48forty Solutions Announces Growth Equity Investment from Summit Partners

ALPHARETTA, Georgia and BOSTON, March 24, 2022–(BUSINESS WIRE)–48forty Solutions (“48forty” or the “Company”), a leading national provider of recycled wood pallets and related total pallet management services, today announced that equity investor of global growth Summit Partners (“Summit”) has made a significant investment in the Company. Summit joins existing investor Audax Private Equity (“Audax”) as an equal partner in the venture, with 48forty’s management team retaining significant ownership.

48forty is a leading national provider of end-to-end pallet management solutions – including supply, retrieval, on-site services, reverse logistics and retail services – in the United States and in Canada. The company’s solutions are designed to simplify pallet management operations and allow customers to source recycled pallets when and where they are needed. 48forty operates a nationwide network of more than 235 facilities, including 60 company-owned and operated pallet recycling plants, 160 on-site logistics centers and 12 reverse logistics centers, five sorting centers and more than 850 service providers.

Mike Hachtman, CEO of 48forty, said, “We are delighted to welcome Summit to the 48forty team and to continue our partnership with Audax as we strengthen our market position. We look forward to working together to accelerate 48forty’s momentum and expand our network. nationwide with a strong commitment to delivering quality, reliable, and comprehensive solutions for customers and suppliers across the country.”

Pallets are an essential part of the supply chain; industry research estimates that up to 85% of all US goods travel through the supply chain on a pallet. Thousands of customers across many industries rely on 48forty to support the success of their supply chains by consistently delivering quality pallets. As one of the nation’s largest pallet recyclers – handling over 300 million pallets a year – 48forty helps ensure its pallets are processed and put back into the reuse cycle, helping to bring efficiency, sustainability and greater trust to customers at both ends of the supply chain.

Young J. Lee, Managing Director, Audax Private Equitysaid, “We are proud to partner with Mike and the team at 48forty to create a leading national platform in the recycled wood pallet market. Since our investment in November 2020, the company has completed ten acquisitions and achieved strong organic growth, investing in new facilities, technology, automation capabilities and talent to support continued expansion.We are excited to partner with Summit and support 48forty in its next phase of growth.

John Carroll, Managing Director, Summit Partnerssaid, “Maintaining the integrity and managing the environmental footprint of the supply chain is a strategic imperative for many companies, and effective pallet management is an important part of this process. supply chains and ESG initiatives, offering high-quality end-to-end solutions designed to reduce costs and minimize environmental impact. We are excited to join Mike and his team in continuing their mission to simplify pallet management.

Piper Sandler served as lead financial advisor and Lincoln International served as co-advisor to 48forty and Audax. Ropes & Gray acted as legal advisors to 48forty and Audax. Latham & Watkins acted as legal counsel to Summit.

ABOUT 48forty Solutions

48forty Solutions is one of the largest pallet management services companies in North America, with a nationwide network of 237 facilities, including 60 company-owned and operated pallet recycling plants, 160 on-site logistics centers and 12 reverse logistics centers, 5 sorting centers 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. We also operate one of the largest private fleets in the country with over 6,500 trailers and over 400 power units. For more information, visit www.48forty.com or follow us on LinkedIn.

ABOUT AUDAX Private Equity

Audax Group is a leading alternative investment manager with offices in Boston, New York and San Francisco. Since its inception in 1999, the firm has raised more than $30 billion in capital across its private equity and private debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,050 complementary companies, and is currently investing in its sixth $3.5 billion private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies achieve add-on acquisitions that fuel revenue growth, optimize operations and significantly increase equity value. With more than 300 employees and more than 100 investment professionals, the firm is a premier capital partner for North American middle market companies.. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT Summit Partners

Founded in 1984, Summit Partners is a global alternative investment firm that currently manages over $42 billion in capital dedicated to growth stocks, fixed income and public equity opportunities. Summit invests in growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth sectors. Summit has offices in North America and Europe and invests in companies around the world. For more information, please visit www.summitpartners.com or follow us on LinkedIn.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220324005196/en/


For 48forty solutions:
Kristin Kopp
VP of Communications and Marketing
48forty Solutions, LLC
[email protected]
Phone: (305) 298-3659

For Audax:
Julie Rudnick
[email protected]
Sard Verbinnen & Co

For the top:
Susan Barr
Vice President of Marketing
[email protected]

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