Amsterdam, The Netherlands
Went public 3/6/2000 at $14.9 apiece
Filing Range:13 mil. shares @ $12.31 to $15.26
Shares Outstanding:40.43 mil. shares
Commerzbank (Joint)/Cazenove & Co./CIBC World Markets/HSBC/Credit Agricole Indosuez/Fidelity Capital Markets
(Data in $ millions)
Y/E 10 MOS
Total Revenue $516.23 $451.1
Net Loss -9.51 -4.9
IFCO Systems is the world’s largest pallet and industrial container manufacturers, serving more than 9,000 customers in 17 countries. These round-trip containers (RTCs) are used in the flow of products through one whole distribution cycle and are reused multiple times. Currently there are over 60 million IFCO RTCs in circulation. PalEX, which the company intends to acquire in a simlutaneous transaction, manufactures, sells, leases and recycles wooden pallets. PalEX currently conducts its pallet operations from 60 facilities throughout the U.S. and Canada. IFCO Systems’ operations are primarily in Europe, while PalEx’s operations are located in North America. IFCO Systems estimates the combine operations will: own and manage the largest pool of RTCs in Europe based on 1997 market information; own and manage a rental pool of over 1.5 million pallets in Canada, making it the second largest pallet rental pool owner and manager in North America; be the largest provider of new and recycled pallets in North America; and be the largest provider of industrial container reconditioning services in North America.
Estimated net proceeds of $179.3 million, combined with those received in a senior subordinated note offering ($189.3 mil.) and a new senior credit facility ($16.8 mil. available borrowings), will be used to fund the cash portion of the PalEX acquisition, repay debt, purchase unowned interest in IFCO U.S., fund a payment to GE Capital and for fees and expenses related to the offerings.
Schoeller Holding, CDRCO NW LLC