closely with the management and fully supported the
company's growth strategy. During Apax Funds' ownership, IFCO
Systems significantly expanded its customer base in Europe and the
United States and entered the South American market. IFCO Systems
acquired the RPC business of CHEP in the US and the RPC business of
Steco in Europe in 2006 and 2008. Since its acquisition by Apax
Funds in 2003, IFCO's turnover grew by an average of 10 percent per
year and its EBITDA rose by an average of 15 percent per year.
Despite significant capital investments to support this growth, the
company's debt levels always remained modest and currently are at
levels of c. 2x EBITDA. Under Apax Funds' ownership, the number of
employees at IFCO Systems increased by 28%.
"Our successful investment in IFCO Systems demonstrates the
extensive expertise of Apax Partners in the Business Services area
and our team's ability to identify companies with strong potential
and promote their long-term growth. This is a prime example of Apax
successfully partnering with a strong management team in one of our
core industry sectors. IFCO is a leading player in the eco-friendly
reusable packaging sector and Brambles is the ideal partner to
maximize and develop its future potential", said Ralf Gruss,
Partner at Apax Partners.
Karl Pohler, CEO of IFCO Systems, added, "For seven years, Apax was
a loyal and long-term investor, which the entire management team
enjoyed working with to optimize the growth of IFCO. We look
forward to a continuation of IFCO´s growth story."
In recent months, Apax Funds have made a number of new
investments which underline the firm's strategy of disciplined
investing in companies which benefit from macro and sector growth
trends in the firm's five core industry sectors. These include the
British software company Sophos, the Israeli fund manager Psagot,
the British logistics specialist for pharmaceutical clinical
studies Marken, the American online financial market leader
Bankrate, and the leading provider of integrated IT and BPO
services in Latin America, TIVIT. In all cases, Apax Funds are
acting as the sole private equity investor. Over the same period
Apax Funds have successfully sold all or part of their stakes in
Tommy Hilfiger, Bezeq, Promethean World, SMART Technologies,
Spectrum Holding Company and rue21. The funds that Apax Partners
advises are long-term investors, with an average holding period of
more than five years.
Apax was advised in the transaction by Bank of America Merrill
Lynch and Deutsche Bank. The transaction remains subject to certain
approval requirements and conditions, inter alia the approval by
the cartel authorities.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States, Europe and
Asia and has more than 30 years of investing experience. Funds
under the advice and management of Apax Partners globally total
around $40 billion. These Funds provide long-term equity financing
to build and strengthen world-class companies. Apax Partners Funds
invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial
& Business Services. For more information visit: www.apax.com.
Merrill Lynch International ("BofA Merrill Lynch"), a subsidiary of
Bank of America Corporation, is acting exclusively for Apax in
connection with the sale of the majority stake in IFCO and for no
one else and will not be responsible to anyone other than Apax for
providing the protections afforded to its clients or for providing
advice in relation to the sale of the majority stake in IFCO.
For further information:
Ben Harding
Apax Partners
Tel: +44 (0)20 7872 6401
Email: ben.harding@apax.com
Fiona Micallef-Eynaud
Brunswick Group
Tel: +44 (0)20 7936 7414
Email: fme@brunswickgroup.com
