Overview Key strengths Key risks Provides reusable packaging supply chain solutions with strong market positions in case-ready meat and eggs. Small scale with limited end market diversification. Exposed to relatively stable food and beverage end markets. Elevated capital expenditures (capex) resulting in negative free operating cash flow (FOCF). Recent acquisitions will help expand company?s scale and scope of operations despite incremental leverage. In S&P Global Ratings? view, Tosca Services LLC will sustain positive sales growth and EBITDA margins in 2021. We believe Tosca?s performance will continue to benefit from continued strong demand across its stable food and beverage end markets. We expect recurring revenue from long-term contracts, previously delayed retailer conversions to resume in the back half of the year,
