Burlington Capital Partners, a private equity firm focused on lower middle-market food and manufacturing businesses, has acquired Martin Pallet Inc., a manufacturer and refurbisher of wood pallets and crates.
Founded in 1985 and headquartered in Massillon, Ohio, Martin Pallet serves customers across Ohio and Pennsylvania. The investment works to help Martin Pallet pursue growth inititatives and add-on acquisitions while providing liquidity to the owners. Richard Miller, co-owner and current CEO, will continue to lead sales and business development and BCP partner Tim Novak will assume a CEO role.
“BCP is honored to partner with such a mission-critical company and is excited to invest behind the key BCP themes of critical supply chain inputs and industry fragmentation,” comments Michael Baldwin, a partner at BCP. “Pallets physically carry 80 percent of U.S. commerce and Martin Pallet’s flexibility with sizing, order quantities, and speed to delivery positions it well to support business customers within its serviceable radius.”
Farragut Capital Partners provided debt financing and an equity co-investment in support of the transaction. Fredrikson & Byron PA and Koley Jessen PC served as legal counsel to BCP and its investor group.