Grey Mountain Partners has bought North American pallet repairer and reseller CHEP Recycled Pallet Solutions.
The company is is the largest whitewood pallet recycler on the continent, with a footprint of 73 locations and about 2,400 employees.
Grey Mountain affiliate manager Bill Ross said, “We are excited to announce the acquisition of CHEP Recycled.
“We believe there is a clear opportunity for the Company to better serve its customers as a standalone business, and we will focus on achieving operational excellence across all 73 facilities.
“By partnering with the management team and supporting the business with growth capital and additional resources, we hope to further grow CHEP Recycled, which is already the market leader.”
Lower mid-market-focused Grey Mountain confirmed a $425m hard cap close for its third fund in 2013.
It previously raised $224m for its sophomore fund in October 2010.
The firm invests in North American companies with enterprise values of $30m to $150m, focusing on “difficult or challenged situations” including operational turnarounds and financial restructurings.
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