Yukon Partners, a provider of mezzanine capital for middle-market private equity transactions has announced that it has partnered with Audax Private Equity to support the acquisition of 48forty Solutions.
48forty 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. The Company provides end-to-end pallet solutions, from supply to retrieval, on-site services, reverse logistics, and retail services. Thousands of customers from various industries rely on 48forty to consistently deliver quality pallets, which are a mission-critical component of their supply chain. 48forty goes to market as Paramount Pallet in Canada.
Norm Plotkin, CEO of 48forty, said, “We are thrilled to be partnering with Audax as we embark on an exciting new chapter in our history. This investment will help 48forty continue to consistently deliver high-quality pallets to both national and local accounts, expand our product and service offerings, and explore strategic acquisitions to further accelerate our growth.”
“Since our initial investment in 2018, the management team has transformed 48forty into a best-in-class national provider of pallet management services,” said Aaron Arnett, Principal of Yukon. “We are pleased to continue our support of Norm and the 48forty team in this next phase of growth.”
“We enjoy working with Audax and are excited to partner with them on this investment,” added Michael Furey, Partner of Yukon. “We believe 48forty will benefit from Audax’s broad middle market experience and Buy & Build approach to accelerated growth.”
Yukon Partners is an independent and unaffiliated junior capital provider, primarily serving middle-market private equity sponsor led business transactions in the U.S. and Canada. The transactions in which Yukon invests include buyouts, growth and platform strategies, recapitalizations, mergers/acquisitions, and public-to-private buyouts. Yukon typically invests up to $50 million per transaction and currently manages approximately $1.5 billion across four funds. Yukon Partners has offices in Minneapolis, Minnesota and Boston, Massachusetts. For more information, please visit www.yukonpartners.com.
Dorsey & Whitney LLP served as legal counsel to Yukon.
Audax Private Equity announced in early December that it has acquired a controlling interest in 48forty Solutions from Grey Mountain Partners.
“Grey Mountain partnered with the Company in February 2018 with the goal of achieving operational excellence as a standalone business by providing best in class customer and supplier service as the market leader in recycled pallets,” Grey Mountain said in an announcement. “We are grateful for the opportunity to have worked with this incredibly talented and dedicated management team and the Company’s 2,400+ employees.”