Intelligent Global Pooling Systems (iGPS), an operator of the world’s first pallet rental service featuring lightweight, 100% recyclable plastic pallets with embedded radio frequency identification (RFID) technology, announced today that it has finalized its sale to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, and Jeff and Robert Liebesman.
iGPS provides companies with the most advanced and cost-efficient platform-based shipping solutions available today. The company’s lightweight, 100% recyclable plastic pallets and integrated technologies provide savings for both manufacturers/growers and retailers—up to $5 per pallet load—thanks to dramatic savings in transport, reduced product damage and other operational efficiencies. iGPS is headquartered in Orlando, FL (www.igps.net).
“We are extremely excited to have completed this transaction,” said Jeff Liebesman, the new Chief Executive of iGPS Logistics. “Our new capital structure, combined with the pooling experience brought by existing management team, Robert and myself, will enable us to enhance our current operations and expand our product offerings in the years ahead. We look forward to providing world-class service to our customers.”
Co-investing with Balmoral Funds and One Equity Partners are Jeff and Robert Liebesman who have over 20 years combined experience in the asset pooling business through their South African-based company Palogix International. Palogix is a market leader in providing global supply chain solutions and pooling services for returnable packaging goods, including pallets and folding and fixed plastic containers. Palogix International services a range of industries throughout Southern Africa and North America.
Balmoral invests in corporate carve-outs, restructurings and other special situations. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral’s investment strategy focuses on partnering with management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. The firm is headquartered in Los Angeles (www.balmoralfunds.com).
One Equity Partners (OEP), the private equity unit of JPMorgan Chase, announced in June 2013 that it will begin to raise its next fund from an external group of limited partners and become independent from JPMorgan Chase. OEP will continue to make direct investments for JPMorgan Chase for an interim period and will continue to manage its existing group of portfolio companies. One Equity Partners currently manages $4.5 billion of investments for JPMorgan Chase in direct private equity transactions. One Equity Partners invests $50 million to $250 million per transaction. Sectors of interest include defense, chemicals, healthcare, technology and manufacturing. The firm is led by Dick Cashin, Managing Partner, and has offices in New York, Chicago, Frankfurt, Vienna, Hong Kong and São Paulo (www.oneequity.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-2-13