J&B Pallet

J&B Pallet
Industry: Industrial Products & Services
Close year: 2021
Project: Sell-Side M&A
Client: Entrepreneur
Transaction: Sale to Strategic

Hennepin Partners advises J&B Pallet on its sale to 48forty Solutions


Lake City, MN – J&B Pallet, LLC has been acquired by 48forty Solutions, LLC, a portfolio company of Audax Private Equity. Hennepin Partners acted as J&B Pallet’s exclusive financial advisor and Lathrop GPM served as legal counsel. The transaction closed on October 12, 2021. Terms of the transaction were not disclosed.

Since its founding in 1990 by owner and CEO Rick Ziebell, J&B Pallet has grown to become one of the Upper Midwest’s leading pallet manufacturers and recyclers. The company operates four production facilities and three pallet recycling facilities with 230 employees, 400 trailers, and thirty power units. J&B Pallet supports a wide range of industries and is a leader in automation.

48forty 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. 48forty Solutions also operate one of the nation’s largest private fleets of 4,500 trailers and nearly 300 power units.

About Audax

Audax 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 1000 add-on companies. The firm 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.