Apax Builds Packaging Platform

Tosca Services, a portfolio company of Apax Partners, has agreed to acquire Polymer Logistics. Apax acquired Tosca, a provider of reusable packaging to the eggs, poultry, produce, meat, and cheese sectors, from Cincinnati-based Orchard Holdings in October 2017.

Polymer Logistics is a designer and provider of retail returnable packaging (RRP) products to retailers and suppliers in the US, Europe and the UK. The company’s products, which are both sold and leased, include bins, crates, displays, dollies, and pallets that are used for the shipment and display of fruit and vegetables, meat, beverages, and a range of non-food products.

Polymer Logistics was founded in 1994 by CEO Gideon Feiner and is based in The Netherlands with subsidiaries in the UK, Italy, Israel, the US and branch offices in Spain and Austria.

Following the close of the acquisition, Tosca intends to carve out Polymer’s Cleanpal reusable pallets business as a separate unit which will be led by Mr. Feiner. “Tosca and Polymer have a shared commitment to service excellence, innovation and reducing waste throughout the supply chain,” said Mr. Feiner. “I am excited about the possibilities that will be created by our combined company and am looking forward to stepping into a new leadership role at the planned Cleanpal unit.”

Tosca Services provides reusable plastic containers and logistics services to growers, suppliers and retailers that operate in the perishable food supply chain. Tosca’s reusable plastic containers improve product protection, lower costs and are more sustainable than single-use packaging. Atlanta-based Tosca was founded in 1959, employs over 950 people and operates 14 service centers across the United States.

The buy of Polymer will expand Tosca’s geographic footprint and increase its product portfolio. “The acquisition of Polymer represents a major milestone in Tosca’s growth,” said Eric Frank, CEO of Tosca. “Polymer is a leading rigid plastic container provider, with a broad international footprint, vertically integrated manufacturing operation, and a shared focus on innovation that will allow us to significantly enhance our geographic reach and offer customers an expanded product line to better meet their needs.”

“We are excited to support Tosca in this transformational acquisition,” said Ashish Karandikar, a partner at Apax. “Polymer has a strong track record of financial performance and a culture of innovation. The acquisition allows Tosca to access attractive markets outside of the US while benefiting from scale, cross-selling opportunities, and collaboration on innovation.”

Apax invests in the technology and telecom; services; healthcare; and consumer sectors. The firm has offices in London, New York, São Paulo, Munich, Tel Aviv, Mumbai, Hong Kong and Shanghai.

© 2019 Private Equity Professional | October 16, 2019

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