reusable packaging

Apax Builds Packaging Platform

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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

Apax Partners Buys Tosca Services

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Apax Partners has agreed to acquire Tosca Services, a provider of supply chain services and reusable packaging to the perishable markets of eggs, poultry, produce, case-ready meat, and cheese. Tosca Services has been a portfolio company of Cincinnati-based Orchard Holdings since August 2011.

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 500 people and operates 14 service centers across the United States (www.toscaltd.com).

“Tosca’s reusable packaging solutions drive improved efficiencies throughout the entire perishable supply chain, resulting in substantial business benefits and a better overall customer experience,” said Eric Frank, President and CEO of Tosca. “There is significant momentum in the market for reusables and we are excited about the continued growth opportunities Apax affords us.”

“This is a prime example of Apax partnering with a strong management team in one of our core industry sectors. Through Apax Funds’ previous ownership of a reusable plastic container pooler, we have developed an appreciation for the growth opportunity within the grocery supply chain and have over the years been deeply impressed by Tosca’s stellar track record of innovation and growth,” said Ashish Karandikar, a Partner at Apax. Apax previously owned IFCO Systems, a provider of reusable plastic containers, which it sold to Brambles in November 2010.

“In today’s complex and fast-changing grocery environment, challenged by increasing pricing competition, grocers need a solution like Tosca’s that drives supply chain efficiency and simplicity while also positively impacting the environment,” added Mr. Karandikar. “We see significant opportunities for the company to continue to innovate and are delighted to work alongside the existing management team as the company enters its next phase of growth.”

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

Orchard Holdings is a private investment firm that manages and invests the capital of the Farmer family, the founders of Cintas Corp.  The group invests from $10 million to $40 million of capital per transaction in companies with $25 million to $250 million in revenue. Orchard Holdings is based in Cincinnati (www.orchardholdings.com).

William Blair & Company (www.williamblair.com) was the financial advisor to Tosca.

© 2017 Private Equity Professional | October 2, 2017