Suburban Philadelphia sling and rope supplier Slingmax Group has been acquired by a Texas private equity firm, officials announced Tuesday.
The Sterling Group Foundation Fund, an affiliate of the Sterling Group that focuses on lower middle-market companies, purchased Slingmax from Tennessee private equity firm River Associates.
The Aston, Pennsylvania, company — formed through River Associates’ acquisitions of Yale Cordage, I&I Sling and Slingmax — is a designer, manufacturer and distributor of engineered sling and rope solutions, as well as complementary products in lifting, pulling and securing applications. Its products serve a range of industrial end markets, including construction, utilities, infrastructure, mining, marine, and aerospace and defense.
Sterling officials said that the firm would work with Slingmax’s management to “accelerate growth in this next chapter." Terms of the deal were not disclosed.
"We believe Slingmax is the name customers trust when a lift is critical and there is no margin for error,” Foundation Fund Partner Lucas Cutler said in the announcement. “The business is rooted in a commitment to safety and has deep engineering expertise that translates to high-quality performance across an array of end markets.”
"Slingmax has a long history of being an industry leader,” added Slingmax CEO Chris Chrisafides, “and we are thrilled to partner with the Sterling Group to execute our value creation plan for the company."
