Tosca to acquire Polymer Logistics
17 October 2019
ATLANTA, Oct. 16, 2019 /PRNewswire/ -- Tosca, an innovator in reusable packaging and supply chain solutions in the United States, announced today that it has agreed to acquire Polymer Logistics ("Polymer"), an innovative company specializing in reusable transport packaging and retail merchandising systems in the United States and Europe, from a consortium of private investors.
In conjunction with the transaction, funds advised by Apax Partners (the "Apax Funds"), which acquired Tosca in 2017, will commit additional capital to Tosca to fund the acquisition of Polymer. Terms of the transaction were not disclosed.
Tosca has a 60-year history of innovation that has driven its growth into a leading North American provider of reusable packaging and supply chain solutions across a wide array of markets. Today the company employs more than 950 people and operates 14 service centers across the US, working with the nation's largest and most influential grocery retailers and suppliers to provide solutions for shipping perishables, reducing shrink and driving supply chain efficiency.
Founded in 1994, Polymer is a leader in retail ready packaging systems and technologies. The company provides reusable containers and other packaging and related services to grocery end markets, as well as retail, logistics and consumer goods customers. Its manufacturing operations are based in Israel and the company operates across the US, the UK and Continental Europe.
The acquisition of Polymer will expand Tosca's geographic reach and increase its product portfolio. This will offer customers a stronger value proposition through increased network density, particularly in the US, and an expanded product offering.
Eric Frank, CEO of Tosca stated: "The acquisition of Polymer represents a major milestone in Tosca's growth. Polymer is a leading RPC 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."
Ashish Karandikar, Partner at Apax Partners, said: "We are excited to support Tosca in this transformational acquisition. 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."
Gideon Feiner, Founder and CEO of Polymer Logistics, noted: "Tosca and Polymer have a shared commitment to service excellence, innovation and reducing waste throughout the supply chain. 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."
Following the close of the acquisition, Tosca intends to carve out Polymer's Cleanpal® reusable pallets business as a separate unit within the company. Polymer Founder and CEO Gideon Feiner will assume the role of its CEO.
Tosca is a leading provider of reusable packaging and supply chain solutions across a diverse range of products including eggs, case-ready meat, poultry, produce, and cheese. Our proven RPC system is a smarter way to move fresh product safely from source to shelf, substantially reducing shrink and labor cost, maintaining product quality, and optimizing overall supply chain efficiency for retailers, growers, and suppliers. For more information visit: www.toscaltd.com.
Polymer Logistics is a provider of Retail Returnable Packaging ("RRP") solutions to leading retailers and suppliers mainly in the US, Continental Europe and the UK. It designs and supplies reusable RRP units that function as both transport storage containers/pallets and in-store displays. The Group is a provider of pool equipment services, supplying RRP units directly to retailers, or indirectly to major suppliers to retailers, through rental agreements. Both methods are aimed at establishing long term rental relationships with customers. Polymer Logistics is based in The Netherlands with subsidiaries in the UK, Italy, Israel, the US and branch offices in Spain and in Austria.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
Susan Heil, Tosca I +1 920 569 5335 I firstname.lastname@example.org
For Polymer Logistics
Shlomit Gotlib, Polymer Logistics I +97 2 54 6923064 I Shlomit.Gotlib@polymerlogistics.com
For Apax Partners
Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | email@example.com
USA Media: Todd Fogarty, Kekst CNC | +1 212 521 4854 | firstname.lastname@example.org
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | email@example.com
Notes to Editors