Tosca, Atlanta, announced plans to acquire Polymer Logistics, Tampa, Fla., from a consortium of private investors.
Apax Partners, London, which acquired Tosca in 2017, will commit additional capital to Tosca to fund the acquisition.
Tosca provides 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 United States.
Polymer provides retail-ready packaging systems and technologies to grocery end markets, as well as retail, logistics and consumer goods customers.
The acquisition of Polymer will expand Tosca's geographic reach and increase its product portfolio.
"The acquisition of Polymer represents a major milestone in Tosca's growth,” says Eric Frank, chief executive officer of Tosca. “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."
"We are excited to support Tosca in this transformational acquisition,” adds Ashish Karandikar, partner at Apax Partners. “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."
"Tosca and Polymer have a shared commitment to service excellence, innovation and reducing waste throughout the supply chain,” says Gideon Feiner, founder and CEO of Polymer Logistics. “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 chief executive officer.