Audax Private Equity Announces Investment in 48forty Solutions

DEC 2020

Audax Private Equity (“Audax”) announced today that it has acquired a controlling interest in 48forty Solutions (“48forty” or “the Company”) from Grey Mountain Partners. 48forty is a leading national provider of end-to-end pallet management services across the U.S. and 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.”

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. Thousands of customers from various industries rely on 48forty to consistently deliver quality pallets, which are a mission-critical component of their supply chain.

Young Lee, Managing Director, Audax Private Equity, said, “48forty is a best-in-class national provider of recycled pallets that helps customers support the critical and changing demands of their supply chain. We are excited to support Norm and the entire 48forty team to continue growing the business and serving the needs of our customers across North America.”

Jay Mitchell, Managing Director, Audax Private Equity, said, “We look forward to partnering with 48forty leadership to support continued growth, both organically as well as through strategic acquisitions. 48forty has developed the platform, infrastructure, systems, and processes to execute on acquisitions that further improve access to supply, expand product and service offerings, and extend their national reach.”

Terms of the transaction were not disclosed. Piper Sandler & Co. acted as financial advisor to 48forty and Grey Mountain Partners, and BlackArch Partners acted as buyside advisor to Audax. Ropes & Gray LLP served as counsel to Audax.