48forty Solutions Acquires Bo's Pallets
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 Bo’s Pallets, Inc. (“Bo’s” or the “Company”). This is the ninth acquisition 48forty has completed since Audax’ investment in November 2020. The terms of the transaction were not disclosed.
In 1984, with a hammer and a pick-up truck, Greg Bowen started Bo's Pallets, Inc., one of the largest family-owned and operated pallet recyclers in North Georgia. Bo’s services customers throughout the southeast region of the United States and is widely known in the pallet industry for its state-of-the-art automation technology. Greg Bowen has implemented innovative, industry-leading, fully integrated equipment, and has made great strides in maximizing reclaimed lumber. Bo’s Adairsville, GA facility spans over 22 acres of land, and includes 75,000 square feet of manufacturing facilities, dedicated to recycled and specialty pallets. Bo’s McIntyre, GA facility is situated on 30 acres with a 50,000 square foot building and focuses on lumber cutting and new pallets. The company also operates 14 tractors and over 300 trailers. Bo’s motto is to give the customer “what they want, when they want, the way they want.”
“We are very excited about joining forces with Greg Bowen and his team of industry experts. I look forward to working with Greg on plans for more automation and robotics at 48forty, allowing us to provide more efficient and cost-effective services for our customers.” –Mike Hachtman, 48forty CEO
Greg Bowen, President of Bo’s, said: “I am looking forward to working with the 48forty team and its vast network of facilities across the country. This partnership will allow us to expand the services of Bo’s Pallets and is a great opportunity to apply some of the automation techniques we use at Bo's to the 48forty business. I am excited about working with Mike Hachtman and his team of industry leaders.”
Young Lee, Managing Director at Audax Private Equity, said, “We are thrilled to welcome Bo’s Pallet to the 48forty platform. We are excited to leverage Bo’s best-in-class automation capabilities throughout our pallet recycling network to reduce waste, increase capacity, and allow us to better service our customers and suppliers throughout the country.”
ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of over 230 facilities, including 53 company-owned and operated pallet recycling plants, 172 onsite, retail operations, 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 nation's largest private fleets of 5,580 trailers and over 360 power units. For more information, visit www.48forty.com or follow us on LinkedIn.
ABOUT Bo's Pallets
Bo’s Pallets Inc. is a family-owned & operated pallet recycler in Adairsville, GA, which Greg Bowen started in 1984. The business has grown to the largest pallet recycling company in Northern Georgia. The main operation spans over 22 acres of land, which includes 75,000 square foot recycling building, mulch area, maintenance buildings, and 300 semi-trailers. Bo’s Wood Products, Inc. in McIntyre, GA is situated on 30 acres with 50,000 square foot building cutting lumber and producing new pallets. Bo’s offers new pallets, recycled pallets, mulch, and industrial waste removal and focuses on customer service above all else.
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 $9 billion in 150 platforms and over 1,050 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 300 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.