Farragut Invests in Martin Pallet

CHEVY CHASE, MD – Farragut Capital Partners, Inc. (“Farragut”) is pleased to announce the closing of an investment in Martin Pallet.  Farragut invested subordinated debt and equity in support of the acquisition of Martin Pallet by Burlington Capital Partners (“BCP”), a Chicago-based independent sponsor.

Founded in 1985 and headquartered in Massillon, Ohio, Martin Pallet manufactures and refurbishes specialty wood pallets and shipping crates for a diverse group of manufacturing and industrial customers across Ohio and Pennsylvania.  Martin Pallet is a critical supply chain vendor specializing in custom-sized pallets and crates which maximize warehouse and shipping space for customers.  The investment will enable Martin Pallet to pursue growth initiatives 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 designed to drive operational efficiencies.

Alan Cuthbertson of Farragut said of the transaction, “Martin Pallet is a well-established leader in its market and has developed impressive long-term relationships as a critical supplier to its customers. We’re excited to partner with BCP and the Martin Pallet leadership team in capitalizing on the many opportunities that lie ahead for further growth and value creation.”

BCP’s strategy is intended to preserve Martin Pallet’s culture while providing institutional capital and expertise.  Tim Novak said of the transaction, “We are very excited to partner with a wonderful ownership group that has been committed to a culture of quality, customer service, and employee satisfaction for over 20 years.  Further, the Farragut team has been an excellent complement to the transaction and is a great fit with Martin Pallet’s culture.  We look forward to working with them to drive value.”  Michael Baldwin of BCP added, “We are honored to partner with such a mission-critical company and are excited to invest behind the key BCP themes of critical supply chain inputs and industry fragmentation.  Pallets physically carry 80% of US 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.”

For more information on Martin Pallet, please visit www.martinpallet.com