Alpharetta, GA - 48forty Solutions (“48forty”), a portfolio company of Audax Private Equity (“Audax”) and a leading national provider of recycled pallets and pallet management services, today announced that it has acquired Industrial Pallet. This is the sixth acquisition 48forty has completed since Audax’ investment in November 2020. Terms of the transaction were not disclosed.
Industrial Pallet, founded in 1991 and located in Eastford, CT, is a provider and manufacturer of a wide variety of wooden pallets. With over 75 dedicated employees, the company sorts, builds, and delivers more than two million recycled wood pallets annually with their fleet of over 200 privately owned trailers. In addition to domestic services, the company offers heat treated pallets to international customers. The company is run today by Principal and owner Joe O’Brien, who joined in 1998, with operations led by Randy Therrien, Industrial Pallet’s original founder.
Mike Hachtman, 48forty CEO, said, “The Northeast region is a key area in the pallet industry. We have been looking to expand our footprint in this region and believe the acquisition of Industrial Pallet will help us to broaden our reach significantly. We are very excited about our transaction with Industrial Pallet and Joe O’Brien and feel that our common interests of taking care of our customers and employees above all else will only enhance our current offerings.”
Joe O’Brien, Industrial Pallet Principal, added, “Forming a union with one of the nation’s largest pallet recycler and pallet services company means great things for our loyal customers, who will continue to receive top of the line treatment and service. As I move to retirement, it gives me great comfort to know that our employees will be taken care of with the respect and care that they deserve. We are honored to be a part of this great team of industry professionals.”
Young Lee, Managing Director, Audax Private Equity, said, “We are thrilled to welcome Industrial Pallet to the 48forty platform and plan to continue expanding 48forty’s footprint, capabilities, and focus on customer service both organically and through future acquisitions.”
ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services company in North America, with a national network of over 216 facilities, including 47 company-owned and operated pallet recycling plants and more than 850 service providers. 48forty provides end-to-end pallet solutions from supply to retrieval, new and custom pallets, and reverse logistics services. It also operates one of the nation’s largest private fleets of 4,900 trailers and nearly 350 power units. To learn more, visit 48forty.com or find them on LinkedIn.
ABOUT Industrial Pallet, LLC
Industrial Pallet is headquartered in Eastford, CT, and was founded 30 years ago by Randy Therrien. In 1998, Joe O’Brien purchased the company. Industrial Pallet’s facilities are a combined 62,000 square feet where their core competency is pallet recycling and wood pellet manufacturing.
ABOUT Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $8 billion in more than 150 platforms and over 1,000 add-on companies and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle-market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.