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.”

Mike Hachtman, 48forty CEO, said, "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."

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 Pallets 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.”