25 February 2019
Funds advised by Triton and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have formed a partnership (the Consortium) to acquire 100% of IFCO, a unit of Australian Securities Exchange-listed Brambles Limited. Triton and ADIA will have an equal share in the investing partnership. Regulatory approvals and other customary closing conditions are underway.
IFCO is the leading global provider of reusable packaging solutions for fresh foods, serving customers in more than 50 countries. IFCO operates a pool of over 290 million Reusable Plastic Containers (RPCs) globally, which are used for over 1.3 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread, and other items from suppliers to grocery retailers every year.
Latham is advising the Consortium on all aspects of the transaction and also Triton on the shareholder agreement with ADIA. The team is led by Frankfurt partner Oliver Felsenstein, with Frankfurt partner Leif Schrader; London partner Linzi Thomas; Frankfurt associates Christoph Vaske, Katarina Curic, Christina Queisser, and Maximilian Platzer; London associates Jessica Corr, Alice Drayton, and Zoe Liu; and Los Angeles associate Hannah Cary. Advice was also provided on tax matters by Munich partner Stefan Süss with associate Christine Watzinger, London partner Sean Finn, Washington, D.C. partner Adam Kestenbaum, and New York partner Jocelyn Noll; on finance matters by Frankfurt partner Alexandra Hagelüken, with London associates Joseph Kimberling and Tamryn Jensen; and on antitrust matters by Frankfurt partners Georg Weidenbach and Max Hauser, with associate Anne Haas.