Australian pallet and container maintainer and handler Brambles (Sydney; www.brambles.com) is to acquire the majority stake in plastic container service company IFCO Systems from funds advised by private equity firm Apax Partners for EUR 925m, equivalent to EUR 13.50/share. Since acquiring its majority stake in November 2003, Apax has worked closely with IFCO’s management and fully supported the company's growth strategy. During this time, the company has significantly expanded its customer base in Europe and the US and entered the South American market.

IFCO’s turnover has grown by an average of 10% annually and its operating profit (EBITDA) increased by an average of 15% per year since its acquisition by Apax.