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."