Intelligent Global Pooling Systems (iGPS)
$20 million Secured Credit Facility
Founded in 2006, Intelligent Global Pooling Systems (iGPS) is the operator and owner of the world’s first and largest global plastic pallet rental pool, featuring lightweight, 100% recyclable plastic pallets. It operates from a robust network of depots serving over 100 manufacturers and 2,000 retailers.
After experiencing losses due to poor operational and cost controls, the company was forced to file for Chapter 11 bankruptcy protection. Balmoral Funds, as an interested investor, reached to SLR Credit Solutions to provide its financing.
SLR Credit Solutions initially provided a $12.0 million DIP facility to support the business through its reorganization process. A group of investors consisting of Balmoral Funds, a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations, One Equity Partners, certain of their affiliates and new management formed a joint venture, iGPS Logistics, LLC, to acquire the company via a 363 asset sale process. SLR Credit Solutions then provided a $20.0 million facility to support the acquisition. Both transactions included advance rates against the A/R as well as their pool of pallets. The business is now positioned with the capital it needs to support continued operations and fuel growth.