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Apax Partners-backed Tosca Services to acquire Polymer Logistics

Apax Partners LLP-backed Tosca Services LLC agreed to acquire Polymer Logistics NV from a consortium of private investors.

Financial details of the deal were not disclosed.

In connection with the acquisition, funds advised by Apax Partners will pledge additional capital to Tosca to finance the acquisition. Apax Partners acquired Tosca in 2017.

The acquisition will expand Tosca's geographic footprint and increase its product portfolio consisting of reusable packaging and supply chain solutions across a variety of markets.

Tosca intends to carve out Polymer's Cleanpal reusable pallets business as a separate unit within the company. Gideon Feiner, founder and CEO of Polymer, will become the CEO of the new business unit.

Polymer provides reusable containers and other packaging and related services to grocery end markets as well as retail, logistics and consumer goods customers in the U.S. and Europe.