ALPHARETTA, Ga.– 48forty Solutions (“48forty”), a portfolio company of Audax Private Equity (“Audax”) and a leading national provider of recycled pallets and pallet management services, today announced that it has acquired J&B Pallet. This is the fourth acquisition 48forty has completed since Audax’ investment in November 2020. Terms of the transaction were not disclosed.
Headquartered in Lake City, MN, J&B Pallet was established in 1990 by owner and CEO Rick Ziebell. Since its inception, the company has positioned itself as one of the region’s leading pallet manufacturers and recyclers, focusing on quality pallets and a consistent supply to serve their customers better. J&B Pallet operates pallet recycling facilities in Lake City, Eagan, and Red Wing, Minnesota, and four production facilities across the northern mid-west region. The recycler currently has 230 employees, 400 trailers, 30 tractors, and a dedicated mechanics team to keep their fleet moving without interruption. J&B is a leader in the industry with its automation efforts and plays an integral role in supporting diverse industries.
Mike Hachtman, 48forty CEO, said: “J&B Pallets is known for its outstanding customer service and quality pallets. Rick Ziebell and his team bring key regional relationships and expertise and share our commitment to customers, making this combination a natural fit. We’re eager to continue our growth journey alongside J&B Pallets.”
Rick Ziebell, J&B Pallet’s CEO, said: “This combination marks a milestone in J&B Pallet’s history. We have worked with 48forty for decades and have long admired their well-established operations and growth strategy. With 48forty, we’ll have the platform and resources to deliver best-in-class supply chain solutions to the northern and mid-west regions.”
Young Lee, Managing Director, Audax Private Equity, said: “We are thrilled to welcome J&B 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.”
ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of over 218 facilities, including 46 company-owned and operated 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. We also operate one of the nation’s largest private fleets of 4,500 trailers and nearly 300 power units. To learn more, visit 48forty.com.
ABOUT J&B Pallet
J&B Pallet is headquartered in Lake City, MN, was founded in 1990 by Rick Ziebell. J&B has 7 locations in the mid-northwest, in Minnesota, Arkansas, Illinois, and Iowa. J&B Pallet manufactures new and custom pallets, provides pallet repair, and offers on-site sort and repair services. To learn more, visit www.jbpallet.com
ABOUT Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees and over 100 investment professionals, the firm is a leading 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.