Press Release - 48forty Solutions Announces Financial Restructuring and CEO Transition
For immediate release: January 15, 2026
48forty Solutions Announces Financial Restructuring and CEO Transition
Transaction Strengthens Operational Stability and Positions Company for Future Growth
Seasoned Executive with over 20+ years of Industry Experience to Join as Interim CEO
Houston, TX - 48forty Solutions ("48forty"), a leading national provider of recycled pallets and pallet management services, today announced the completion of a financial restructuring designed to enhance long-term stability, improve operational efficiency, and support ongoing commercial growth initiatives. The restructuring reduces the company’s debt by over 80% and injects $75 million of new capital into the business. Under the terms of the agreement, investment funds and accounts managed by the company’s lenders, including Antares and KKR, among others, will become majority equity holders.
Mike Hachtman will be retiring and is therefore stepping down from his role as 48forty’s CEO. Dave Russell, who has served as a Board observer for the company, has joined the Board and has been appointed Interim CEO of 48forty while the Board conducts a search to identify a permanent CEO. Dave brings more than twenty years of experience serving in leadership and advisory roles in companies across the pallet and container solutions industries, including at IFCO Systems North America. Mike will work closely with Dave to ensure a smooth transition.
“We are pleased to complete this transaction and to have support from a leading group of investors. We appreciate Mike’s contributions to helping us get to this important moment and wish him the best in his future endeavors,” said Jame Donath, Chair of 48forty’s Board of Directors. “Having an industry veteran of Dave’s caliber stepping into the Interim CEO role gives us confidence that 48forty is in the right hands as we search for its next leader.”
“I’m pleased to step into the role of Interim CEO at this important moment for the Company,” said Dave Russell. “With the restructuring now complete, the business has a more stable financial foundation and greater flexibility to move forward. My focus will be on supporting the team, maintaining continuity for our customers and partners, and helping position the Company for its next phase.”
“It has been a privilege to lead 48forty over the last five years, and I’m proud of the work the team has done to complete this transaction,” said Mike Hachtman. “I want to thank our employees, customers, and partners for their commitment and support and look forward to seeing the progress and achievements that 48forty makes in the years to come.”
ABOUT 48forty Solutions:
48forty Solutions is one of the largest pallet management services companies in North America, with a national network of over 250 facilities, including 77 company-owned and operated pallet recycling plants, 160 onsite locations, 14 reverse logistics centers, 4 sorting centers, and more than 850 service providers. 48forty offers comprehensive pallet solutions, from supply to retrieval, including new and custom pallets, as well as reverse logistics services. We also operate one of the nation's largest private fleets of 7,500 trailers and tractors. 48forty is backed by several investment groups, including Antares and KKR.
For more information, visit www.48forty.com or follow us on LinkedIn