Orlando, FL – June 4, 2013 – iGPS Company LLC, (“iGPS”) 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 (“iGPS Logistics”), 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.”
iGPS provides the world’s leading companies with the most advanced and cost-efficient pallet available today. The company’s lightweight, 100% recyclable plastic pallets and integrated technologies yield immediate and noticeable savings in transport and production costs and raise the standards of operating efficiency, product safety and customer satisfaction. The world’s only multi-use pallet to receive NSF Food Equipment Certification, iGPS’ platform is a major advance in supply chain hygiene—a platform that is easily cleaned, will not absorb fluids that can lead to contamination and never requires treatment with toxic pesticides or fungicides commonly associated with wood pallets. Measuring a true 48” x 40”, iGPS’ platform enables larger load patterns and is ideally suited for automated environments. And it puts an end to broken wood boards and protruding nails that can damage equipment, endanger workers, jam production lines and litter workplaces. An independent life cycle analysis has documented that iGPS’ solution is dramatically better for the environment than both one-way and multiuse wood pallets. Switching to iGPS is fast and easy, and the benefits begin on day one. For more information, please contact Rex Lowe at RLowe@iGPS.net or 972-974-0242 or visit www.igps.net.
About Balmoral Funds
Balmoral is a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations. Balmoral’s investment strategy focuses on partnering with talented management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral has maximum structuring flexibility. Balmoral is headquartered in Los Angeles, CA and has a strong track record of investing in challenged companies and returning them to financial stability and profitable growth. For more information please visit www.balmoralfunds.com.
About One Equity Partners
One Equity Partners is the private investment arm of JPMorgan Chase & Co. and manages more than $10 billion in commitments and investments solely for the bank. OEP enters into long-term partnerships with companies to create sustainable value through long-term growth driven both organically and inorganically. Founded in 2001, OEP has over 40 investment professionals in New York, Chicago, Frankfurt, Vienna, Hong Kong and elsewhere around the globe. For more information please visit www.oneequity.com.
About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.