Funds advised by Apax Partners have agreed to sell Tosca, a global provider of reusable asset pooling and logistics solutions for the food supply chain, to Infrastructure at Goldman Sachs Alternatives.
Following completion, Goldman Sachs Alternatives will partner with Tosca’s management team and plans to invest further in the company’s asset base, operating platform, technology and customer offering.
Founded in 1959 and headquartered in Atlanta, Tosca provides reusable plastic containers, pallets and bulk bins to food producers, distributors and retailers.
The company’s closed-loop pooling model lets customers use standardized reusable assets while Tosca manages circulation, logistics, collection, sanitization, and redeployment.
Tosca operates a network of 63 service and wash centers and serves more than 5,000 customers across 30 countries in North America and Europe. Apax acquired Tosca in 2017.
During the firm’s ownership, Tosca expanded geographically, strengthened its operational capabilities and developed into a larger global reusable asset pooling platform serving major participants throughout the food supply chain.
Goldman Sachs Alternatives sees the business as infrastructure supporting several long-term trends.
These include greater automation throughout food supply chains, increasing adoption of reusable packaging and pooling systems and broader demand for circular-economy solutions that reduce reliance on single-use transportation assets.
Tosca’s reusable containers and pallets also serve non-discretionary food markets, giving the platform exposure to supply chains that continue operating through varying economic conditions.
Goldman Sachs Alternatives plans to support additional wash center automation and technology deployment while pursuing strategic growth opportunities across North America and Europe.
The investor also highlighted Tosca’s large physical asset base, integrated service network and customer retention as important characteristics of the business.
Infrastructure at Goldman Sachs Alternatives was established in 2006 and has invested approximately $22 billion in infrastructure assets since inception.
Its investment areas include transportation and logistics, digital infrastructure, energy transition and the circular economy.
Goldman Sachs Alternatives manages more than $706 billion across private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability and hedge fund strategies.
The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close in 2026.
BofA Securities and Goldman Sachs served as financial advisors to Goldman Sachs Alternatives, with Sidley Austin acting as legal advisor.
Deutsche Bank Securities and William Blair served as financial advisors to Apax, while Simpson Thacher & Bartlett acted as legal advisor.
KEY QUOTES:
“This announcement marks an exciting milestone for Tosca. We are grateful for Apax’s partnership and support over the last several years and look forward to working with Infrastructure at Goldman Sachs Alternatives as we continue to execute on our strategy. Their long-term investment approach and experience scaling asset-based businesses makes them an excellent partner for the next phase of our growth.”
Eric Frank, CEO of Tosca
“Tosca sits at the intersection of several powerful trends, including increased automation in food supply chains, growing demand for circular economy solutions, and the broader adoption of reusable asset pooling. Its large asset base, integrated service network and best-in-class customer retention underpin its role as essential infrastructure within the food supply chain.”
“We have been highly impressed by the business that Eric and his team have built, and we look forward to partnering with them to support the Company’s next phase of expansion.”
Cedric Lucas, Partner within Infrastructure at Goldman Sachs Alternatives
“Tosca provides mission-critical supply chain infrastructure to non-discretionary, resilient staple food end markets. Through decades of investments into its network of pooling assets, service centres, and customer relationships, Tosca has established itself as a global leader in reusable asset pooling.”
“We look forward to working alongside Eric and his team to build on this strong foundation through further wash center automation, technology deployment and strategic growth initiatives across North America and Europe.”
Charlotte Saury, Managing Director within Infrastructure at Goldman Sachs Alternatives
“We are proud of what Tosca accomplished during our partnership. Working closely with management, we have supported their development into a leading global reusable asset pooling platform with a strong operational foundation and attractive growth prospects. We believe Goldman Sachs Alternatives is the right partner to support Tosca’s next chapter and wish the team continued success.”
Ashish Karandikar, Partner at Apax
