IFCO Systems Enters Chilean RPC Segment with Rentapack Acquisition
PULLACH, GERMANY - IFCO Systems has completed the acquisition of Renta Pack S.A., one of Chile’s leading providers of RPC pooling services.
Rentapack, a privately owned company, was founded in 2003 and serves major retailers including Wal-Mart, Cencosud, Unimarc, Montserrat, and Tottus, as well as approximately 800 fresh produce growers, according to a press release. The company is comprised of approximately 230 employees and currently has four service centers in Chile.
IFCO Systems CEO Wolfgang Orgeldinger expressed his pleasure with the completion of the acquisition, noting that the deal supplements the company’s growth in new sectors.
“This acquisition is consistent with our strategy of complementing our organic growth in attractive segments and geographies by acquiring companies that have a leading market position, strong financial returns, and promising growth outlook,” said Orgeldinger. “Rentapack has all of these characteristics.”
During 2014, Rentapack generated sales revenue of US$19 million and about 40 million RPC rentals. The company is projecting strong growth over the coming years as it increases penetration with major retail partners and launches RPC products in sectors such as bakery.
“We are excited about building Rentapack’s strong position in the Chilean fresh food supply chain to deliver value for retailers, growers, and producers,” Orgeldinger continued. “The acquisition will drive step change for IFCO’s RPCs footprint in Latin America.”
Financial terms of the acquisition were not disclosed.