Detroit’s Huron Capital, a lower-middle-market private equity firm, is combining its Northwest Pallet Holdings with Prime Woodcraft Inc. in Ohio. The combined company will be based in Illinois. Financial terms of the transaction were not disclosed.
“This merger allows us to bring together two great commercial teams and leverage our combined capabilities to more effectively serve our clients,” says Jack Donnell, president and CEO of Northwest Pallet. “We believe Prime’s innovative approach to pallet management solutions, along with Northwest Pallet’s resources and infrastructure, will enable us to provide unique solutions and scale to our customers while continuing to expand the combined business.”
Northwest Pallet, based in Schaumburg Illinois, where the new combined company will be located, has more than 30 years of experience in recycling, manufacturing, and repairing new and used pallets. Prime is a pallet management service provider with nationwide coverage and is based in Ohio.
“Both of our companies have complementary capabilities that fit together nicely and are expected to serve as a growth platform moving forward,” says Ansir Junaid, founder and CEO of Prime. “I’m proud to have been part of building and growing Prime, and I remain committed to ensuring customer relationship success well into our future.”
Donnell will serve as president and CEO of the combined company. Junaid will serve as a board member and significant shareholder in Northwest Pallet. He is expected to be actively involved in the combined company post-closing.
“This strategic merger creates a platform that substantially increases Northwest Pallet’s scale, providing a partner for customers that is among the largest in the marketplace,” says Matt Lacki, vice president of Huron Capital. “The innovative industry approach developed by Prime is expected to add more than just scale to the combined company. Prime’s expertise and customer collaboration is another reason why we are thrilled that Junaid will remain actively involved in the company going forward.”
Huron Capital is an operationally focused firm that works to grow companies through its buy-and-build investment model. Over the past 20 years, it has established six investment funds totaling about $1.8 billion in capital and has completed more than 175 transactions in North America. Huron Capital portfolio companies have had aggregate annual revenues exceeding $3 billion, 15,000 employees, and operated more than 325 facilities.