Pallets: iGPS Logistics LLC agrees to acquire iGPS

iGPS Company LLC, operator and owner of the largest global pallet rental pool of lightweight, 100% recyclable plastic platforms with embedded RFID tags, today announced that it has reached an agreement for the sale of substantially all of its assets to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, certain of their affiliates, and Jeff and Robert Liebesman.

By ·

iGPS Company LLC,  operator and owner of the largest global pallet rental pool of lightweight, 100% recyclable plastic platforms with embedded RFID tags, today announced that it has reached an agreement for the sale of substantially all of its assets to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, certain of their affiliates, and Jeff and Robert Liebesman.

To facilitate the sale, iGPS has filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware for approval pursuant to Section 363 of the U.S. Bankruptcy Code. The sale is subject to higher and better bids and Court approval. Crystal Financial LLC has provided a Debtor-in-Possession facility to support the company through the sale process and intends to facilitate the emergence with exit financing.

iGPS will continue operating its business without interruption during the sale period, and its focus on high level of customer care will not be affected. The company, which is now stronger and better capitalized, will continue to honor and service its existing clients and new client programs and is committed to building a high-quality, sustainable pallet rental pool to service its future needs. iGPS Logistics and its principals have relationships and resources to expand iGPS’ product offering and customer base to service its customers’ growing needs for returnable packaging products.

Dick DiStasio, CEO of iGPS, stated, “After careful analysis, we determined that this sale of the company to iGPS Logistics is the most advantageous option for iGPS’ customers, employees, suppliers and other stakeholders. We are very excited that iGPS Logistics has made such a significant financial commitment, and has coupled a strong ownership group and management team with a proven depth of strategic and operational experience in the global returnable packaging and pallet pooling business. We are excited to take iGPS into the next chapter of its story. With iGPS Logistics’ financial backing and operational expertise, we look forward to continuing to provide a high-level of service to our customers.”


Subscribe to Modern Materials Handling Magazine!

Subscribe today. It's FREE!
Find out what the world’s most innovative companies are doing to improve productivity in their plants and distribution centers.
Start your FREE subscription today!

Article Topics

iGPS · Packaging · Pallets · · All Topics
Latest Whitepaper
Gaining Efficiencies Through End-to-end Warehouse Automation
Warehouse and distribution center managers in B2B and B2C have never been under more pressure to scale up their operations to meet customer demands in the new, digital economy. Warehouse Automation Custom digital issue, Peerless custom Automation white paper. Warehouse Automation research papers.
Download Today!
From the September 2016 Issue
The fashion retailer has used warehouse execution software and automation to create a true omni-channel distribution center.
Lift Truck Tips: Knowledge is Power
Software system gives new facility a competitive edge
View More From this Issue
Subscribe to Our Email Newsletter
Sign up today to receive our FREE, weekly email newsletter!
Latest Webcast
5 Emerging Technologies Enabling Competitive Advantage for Distribution
Come hear about the latest in each-picking robotics, co-bots, artificial intelligence, autonomous vehicles, sensors, drones and droids that are enabling competitive advantage for distribution.
Register Today!
EDITORS' PICKS
American Eagle Outfitters’ omni-channel journey
The fashion retailer has used warehouse execution software and automation to create a true...
The data-driven lift truck
Now that manufacturers and distributors are using the data from their automated systems to drive...

Destination Maternity: Destination Automation
Running short of space in its old facility, Destination Maternity Corp. built a new, highly...
Hibbett Sports: Faster, Flexible and Efficient
A high-speed conveyor and sortation system at Hibbett Sports’ Alabama distribution center speeds...