48forty Solutions, a portfolio company of Audax Private Equity, and a leading national provider of recycled pallets and pallet management services, recently announced that it has acquired Industrial Pallet. These transactions mark the fifth and sixth acquisition 48forty has completed since Audax’ investment in November 2020. Terms of the transaction were not announced.
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.
“The Northeast region is a key area in the pallet industry,” said Mike Hachtman, 48forty CEO.” 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.”
“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,” added Joe O’Brien, Industrial Pallet Principal. “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.”
“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,” remarked Young Lee, Managing Director, Audax Private Equity.
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. To learn more, visit www.industrialpallet.com.