May 1, 2008 12:00 PM

IFCO Systems has signed an agreement for the acquisition of all shares of STECO Holding GmbH and its subsidiaries. STECO is one of Europe's notable service providers for reusable plastic containers (RPCs). In 2007 STECO generated revenues of U.S. $66.0 million.

Completion of the acquisition is subject to merger clearance as well as certain other closing conditions.

The acquisition will be financed by IFCO's own cash resources and a seller's note.

IFCO is indirectly majority-owned by funds advised by Apax Partners Worldwide LLP. An international logistics service provider with more than 180 locations worldwide, IFCO operates a pool of more than 85 million RPCs, which are used primarily to transport fresh produce from producers to grocery retailers. In the United States, the company also provides a national network of pallet management services. It sorts, repairs, and recycles more than 100 million pallets annually.