Key Takeaways
- • Apax Partners has sold Tosca, a global reusable container and pallet-pooling provider, to Goldman Sachs Alternatives, marking the exit of Apax's nine-year investment that began in 2017.
- • Tosca operates 63 wash and service centers worldwide, serves more than 5,000 customers across 30 countries in North America and Europe, and manages essential food supply chain infrastructure for eggs, poultry, meat, seafood, produce, dairy, and beverages.
- • The global reusable transport packaging market was valued at $119.7 billion in 2025 and is projected to reach $191 billion by 2033, representing a 6% compound annual growth rate, driven by sustainability mandates, warehouse automation, and cost advantages of closed-loop systems.
- • Goldman Sachs Alternatives is acquiring Tosca as infrastructure rather than a conventional packaging business, leveraging the company's integrated asset network, customer relationships, and positioning within circular economy and supply chain automation trends.
- • Goldman Sachs Alternatives has deployed approximately $22 billion in infrastructure investments since 2006 and is targeting $750 billion in total alternative assets under management by 2030.
Summary
Apax Partners has agreed to sell Tosca, a leading provider of reusable container and pallet-pooling services, to Goldman Sachs Alternatives. The transaction represents Apax's exit following a nine-year investment period that began in 2017, during which the firm expanded Tosca through two add-on acquisitions: Polymer Logistics (Israel, 2019) and Contraload (Belgium, 2020). No transaction value was disclosed in the announcement.
Tosca operates as a circular-economy business model in which customers draw standardized plastic crates, pallets, and bins as needed and return them for cleaning and reuse, eliminating single-use packaging waste. The company manages the entire ecosystem, including 63 wash and service centers globally, logistics coordination, food-safety sanitization, digital tracking, and an ordering platform. It serves more than 5,000 customers across 30 countries in North America and Europe, including growers, food manufacturers, and grocery retailers. Founded in 1959 and headquartered in Atlanta, Tosca is led by CEO Eric Frank.
Goldman Sachs Alternatives is positioning Tosca as essential infrastructure within food supply chains rather than as a conventional packaging vendor—a strategic framing that reflects the buyer's focus on long-term, asset-backed, mission-critical services. According to Grand View Research, the global reusable transport packaging market was valued at approximately $119.7 billion in 2025 and is projected to expand to $191 billion by 2033, representing a compound annual growth rate of roughly 6%. Growth drivers include retailer and manufacturer sustainability commitments, warehouse automation adoption with RFID tracking systems that align with standardized pooled assets, and cost advantages of closed-loop systems across food, beverage, and pharmaceutical supply chains.
Goldman Sachs Alternatives' infrastructure business has invested approximately $22 billion in infrastructure assets since its 2006 establishment, spanning digital infrastructure, energy transition, transportation, logistics, and the circular economy. The parent firm, Goldman Sachs Alternatives, is targeting $750 billion in alternative assets under management by 2030. Apax, a London-headquartered private equity firm with approximately $80 billion in total capital commitments, noted that Goldman Sachs Alternatives' experience scaling asset-based businesses made it the appropriate long-term partner for Tosca's next growth phase. BofA Securities and Goldman Sachs advised Goldman Sachs Alternatives on the transaction, while Deutsche Bank Securities and William Blair advised Apax.
Tosca operates as a circular-economy business model in which customers draw standardized plastic crates, pallets, and bins as needed and return them for cleaning and reuse, eliminating single-use packaging waste. The company manages the entire ecosystem, including 63 wash and service centers globally, logistics coordination, food-safety sanitization, digital tracking, and an ordering platform. It serves more than 5,000 customers across 30 countries in North America and Europe, including growers, food manufacturers, and grocery retailers. Founded in 1959 and headquartered in Atlanta, Tosca is led by CEO Eric Frank.
Goldman Sachs Alternatives is positioning Tosca as essential infrastructure within food supply chains rather than as a conventional packaging vendor—a strategic framing that reflects the buyer's focus on long-term, asset-backed, mission-critical services. According to Grand View Research, the global reusable transport packaging market was valued at approximately $119.7 billion in 2025 and is projected to expand to $191 billion by 2033, representing a compound annual growth rate of roughly 6%. Growth drivers include retailer and manufacturer sustainability commitments, warehouse automation adoption with RFID tracking systems that align with standardized pooled assets, and cost advantages of closed-loop systems across food, beverage, and pharmaceutical supply chains.
Goldman Sachs Alternatives' infrastructure business has invested approximately $22 billion in infrastructure assets since its 2006 establishment, spanning digital infrastructure, energy transition, transportation, logistics, and the circular economy. The parent firm, Goldman Sachs Alternatives, is targeting $750 billion in alternative assets under management by 2030. Apax, a London-headquartered private equity firm with approximately $80 billion in total capital commitments, noted that Goldman Sachs Alternatives' experience scaling asset-based businesses made it the appropriate long-term partner for Tosca's next growth phase. BofA Securities and Goldman Sachs advised Goldman Sachs Alternatives on the transaction, while Deutsche Bank Securities and William Blair advised Apax.
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