M&A Deal Summary

48forty Solutions Acquires CALco

On August 25, 2022, 48forty Solutions acquired forest products company CALco from Strength Capital Partners and Midwest Mezzanine Funds

Acquisition Highlights
  • This is 48forty Solutions’ 2nd transaction in the Forest Products sector.
  • This is 48forty Solutions’ 11th transaction in the United States.
  • This is 48forty Solutions’ 2nd transaction in Illinois.

M&A Deal Summary
Date 2022-08-25
Target CALco
Sector Forest Products
Buyer(s) 48forty Solutions
Sellers(s) Strength Capital Partners
Midwest Mezzanine Funds
Deal Type Add-on Acquisition

Target

CALco

Richmond, Illinois, United States
CALco is a vertically integrated, full-service wooden pallet manufacturer selling both new and recycled pallets to a diverse customer base throughout the Midwest. It operations include a captive hardwood sawmill and landscape mulching capabilities to monetize scrap and unusable pallets. CALco was founded in 2006 and is based in Richmond, Illinois.

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Buyer(S) 1

Buyer

48forty Solutions

Alpharetta, Georgia, United States
Category Company
Founded 1992
Sector Packaging
DESCRIPTION

48forty Solutions is a whitewood pallet recycler recycling over 90 million pallets annually across its network of 73 company locations and more than 225 network facilities. 48forty serves over 2,700 customers, including manufacturers, distributors, and retailers in the distribution & logistics, food & beverage, packaging, durables, and non-durables industries. 48forty Solutions was formed in 1992 and is based in Alpharetta, Georgia.

DEAL STATS #
Overall 12 of 16
Sector (Forest Products) 2 of 2
Type (Add-on Acquisition) 10 of 14
State (Illinois) 2 of 2
Country (United States) 11 of 15
Year (2022) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-06 Girard Wood Products - Pallet Recycling Division

Puyallup, Washington, United States

Girard Wood Products - Pallet Recycling Division is a manufacturer of new and custom pallets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-07 Pallet-Ops

Houston, Texas, United States

Pallet-Ops is a pallet management company serving customers from the largest pallet producers and users in the United States to the lower volume specialty customers. The company's pallet-management services are custom-made to ensure they fit any company's needs. Pallet-Ops was formed in 2011 and is based in Houston, Texas.

Buy -

Seller(S) 2

SELLER

Strength Capital Partners

Birmingham, Michigan, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Strength Capital Partners (SCP) is a private equity firm that specializes in acquiring or providing late stage growth capital to Midwest US based companies. Areas of interest include the manufacturing, distribution, industrial, financial services, infrastructure, and consumer products sectors. The Firm takes a hands-on investment approach, looking to use firm resources and expertise to improve operational performance. SCP will not invest in high technology or internet businesses. Strength Capital Partners has offices in Birmingham, Michigan and Cincinnati, Ohio.

DEAL STATS #
Overall 9 of 10
Sector (Forest Products) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Illinois) 1 of 1
Country (United States) 9 of 10
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-18 Western States Reclamation

Frederick, Colorado, United States

Western States Reclamation is a provider of environmental and specialty civil contracting services with a focus on projects involving the preservation and protection of water resources. Western States Reclamation was founded in 1983 and is based in Frederick, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-23 Kansas Golf & Turf

Lenexa, Kansas, United States

Kansas Golf & Turf is a distributor and dealer of golf cars, turf / lawn equipment, and utility vehicles to various customers including golf courses, commercial businesses, municipalities, and individuals. Kansas Golf & Turf was founded in 1992 and is based in Lenexa, Kansas.

Buy -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 51 of 56
Sector (Forest Products) 1 of 1
Type (Add-on Acquisition) 21 of 24
State (Illinois) 7 of 7
Country (United States) 50 of 55
Year (2022) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-18 Western States Reclamation

Frederick, Colorado, United States

Western States Reclamation is a provider of environmental and specialty civil contracting services with a focus on projects involving the preservation and protection of water resources. Western States Reclamation was founded in 1983 and is based in Frederick, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-28 Transhield

Elkhart, Indiana, United States

Transhield designs and manufactures highly engineered environmental protective and corrosion-inhibiting covers that protect boats, vehicles, military equipment, and equipment during storage and transportation. Transhield was founded in 1994 and is based in Elkhart, Indiana.

Sell -
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