48forty Solutions Completes Acquisition of Pallet-Ops

Houston, TX - 48forty Solutions ("48forty"), a leading national provider of recycled pallets and pallet management services, today announced that it has acquired Texas pallet management leader Pallet-Ops ("Pallet-Ops" or the "Company"). The terms of the transaction were not disclosed. 48forty is a portfolio company of Audax Private Equity and Summit Partners.

Established in 2011, Pallet-Ops services customers across the southwestern region of the United States, offering a variety of sizes of recycled, remanufactured, and custom wooden pallets at competitive prices. The Company's services include pallet retrieval, lease pallet management, and pallet repair and return. CEO John Maclay founded Pallet-Ops in 2011 with a vision of bringing a professional commitment to providing the highest service levels to their customers with the most "dynamic of pallet solutions," focusing on consistent quality and performance. Pallet-Ops has three locations strategically located in the San Antonio, Dallas, and Houston markets, making them one of Texas's largest, most efficient pallet services providers. The Pallet-Ops management team has more than 70 years of combined experience and prides itself on its sustainability initiative toward a zero-waste environment for its community and 170 employees. The Company owns and operates 386 trailers, and the facilities are situated on 34 acres and 137,000 square feet of property across its three Texas locations.

Mike Hachtman, CEO of 48forty, remarked, "Acquiring this customer-focused business with a strong presence in three major markets in Texas ensures more seamless service to our customers in the region. We know Pallet Ops will fit right in with 48forty operationally and culturally."

Leon Nutt, President, Pallet-Ops, said, "Joining 48forty will benefit our customers geographically and synergistically. We are excited about the acquisition and the opportunity to expand our network and create greater opportunities for our employees."

ABOUT 48forty Solutions
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of 237 facilities, including 60 company-owned and operated pallet recycling plants, 160 onsite and 12 reverse logistics centers, 5 sorting centers, 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. We also operate one of the nation's largest private fleets of over 6,500 trailers and over 400 power units. For more information, visit www.48forty.com or follow us on LinkedIn.

About Pallet-Ops
Pallet-Ops was established to bring a professional commitment to providing the highest service levels to its customers. The Pallet-Ops management team has over 70 years of combined experience servicing customers from the largest pallet producers and users in the United States to the lower volume specialty customers. As green and sustainable practices have evolved throughout unitized shipping, customers' needs have created a demand for value-added services that enhance their supply chain. Pallet-Ops pallet-management services are custom-made to ensure they fit any company's needs. With exceptional customer service and dedication to providing low-cost pallet solutions, Pallet-Ops has become a sustainable pallet industry leader. For more information, visit www.pallet-ops.com or follow us on LinkedIn.