Stonepeak has signed a definitive agreement to acquire a 50% co-control stake in IFCO from the Abu Dhabi Investment Authority (ADIA), with the transaction expected to close in Q4 2025.

The move will establish equal joint ownership between Stonepeak and existing investor Triton, which remains a committed partner to the company.

Founded in 1992, IFCO is a global leader in reusable packaging logistics for fresh foods. The company manages over 400 million reusable packaging containers and facilitates more than 2.5 billion annual shipments of perishables. Its operations span approximately 140 service centres and serve over 300 retailers and 18,000 growers across 50+ countries.

Stonepeak, which manages $73bn in assets, described IFCO as a “critical component of the logistics infrastructure delivering fresh produce,” citing the company’s cost and sustainability advantages over single-use packaging.

“We believe the company’s high-quality, market-leading platform has meaningful embedded and adjacent growth opportunities,” said Nikolaus Woloszczuk, Senior Managing Director at Stonepeak. “With IFCO’s strong and growing presence in North America, the company fits squarely within our infrastructure investment strategy for the region.”

Triton, which invested in IFCO alongside ADIA in 2019, also reaffirmed its backing. “IFCO is at the core of Triton’s Business Services investment strategy,” said Stephan Förschle, Partner and Co-Head of Business Services at Triton. “We thank the IFCO management team and all employees for the great journey and their excellent contribution so far and will remain a committed investor.”

Michael Pooley, CEO of IFCO, welcomed the addition of Stonepeak: “Stonepeak’s expertise in critical infrastructure and proven investment strategy, paired with Triton’s long years of sector experience and focus on digitalisation and sustainability, will contribute largely to IFCO’s further growth.”

ADIA exits after six years of joint ownership. “Since [2019], IFCO has built solid foundations for the future,” said Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA.

Citi advised Stonepeak, while Bank of America and Morgan Stanley advised ADIA and Triton. Legal counsel was provided by Kirkland & Ellis, Latham & Watkins, and Freshfields.

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