Detroit-based Huron Capital has made an additional equity investment in Northwest Pallet Holdings LLC, combining its pallet solutions platform company with Brunswick, Ohio-based Prime Woodcraft Inc. The combined company will be headquartered in Schaumburg, Illinois, which is where Northwest Pallet is headquartered. Financial terms of the transaction were not disclosed.
Northwest Pallet has been in business for more than 30 years recycling, manufacturing and repairing new and used pallets of various shapes and sizes. Prime is a pallet management service provider with nationwide coverage.
“This merger allows us to bring together two great commercial teams and leverage our combined capabilities to more effectively serve our clients,” Northwest Pallet President and CEO Jack Donnell said in a statement. “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.”
Donnell will serve as president and CEO of the combined company while Prime founder and CEO Ansir Junaid will serve as a board member and significant shareholder in Northwest Pallet.
“I’m confident in the choice to partner with Northwest Pallet, a Huron Capital portfolio company, for several reasons. Both of our companies have complementary capabilities that fit together nicely and are expected to serve as a growth platform moving forward,” said Junaid, who will be actively involved in the combined company post-closing. “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.”
Huron Capital Vice President Matt Lacki added: “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. 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.”