Apax Funds plan secondary public offering of IFCO SYSTEMS N.V. in Q2 2010
(Thomson Reuters ONE) -
IFCO Systems N.V. / Apax Funds plan secondary public offering of IFCO SYSTEMS N.V. in Q2 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN.
Apax Funds plan secondary public offering of IFCO SYSTEMS N.V. in Q2 2010
· Apax Funds are a long-term investor in IFCO, having held a stake via
the Island International Investment Limited Partnership since 2003
· Karl Pohler, CEO of IFCO: "The secondary public offering is a logical
step towards achieving an even more thorough development of our global growth
potential"
· IFCO has significant long-term growth potential through increased
usage of reusable packaging, geographic expansion and product innovations
· IFCO has solid financing in place and is achieving profitable growth
from its own cash flow
Amsterdam / Pullach, 20 April 2010 - Funds advised by Apax Partners ("Apax
Funds") are planning to sell a substantial part of their majority stake in IFCO
Systems N.V., which is held through Island International Investment Limited
Partnership, via a secondary public offering. The Apax Funds contemplate a
public offering in Germany and the Netherlands as well as a private placement to
institutional investors in certain other jurisdictions including in the U.S.
Island International Investment Limited Partnership currently holds 88.9% of
IFCO, the free float is 5.6%, and the company's treasury shares account for
5.5%. IFCO is currently listed on the Prime Standard market segment of the
Frankfurt Stock Exchange. "The secondary public offering is a logical step
towards achieving an even more thorough development of our global growth
potential. The contemplated transaction will significantly enlarge the free
float in our shares and lead to a much greater capital markets visibility," said
Karl Pohler, who has been CEO of IFCO for ten years.
BofA Merrill Lynch and Deutsche Bank are acting as Joint Global Coordinators and
Joint Book Runners in the context of the transaction.
IFCO - a global leader
IFCO, which has its European headquarters in Pullach, near Munich, is a
worldwide leading business service provider for reusable packaging solutions and
pallet management services. Its reusable packaging systems are used to transport
fresh goods (e.g. fruit and vegetables) directly from the producer to
wholesalers and retailers. In order to provide this service, IFCO operates a
pool of over 102 million Reusable Plastic Containers (RPCs) in Europe, the USA,
South America, South Africa and Japan. IFCO offers a closed circulation system
from delivery to the producers/growers right through to collection from the
retailers and cleaning of the RPCs. Large wholesale and retail companies are
driving the demand for reusable systems that provide proven cost and
environmental benefits. These include over 90 retail companies worldwide such as
METRO Group, REWE Group, Penny, Dia, Carrefour, Migros, Coop, Waitrose and
Walmart. More than 5,500 growers across a total of 43 countries use IFCO's
services. In addition, IFCO operates Pallet Management Services at 157 locations
all over North America. With a total of 200 million pallets being sorted,
repaired and reintroduced into the supply chain each year, it has established
itself as the nationwide market leader.
In the full year 2009, the Group recorded turnover of USD 735.9m (previous year:
USD 735.9m), USD 398.5m of which (USD 358.3m) was generated through its RPC
business and USD 337.5m (USD 377.6m) through its PMS business.
With Group EBITDA of USD 129.0m (USD 109.6m), the EBITDA margin was 17.5%
(14.9%). EBIT increased last year by 32.9% to USD 88.1m (USD 66.3m).
Over the same period, return on capital employed (RoCE) rose to 19.0% (14.4%).
The continued development of IFCO's operating business during 2009 underlines
the resilience of its business model to macroeconomic developments.
The strength of IFCO's business model has again proven itself in the first
quarter of 2010. Over the first three months of this year group revenues grew by
10.9 % to USD 188.4m (Q1 2009: USD 169.9m) and operational profitability
(EBITDA) improved significantly by 29.2% to US $31.8m (Q1 2009: USD 24.6m).
Robust business model with profitable growth since 2003
IFCO has become a leading business service provider on the world stage,
continuously expanding its business through organic growth and strategic
acquisitions in recent years, as well as acting as a driver of consolidation in
its markets. In every year since 2003, the company has increased its annual
turnover by of 10.7% on average, and its profitability (EBITDA) by 15.0% on
average. "Since their investment in 2003, we have come to know Apax as a
reliable partner: one that has fully supported our growth strategy and made a
considerable contribution to the development of our business," said Pohler.
Large growth potential through increased usage of reusable packaging, geographic
expansion and product innovations
IFCO also enjoys great potential for future growth: both in its home market of
Europe and, in particular, in the USA, the CEE countries and South America, IFCO
is acting as a powerful driver for the switch from disposable to reusable
packaging. Pohler: "Our reusable packaging business guarantees further
profitable growth, as we deliver significant cost benefits for our customers. In
addition, environmental awareness is playing an increasingly important role, as
our system is more environmentally friendly."
In addition to the growth of its core business, the reusable packaging system is
also being extended into other sectors for fresh products such as meat and
others. Furthermore, IFCO has, for example, developed a completely new system
for the beverage industry, providing substantial cost advantages to the entire
beverage supply chain.
