CHEP Recycled Emerges from Spinoff as 48forty Solutions
Tuesday, March 13, 2018
Posted by: NWPCA
For Immediate Release
Industry Leader CHEP Recycled Emerges from Spinoff as 48forty Solutions
With more than 225 network facilities, and 2,400 employees, 48forty starts fresh, committed to
Pallet Management Made Simple™.
ATLANTA, Georgia (March 13, 2018) - - When Brambles Limited announced plans to divest itself of its North American recycled pallets business last August, it indicated that CHEP Recycled’s growth outlook would improve under alternative ownership.
Less than five months later, Grey Mountain Partners, a Boulder, Colorado-based private equity firm, seized the opportunity to purchase the spinoff and completed the acquisition of CHEP Recycled on February 14. The former CHEP Recycled is now executing a bold new name and brand image that positions it for growth while celebrating its position as the leader in one of the foundational businesses of the supply chain and logistics industry.
The new company is 48forty Solutions, the largest pallet management services company in North America. The name is as clever and quintessential as it is practical: a standard wooden pallet is 48 by 40 inches. The logotype also underscores the nature of 48forty’s business: solid, authentic, and up to the task of managing 90 million pallets a year for 2,700 customers across a variety of industries.
Kyle Otting has been named Chief Executive Officer of 48forty Solutions. The 14-year veteran of CHEP Recycled will oversee the company’s operations from its new headquarters in Atlanta, Georgia. This includes more than 225 network facilities, of which 45 are company-owned and operated pallet recycling facilities, 30-plus onsite customer facilities, a fleet of 4,500 trailers, and nearly 300 power units. The company operations in Canada will continue to operate under the existing Paramount Pallet brand.
“We’re excited about our new brand, but even more excited to get back to the basics of serving our customers,” said Otting. “Our customers are at the heart of everything we do—from our technology to our plant network —everything we build is for them.”
And build they have: late last year, the company introduced a state-of-the art customer portal, Paltrax™, which offers customers complete account management and the ability to place orders right from their mobile device. In addition, the company has made significant investments in their industry leading Quality Management System as well as implementing Lean Manufacturing processes throughout their network designed to create a safer environment while driving cost efficiencies for the customer.
Added Otting, “We understand the complexity of our customers’ supply chains, and we’re here to make pallet management simple. We’re committed to providing cost efficient pallet solutions, the consistent quality our customers require, and a better customer experience.”
48forty will continue to focus on end-to-end solutions, from pallet supply and retrieval to on-site retail services to custom sized pallets, growing its business by making pallet management as simple as possible.
About 48forty Solutions
48forty Solutions is North America’s largest pallet management solutions provider with a national network of company-owned and operated facilities serving 2,700 customers. The company’s comprehensive pallet solutions include both recycled and custom pallet supply and retrieval, on-site services, reverse logistics, and packaging materials. Through its end-to-end pallet solutions, commitment to transparency, and a better customer experience, 48forty Solutions is Pallet Management Made Simple. Visit www.48forty.com.
Grey Mountain Partners
Grey Mountain Partners is a Boulder, Colorado-based private equity firm that focuses on partnering with management teams to create lasting value through operational improvements and by supporting strategic growth initiatives. The firm invests in lower middle-market companies across a wide range of industries and has approximately $700 million of assets under management. Visit www.greymountain.com.
Lux + Associates