Reusable packaging and supply chain solutions provider Tosca is acquiring Polymer Logistics, a Netherlands-based company specializing in reusable packaging (RPC) and retail merchandising systems. Terms were not announced.
Apax Partners, which acquired Tosca in 2017, will provide additional capital to facilitate the transaction. Founded in 1994, Polymer Logistics provides retail ready packaging systems and technologies. Customers include grocery as well as retail, logistics and consumer goods companies. Polymer has manufacturing operations in Israel and the company operates across the U.S., the U.K. and Europe.
In September, Polymer Logistics was presented with the 2019 Excellence in Reusable Packaging award from the Reusable Packaging Association for its design of a pallet for Kroger Co (NYSE: KR). The grocery store chain uses the reusable pallet, designed by Polymer's Cleanpal division, to transport its fresh eggs.
"The acquisition of Polymer represents a major milestone in Tosca's growth," Eric Frank, CEO of Tosca, said. "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."
As part of the acquisition, Tosca will spin out the Cleanpal division into a separate business unit led by Gideon Feiner as CEO. Feiner founded Polymer Logistics.
"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," Feiner said.
Tosca employs 950 people and operates 14 service centers in the U.S. The acquisition of Polymer expands it geographic footprint into Europe. It was founded in 1959 when it refurbished cheese barrels for Kraft.
"We are excited to support Tosca in this transformational acquisition," Ashish Karandikar, partner at Apax Partners, said. "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 U.S., while benefiting from scale, cross-selling opportunities and collaboration on innovation."
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