The pallet management service provider 48forty Solutions is continuing its acquisition streak in 2022, leveraging its venture capital backing to buy up its sixth competitor since taking on outside investment just over a year ago.
Alpharetta, Georgia-based 48forty has bought Eastford, Connecticut-based Industrial Pallet, saying its coverage of Southern New England will complement the larger firm’s national reach.
Terms of the deal were not disclosed.
Industrial Pallet says it sorts, builds, and delivers more than two million recycled wood pallets annually with their fleet of over 200 privately owned trailers and over 75 dedicated employees. The company’s territory ranges from Southern Maine to Southern Vermont, all of Massachusetts, Connecticut, and Rhode Island.
Those facilities will now become part of 48 Forty’s national network of over 216 facilities, including 47 company-owned and operated pallet recycling plants, all served by a private fleet of 4,900 trailers and nearly 350 power units. The company provides end-to-end pallet solutions from supply to retrieval, new and custom pallets, and reverse logistics services.
“The Northeast region is a key area in the pallet industry,” Mike Hachtman, 48forty CEO, said in a release. “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 [Industrial Pallet Principal] 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.”
The move follows the November 2020 announcement that the investment group Audax Private Equity had invested in 48Forty and planned to “further solidify their position as one of the leading pallet management services platforms in North America.” Since that time, the pallet company has acquired five other pallet firms in 2021 alone, including Allegheny Recycled Products, J&B Pallet, Oregon Pallet Repair Inc., Bailey Pallet LLC, and Oregon Wood Fibre Recycling LLC (together known as Oregon Pallet), Prime360, and Houston-based Relogistics Services.
And according to 48Forty’s backers, the consolidation sweep is not done yet. “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,” Young Lee, Managing Director at Audax, said in a release.
48forty is excited to welcome Industrial Pallet to the 48forty family! Industrial Pallet has served customers throughout southern/central New England and eastern New York State for the past 30 years. As we begin 2022, we are thrilled to continue to grow: https://t.co/XaELQoliG1
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