48forty Solutions Completes Acquisition of CALco Pallets

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

CALco is a pallet management company established in 2007 by brothers Matt and Greg Calhoun, the Company's first two employees. CALco has grown steadily over the last 15 years and employs nearly 300 people across the Midwest today. The Company focuses on new and recycled pallets and mulch production, and its services include onsite pallet sortation, recycling, and repair. CALco has three centrally located facilities in the northern Midwest to conveniently service customers locally and nationally. The Company's two manufacturing facilities are located in Chicago and Richmond, IL, and its lumber mill, which produces all the hardwood material used in the new pallet manufacturing process, is located in Bryant, WI. The three locations have a combined total of 263,000 square feet and sit on 136 acres. In addition, CALco owns and operates over 550 trailers. CALco has been a portfolio company of Strength Capital since 2019.

Mike Hachtman, the CEO of 48forty, remarked, "This acquisition further expands our footprint in the Midwest and creates significant operational opportunities for 48forty. Greg and Matt have run CALco with integrity and transparency, leading a great team of employees who will contribute greatly to 48forty's success."

Greg Calhoun, Co-Owner of CALco, said, "Matt and I are excited about our new partnership with 48forty. In the toughest pallet region in the country, our combined strengths will present endless opportunities within the Chicago/Milwaukee market."

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 CALco PalletsCALco Pallets was established in 2007 and is owned and managed by brothers Matt and Greg Calhoun, who were the Company's only employees when they opened their doors. They have since grown their workforce to almost 300 employees. CALco focuses on new and recycled pallets and mulch production and operates a lumber mill, which provides the wood needed for its manufacturing business. CALco has three centrally located facilities in Chicago, Richmond, IL, and Bryant, WI. The northern Midwest locations allow them to conveniently service customers locally and nationally. CALco prioritizes customers' needs above all else. For more information, visit www.calcopallets.com.