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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.
Names of the companies and groups concerned:
- The indirect acquirer: ‘Stonepeak Partners LP’;
- The historical shareholder: ‘Triton Fund V’ ;
- The target: ‘Irel HoldCo GmbH’.
Nature of the operation:
- Joint control acquisition.
Economic sectors concerned:
- The packaging solutions sector.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e., September 15, 2025.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration operation concerning the indirect joint control acquisition of the company ‘Irel HoldCo GmbH’, the holding company of ‘IFCO Management GmbH’ (with its subsidiaries, ‘IFCO’), by affiliated companies of ‘Stonepeak Partners LP’ (with its affiliated companies), (‘Stonepeak’), and by one of the existing majority shareholders of IFCO, the fund ‘Triton Fund V’.
‘Stonepeak’, a limited partnership, with its registered office at c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 190801 and registered under number 4958360, is an alternative investment company specializing in infrastructure and real estate assets.
‘Triton Fund V’, ultimately controlled by the company ‘Triton Managers V Limited’ (as the indirect general partner of Triton Fund V L.P.), a general partner with its registered office at 1st Floor, 5-6 Esplanade, St. Helier, Jersey, JE2 3QA, Channel Islands, under registration number 124702, is part of a group of independent European private equity funds managed and advised by the Triton group (collectively ‘Triton’). The funds managed and advised by ‘Triton’, including ‘Triton Fund V’, primarily invest in medium-sized companies based in Western, Central, and Northern Europe operating in various markets, with a particular focus on three key sectors: industrial technologies, business services, and healthcare. ‘Triton’ focuses on companies with the potential to provide long-term sustainable value and create long-term sustainable value despite economic fluctuations, working closely with the management of these companies to achieve this objective.
‘Irel HoldCo GmbH’, registered under number HRB 248738 and headquartered in Pullach im Isartal, Germany, is the holding company of IFCO, a global provider of reusable packaging solutions for fresh food products. It operates a fleet of over 400 million reusable packaging containers (RPCs) worldwide. ‘IFCO’ also provides management services related to its RPCs, ranging from delivering clean containers to producers, collecting them from retailers, to cleaning and disinfecting them for reuse.
Done in Rabat on September 4, 2025
