48forty Solutions has completed a financial restructuring that reduces its debt by more than 80% and injects $75 million of new capital into the business, according to the company. The transaction, supported by lenders including Antares and KKR, positions the national pallet and pallet management services provider for enhanced long-term stability and operational growth. Investment funds managed by the lenders will become the majority equity holders following the agreement, according to 48forty Solutions.
As part of the transition, CEO Mike Hachtman is retiring from the company. Dave Russell has joined the Board of Directors and been appointed Interim CEO, bringing over two decades of leadership experience in the pallet and container solutions industries, including at IFCO Systems North America. The Board will conduct a search to identify a permanent CEO while Russell ensures continuity for customers and partners.
"We are pleased to complete this transaction and to have support from a leading group of investors," said Jame Donath, Chair of 48forty's Board of Directors.
48forty Solutions is one of the largest pallet management services companies in North America.
