Apax Funds Sign Agreement to Sell Tosca to Goldman Sachs Alternatives

ATLANTA, NEW YORK, LONDON – August 10, 2026 – Funds advised by Apax Partners LLP (“Apax”) have today signed an agreement to sell Tosca, a leading global provider of reusable asset pooling and logistics solutions for the food supply chain, to Infrastructure at Goldman Sachs Alternatives.

Following completion of the transaction, Infrastructure at Goldman Sachs Alternatives, alongside the Company’s management team, intends to support Tosca's continued growth through investment in its asset base, operational platform, technology capabilities and customer offering.

Founded in 1959 and acquired by the Apax funds in 2017, Tosca has established itself as a leader in reusable asset pooling solutions serving food producers, distributors and retailers across North America and Europe. Under the Apax funds’ ownership, the Company has expanded its geographic footprint, enhanced its operational capabilities and strengthened its position as a trusted partner to some of the world's leading food supply chain participants.

Eric Frank, Chief Executive Officer of Tosca: "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."

Cedric Lucas, Partner within Infrastructure at Goldman Sachs Alternatives: "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.”

Charlotte Saury, Managing Director 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.”

Ashish Karandikar, Partner at Apax: "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."

The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in 2026.

Goldman Sachs Alternatives was advised by BofA Securities and Goldman Sachs as financial advisors and Sidley Austin LLP as legal advisor.

Apax was advised by Deutsche Bank Securities Inc. and William Blair & Company, L.L.C. as financial advisors and Simpson Thacher & Bartlett LLP as legal advisor.

About Tosca

Tosca is a leading global provider of reusable asset pooling solutions for the food supply chain. Headquartered in Atlanta, Georgia, the Company provides pooling, logistics, asset management and sanitization services for reusable plastic containers, pallets and bulk bins used by food producers, distributors and retailers. With a global network of 63 service and wash centers and more than 5,000 customers across 30 countries in North America and Europe, Tosca helps improve supply chain efficiency, product quality and sustainability through its closed-loop pooling platform.

About Apax

Apax is a global private equity advisory firm investing in mid-market businesses across the Technology, Services, and Internet/Consumer sectors. Combining the scale of a global firm with the focus of a sector specialist, Apax works with management teams to create long-term value through operational value creation. With more than 50 years of private equity experience in operational value creation, Apax has raised and advised funds with aggregate commitments of approximately $80 billion. For more information, please see www.apax.com   

About Infrastructure at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $706 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, venture capital, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $4.0 trillion in assets under supervision globally as of June 30, 2026.

Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $22 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including digital infrastructure, energy transition, transportation and logistics and the circular economy.

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For further inquiries:

Laura Hardeman
Tosca
M: + 1 404-200-1940
E: LHardeman@toscaltd.com

Kat Sallerfors
Apax
M: +44 743 690 8492
E: Katarina.sallerfors@apax.com

Mary Athridge
Goldman Sachs
M: + 1 212-902-5400
E: Mary.Athridge@gs.com