Tosca to acquire Polymer Logistics
North American provider of reusable packaging and supply chain solutions acquires a reusable packaging specialist with locations across the U.S., the U.K. and Continental Europe.
Tosca, a provider of reusable packaging and supply chain solutions in the United States, announced that it has agreed to acquire Polymer Logistics, a 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 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. Feiner will assume the role of its CEO.
