48forty Solutions Acquires Relogistics
48forty Solutions (“48forty”), a portfolio company of Audax Private Equity (“Audax”) and a leading national provider of recycled whitewood pallets, has acquired Relogistics, LLC (“Relogistics”). This is the first acquisition 48forty has completed under Audax ownership.
Headquartered in Houston, Texas, Relogistics is a leading provider of pallet and container management services, helping businesses manage reusable transport packaging at over 60 locations across the U.S. Their comprehensive pallet logistics services help drive efficiency and reduce supply chain costs for major retailers nationwide.
The acquisition of Relogistics will strengthen 48forty’s geographic presence and bolster their logistics services offerings. Together, 48forty and Relogistics bring decades of differentiated pallet management services and pallet recycling expertise to both national and local customers. The two management teams will be reuniting after working together under a shared parent company, IFCO, prior to 2012. Concurrent with the transaction, Mike Hachtman, Relogistics’ current CEO, will transition to CEO of the combined business. Norm Plotkin, 48forty’s current CEO, will remain involved as Chairman of the Board.
Mike Hachtman, Relogistics CEO, said, “I am very excited to combine the retailer and service-focused solutions from Relogistics with the robust pallet recycling capabilities of 48forty. This partnership will allow Relogistics to offer additional service options to our existing customers and other retailers across the country. Bringing together the exceptional talent and the culture of integrity that both companies share will allow us to deliver better and more robust services. As I transition to CEO of 48forty, I look forward to working closely with Norm Plotkin, who shares my enthusiasm to see the combined companies succeed.”
“This is an incredible opportunity to expand the customer solutions we bring to market as we strive to grow our plants, customer onsite locations, and our affiliate network, both organically as well as through strategic acquisitions,” said Norm Plotkin, former CEO and current Chairman of 48forty. “48forty and Relogistics share a strong culture of transparency, honesty, integrity, and a “customer first” mindset that make the combination a complementary fit. I am extremely excited about Mike Hachtman joining the company as CEO. Mike is a leader who is well-known and respected within our industry and is a natural fit to take on this role.”
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. To learn more, visit 48forty.com.
Relogistics is a leader in pallet and container management services, providing efficient, cost-effective solutions to handling reusable transport packaging and reducing supply chain costs. We service customers at over 60 locations nationwide, handling more than 332,000 trailers, 85 million pallets, and 115 million reusable containers annually.
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 $26 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $6 billion in more than 135 platforms and over 950 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 or follow us on LinkedIn.
Source: 48forty Solutions, LLC