<p>Owner of the largest global pallet rental pool, iGPS Company LLC, has reached an agreement to sell “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, according to a release.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">IGPS has filed for bankruptcy with the U.S. Bankruptcy Court for the District of Delaware to facilitate the sale. 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.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">The company will continue to operate without interruption during the sale period, and focus on customer care. It 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.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">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.”</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.igps.net/index.php"target="_new">iGPS Logistics</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">
