Monday, January 10, 2022
48forty Solutions is one of the largest pallet management services company in North America, recently announces its yet another acquisition and expansion in the woodworking sector.
48forty Solutions 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.”