Contact
IFCO SYSTEMS N.V.
Mirko Wollrab
Tel.: +49 69 5060375-62
Mob.: +49 172 6733826
Email: Mirko.Wollrab(at)cnc-communications.com
Thomas Empt
Tel.: +49 89 599458-112
Mob.: +49 172 8486429
Email: Thomas.Empt(at)cnc-communications.com
Additional Information
IFCO is a worldwide leading business service provider of reusable packaging
solutions and pallet management services with more than 210 locations worldwide.
IFCO operates a pool of over 102 million Reusable Plastic Containers (RPCs)
globally, which are used primarily to transport fresh produce from growers to
leading grocery retailers. In the United States, IFCO also provides a national
network of pallet management services. IFCO is the market leader in this
industry with almost 200 million pallets sorted, repaired and recycled annually.
WORLDWIDE RESPONSIBILITY is an IFCO initiative, under which IFCO not only
continues to assume its social and environmental responsibility but, working
with strong project partners, expands its sphere of responsible activities. With
the initiative's first social-engagement project, IFCO supports Food Banks
worldwide in their honorable effort to provide food to the needy through the
provision of reusable containers and by co-financing delivery vehicles.
The contents of this announcement have been prepared by and are the sole
responsibility of IFCO Systems N.V.
This press release does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities to any person in
Australia, Canada, Japan, South Africa or the United States or in any
jurisdiction to whom or in which such offer or solicitation is unlawful.
Securities referred to herein may not be offered or sold in the United States
absent registration under the U.S. Securities Act of 1933, as amended (the
"Securities Act") or under an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act. Subject to certain
exceptions, the securities referred to herein may not be offered or sold in
Australia, Canada, South Africa or Japan or to, or for the account or benefit
of, any national, resident or citizen of Australia, Canada, South Africa or
Japan. The offer and sale of the securities referred to herein has not been and
will not be registered under the Securities Act or under the applicable
securities laws of Australia, Canada, South Africa or Japan. There will be no
public offer of the securities in the United States.
This press release is an advertisement and not a prospectus. Investors should
not purchase or subscribe for any shares referred to in this press release
except on the basis of information in the prospectus to be issued by the company
in connection with the offering of such shares. Copies of the prospectus will,
following publication, be available free of charge from IFCO Systems N.V.,
Strawinskylaan 3051, 1077 ZX Amsterdam, The Netherlands or on IFCO's website
(www.ifcosystems.de).
This press release is directed at and/or for distribution in the United Kingdom
only to (i) persons who have professional experience in matters relating to
investments falling within article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth
entities falling within article 49(2)(a) to (d) of the Order (all such persons
are referred to herein as "relevant persons"). This press release is directed
only at relevant persons. Any person who is not a relevant person should not act
or rely on this press release or any of its contents. Any investment or
investment activity to which this press release relates is available only to
relevant persons and will be engaged in only with relevant persons.
This press release may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be identified
by the use of forward-looking terminology, including the terms "believes",
"estimates", "plans", "potential projects", "anticipates", "expects", "intends",
"may", "will" or "should" or, in each case, their negative or other variations
or comparable terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. Forward-looking statements may and often do
differ materially from actual results. Any forward-looking statements reflect
IFCO's current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and assumptions
relating to IFCO's business, results of operations, financial position,
liquidity, prospects, growth and strategies. Forward-looking statements speak
only as of the date they are made.
Each of Deutsche Bank and Merrill Lynch International and their respective
affiliates expressly disclaims any obligation or undertaking to update, review
or revise any forward-looking statement contained in this press release whether
as a result of new information, future developments or otherwise.
Deutsche Bank and Merrill Lynch International, each of which is authorised and
regulated in the United Kingdom by the FSA, are acting exclusively for IFCO and
no one else in connection with the offer described in this press release (the
"Global Offer"). They will not regard any other person as their respective
clients in relation to the Global Offer and will not be responsible to anyone
other than IFCO for providing the protections afforded to their respective
clients, nor for providing advice in relation to the Global Offer, the contents
of this press release or any transaction, arrangement or other matter referred
to herein.
None of Deutsche Bank, Merrill Lynch International, or any of their respective
directors, officers, employees, advisers or agents accepts any responsibility or
liability whatsoever for/or makes any representation or warranty, express or
implied, as to the truth, accuracy or completeness of the information in this
press release (or whether any information has been omitted from the press
release) or any other information relating to IFCO, its subsidiaries or
associated companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss howsoever arising
from any use of press release or its contents or otherwise arising in connection
therewith.
[HUG#1405513]
--- End of Message ---
IFCO Systems N.V.
Zugspitzstraße 7 Pullach null
Unternehmensinformation / Kurzprofil:
Datum: 20.04.2010 - 07:22 Uhr
Sprache: Deutsch
News-ID 19290
Anzahl Zeichen: 0
contact information:
Town:
Pullach
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 356 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Apax Funds plan secondary public offering of IFCO SYSTEMS N.V. in Q2 2010"
steht unter der journalistisch-redaktionellen Verantwortung von
IFCO Systems N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
