Prior notification of a concentration (Case M.12110 – STONEPEAK / TRITON / IFCO) – Candidate case for simplified procedure
Date: 2025-08-18
Institutions: Directorate-General for Competition, European Commission
Subjects: consultancy, economic concentration, investment company, merger control, packaging, recycled product, recycling technology, rental business








C_202504656EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/4656


18.8.2025






Prior notification of a concentration
(Case M.12110 – STONEPEAK / TRITON / IFCO)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/4656)


1.   
On 7 August 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Affiliates of Stonepeak Partners LP (‘Stonepeak’, US);










—


Triton Fund V L.P. (Channel Islands), Triton Fund V SCSp (Luxembourg) and other limited partnerships (together referred to as ‘Triton Fund V’);










—


Irel HoldCo GmbH (‘IFCO’, Germany).




Stonepeak and Triton Fund V will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of IFCO.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Stonepeak is a global alternative investment firm specializing in infrastructure and real assets, headquartered in New York.










—


Triton Fund V belongs to a group of independent European private equity funds managed and advised by the Triton group. The funds invest primarily in mid-sized companies headquartered in Western, Central and Northern Europe, with particular focus on three core sectors: Industrial Tech, Business Services, and Healthcare.






3.   

The business activities of the undertaking IFCO are the following: IFCO is a global provider of reusable packaging solutions for fresh foods. It operates a pool of over 400 million reusable packaging containers globally, that are primarily used to transport and store fresh food products to grocery retailers. IFCO also provides management services in relation to reusable packaging containers ranging from delivering clean containers to producers, collecting them from retailers, to cleaning and sanitizing them for re-use.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12110 – STONEPEAK / TRITON / IFCO
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/4656/oj
ISSN 1977-091X (electronic edition)