US reusable packaging and supply chain company Tosca has acquired Israeli company Polymer Logistics. Based in Migdal Ha'Emek, Polymer Logistics manufactures reusable transport packaging and retail merchandizing systems.
The sale of Polymer Logistics was initiated by Apax Partners, which acquired the company in 2017. No financial details about the deal were disclosed although Apax is extending financing to Tosca to help it finance the deal. Founded in 1994, Polymer Logistics has 220 employees including in offices in the US, Italy, the UK and the Netherlands. Polymer reportedly has annual revenue of $100 million.
Apax said that the acquisition will help expand Tosca's global deployment.
Apax Partners partner Ashish Karandikar 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 US, while benefiting from scale, cross-selling opportunities, and collaboration on innovation."
Polymer Logistics founder and CEO Gideon Feiner said, "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."
Apax Israel CEO is Zehavit Cohen.
Published by Globes, Israel business news - en.globes.co.il - on October 17, 2019
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