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Tosca to pick up Polymer
Posted on Thursday, 17 October 2019 14:31
Tosca is acquiring Netherlands-based retail returnable packaging business Polymer Logistics from a consortium of private investors for an undisclosed sum.
The buyer plans to finance the deal through additional capital provided by owner Apax Partners.
Established in 1994, Polymer claims to be a leader in retail ready packaging systems and technologies.
The group operates in Israel, the UK, US and continental Europe and provides reusable containers and packaging to clients across the fruit and vegetables, beverages and home shopping sectors, among others.
Its offerings include its smart supply chain technology, which allows customers to track asset location, temperature and manage pallets and roll cages, as well as other transport packaging products, as they pass through their supply chain.
Polymer’s clients include the likes of grocery end markets, retail, logistics and consumer goods businesses.
Upon closing, Tosca plans to carve out the target’s Cleanpal reusable pallets business as a separate unit, with Gideon Feiner retaining his role as chief executive.
Through the deal, the buyer will expand its geographic footprint and broaden its product portfolio.
Ashish Karandikar, a partner at Apax, said: “The acquisition allows Tosca to access attractive markets outside of the US, while benefiting from scale, cross-selling opportunities, and collaboration on innovation.”
Headquartered in Georgia, the purchaser claims to be the world’s leading provider of reusable packaging and supply chain operations.
The group has 950 employees and 14 service centres which cater for a range of food products such as eggs, case-ready meat and poultry.
Its customers include US supermarket and retail chains Kroger and Walmart.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 31 deals targeting packaging and labelling service providers announced worldwide since the beginning of 2019.
Trivium Packaging agreed to buy Ardagh Group’s Luxembourg-based food and speciality metal packaging business for USD 2.50 billion, in the most valuable of these to date.
© Zephus Ltd