Sydney, Australia: Brambles Ltd., the parent company of CHEP, has acquired Container and Pooling Solutions (CAPS), a Michigan-based provider of intermediate bulk containers (IBCs) and automotive containers, for $16.4 million.
“This acquisition is consistent with our strategy of growing our pooling business," says Tom Gorman, Brambles CEO. "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.
“CAPS is a well-run business, which has experienced compound annual sales revenue growth of 14 percent over the past six years and has a strong sales pipeline. 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," adds Gorman.
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 U.S., Canada and Mexico.
CAPS CEO Robert Wiedmaier says: “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.”