Brambles acquires CAPS
Brambles Limited has announced its acquisition of Container and Pooling Solutions (CAPS), a United States-based provider of intermediate bulk containers (IBCs) and automotive containers, for $16.4 million.
Brambles CEO Tom Gorman said: “This acquisition is consistent with our strategy of growing our pooling business. It will strengthen our IBC and automotive operations in North America and, in the longer term, support our global network and our access to intercontinental product flows.” Brambles is a provider of supply chain and information management solutions through its two primary businesses, CHEP and Recall. Brambles employs more than 12,000 people in 47 countries.
“CAPS is a well-run business, which has experienced compound annual sales revenue growth of 14% over the past six years and has a strong sales pipeline,” said Gorman. “CAPS’ executive leadership team, which has considerable industry expertise, will remain with the business to drive its next phase of growth, as part of Brambles.”
Headquartered in Michigan and founded in 1998, CAPS’ network comprises eight service centers offering sustainable pooling solutions and associated managed services to customers in the automotive and industrial sectors in the USA, Canada and Mexico.
CAPS CEO Robert Wiedmaier said: “The CAPS team is delighted to have become part of the global Brambles group. This transaction will give us greater ability to access the considerable growth opportunities that lie ahead and allow us to continue to provide the highest level of service to our customers.”
Brambles acquired CAPS from LF Capital Partners, a private equity fund of Lazard Alternative Investments LLC.
In November 2010, Brambles Limited, the parent company of CHEP, announced the planned acquisition of IFCO Systems, a leading provider of reusable plastic containers (RPCs) in 23 countries, and pallet management services in the USA. The transaction would enhance Brambles’ position as a global leader in pooling solutions, creating an entity with sales revenue of approximately $5 billion.