CHICAGO — Shorehill Capital LLC announced Tuesday that it has formed Ascent Lifting Inc., which simultaneously completed the acquisitions of a majority interest in Advantage Sales & Supply Co. LLC and Susquehanna Wire Rope & Rigging LLC.
Advantage and Susquehanna are value-added distributors and fabricators of lifting and rigging products including wire rope, chain, synthetic slings and other related hardware. The companies operate from four locations throughout Pennsylvania.
Advantage was founded by Charlie and Kim Jaques in 1996. Since that time, the company has experienced rapid growth including the expansion of its product and service offerings and the addition of Susquehanna in 2009. As part of the recapitalization, the Jaques and several key management team members will have a significant ownership position in the company. Charlie will continue to lead the company as CEO and as a member of the company’s board of directors.
“Shorehill’s experience partnering with founder owned businesses and investing in value-added distribution made them the right partner to support the future growth of the business. It was important that we select a partner that not only could provide strategic guidance but also value our employees and the culture we have built over the years,” said Charlie Jaques.
As a part of the transaction, Brett Woodland, an accomplished industry veteran, will join the team as president of Ascent Lifting and Susquehanna. In addition, Chris Ragot, a former board director for Columbus McKinnon and Terex, will provide strategic guidance as a member of Ascent Lifting’s board of directors.
“We are excited to partner with the Jaques and the rest of the management team in their continued pursuit of growth,” said Robert Jackson, principal at Shorehill. “The company has an excellent reputation for supplying high-quality products and outstanding customer service and we look forward to continuing to expand upon these capabilities.”
Shorehill has extensive experience investing in value-added distribution companies and partnering with entrepreneurs like Charlie Jaques. As a testament to these partnerships, Shorehill has been selected to Inc. magazine’s list of Top Private Equity Firms for Entrepreneurs every year since to 2019.
Twin Brook Capital Partners, LLC provided financing for the transaction. Katten Muchin Rosenman LLP served as legal advisor to Shorehill. Terms of the transaction were not disclosed.
