48forty Solutions Announces Investment from Audax Private Equity
Alpharetta, Georgia (November 30, 2020) – Leading pallet management services provider, 48forty Solutions (“48forty”), announced today that Audax Private Equity (“Audax”), a leading alternative investment manager for North American middle market companies, has invested in the company alongside the management team. Audax and 48forty intend to work together to further solidify their position as one of the leading pallet management services platforms in North America. The company will continue to be led by existing management, with Norm Plotkin remaining as Chief Executive Officer.
“This is a very exciting time for 48forty,” said Norm Plotkin, CEO of 48forty. “Over the past several years, we have grown our national footprint while maintaining our focus on branch level execution, the quality of our products, and the consistency of our services. By partnering with Audax, we’ll look to further grow our product and service offerings as we continue to expand our reach across North America.”
Young Lee, Managing Director, Audax Private Equity, said, “We are thrilled to invest in 48forty and to partner with Norm and the rest of the team. We foresee exciting opportunities for 48forty to grow both organically and through strategic acquisitions in the near-term.”
Jay Mitchell, Managing Director, Audax Private Equity, said, “The 48forty team has built a differentiated business that is well positioned for future growth. We look forward to working together with management to continue to expand the platform.”
About 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of over 225 facilities, including 44 company-owned and operated plants and more than 180 affiliates. 48forty provides end-to-end pallet solutions, from supply to retrieval, on-site services, reverse logistics, and retail services. 48forty goes to market as Paramount Pallet in Canada. To learn more, visit www.48forty.com.
About Audax Group
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 $26 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $6 billion in more than 130 platforms and over 900 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 250 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 Group website www.audaxgroup.com.