TORONTO--(BUSINESS WIRE)--Paramount Pallet, a 48forty Solutions Company and a leading national provider of recycled pallets and services, today announced that it has acquired Industrie de Palettes Standard (I.P.S.) inc. This is the first acquisition Paramount has completed. The terms of the transaction were not disclosed.
Founded by Raed Bechara in 1997, IPS services retailers and manufacturers in the Montreal, Quebec, region with pallet repair and pallet modification. Almost 100% waste-free, the 40,000 square foot manufacturing facility includes automated handling technology for dismantling and refurbishing used pallets to new-pallet standards. A fleet of 65 trailers for the removal, delivery, and mobile storage of pallets at customers' locations creates a unique offering that other pallet recyclers in the region cannot provide. The facility sits on a 200,000 square foot property and has ample storage space for different types of ready-to-go pallets, so customers have access to pallets when and where they need them. IPS is run by Raed Bechara, President, who founded the company.
Mark Sura, Paramount Pallet President, said, "I am very excited about IPS being Paramount's first acquisition which not only broadens Paramount's footprint in Quebec, but it also enhances our services to manufacturers and retailers alike. We will better serve our customers with an experienced, best-in-class team with strong customer relationships in the Quebec market. We welcome Raed and his expert team to Paramount Pallet!"
Raed Bechara, IPS, added, "Forming a partnership with one of Canada's greatest and largest pallet solutions company ensures our customers will have more access to supply to keep their supply chains moving. Joining forces with a well-respected team that puts their employees and customers above all else, made this an easy and strategic decision. I am honored to be a part of this great team of industry professionals."
Mike Hachtman, 48forty CEO, said, "Expansion in the Canadian market is something we have long been exploring, and the strategic purchase of IPS enhances Paramount's service and commitment to its customers in the region due to its broad range of services. We are very excited about our transaction with IPS and Raed Bechara and feel that our common interests of taking care of our employees and customers will only make Paramount Pallet stronger, especially under Mark Sura’s leadership."
ABOUT Paramount Pallet
Paramount Pallet is the largest full-service pallet solutions company in Canada, with a national network of six company-owned and operated facilities, 200 employees, and more than 40 years in business. We provide pallet services to hundreds of customers across various industries throughout Canada and the United States.
ABOUT Industrie de Palettes Standard (I.P.S.) Inc.
Headquartered in Laval, Quebec, IPS is a pallet recycling and repair company with 200,000 sq. feet (see note above) of operational space. The operation is almost 100% waste-free, has 65 company-owned trailers and 40 employees, uses unique automation for sorting and repairing pallets, and offers its customers a broad range of other services. Raed Bechara is the President, and founder of IPS, started in 1997.
