FOR IMMEDIATE RELEASE – March 6, 2023
Ascent Lifting, Inc. (“Ascent Lifting”), a full-service distributor, wholesaler, and fabricator of lifting and rigging products, announced today that it completed the acquisition of Cargo Control USA (“Cargo Control” or the “Company”) on March 1, 2023. Cargo Control is a value-added distributor of cargo control products and accessories including tie downs, hardware, transport chains, load bars, tracks and decking beams. The Company is headquartered in Sanford, NC, where it has served customers since 2004. The combination of Ascent Lifting and Cargo Control creates a powerful platform to deliver value-added solutions to new and existing customers.
“Cargo Control USA is one of the industry leaders in cargo control products. Their team is dedicated to producing the highest quality products with industry best lead times. We are excited to partner with Brian, Denise and the rest of the Cargo Control USA team to expand our offering across the entire Ascent Lifting customer base,” stated Charlie Jaques, Chief Executive Officer of Ascent Lifting.
Brian Davis, President of Cargo Control added, “The Cargo Control USA team is excited to join the Ascent Lifting family. The combination will greatly expand the level of service and product offerings available to our customers.”
Ascent Lifting’s strategy to provide greater service capabilities to customers through geographic and product line expansion is enhanced by the acquisition of Cargo Control. “Cargo Control is a great cultural and strategic fit. The partnership with Cargo Control enhances Ascent Lifting’s product offering and production and warehouse capacity. Going forward, Ascent Lifting will continue to seek acquisitions that grow its product breadth and geographic reach to better serve its customers,” stated Robert Jackson, Principal at Shorehill Capital LLC (“Shorehill”). Shorehill and Ascent Lifting management formed Ascent Lifting in 2022 with the recapitalization of Advantage Sales & Supply and Susquehanna Wire Rope & Rigging, and this marks its first acquisition.
Terms of the transaction were not disclosed.
About Ascent Lifting:
Ascent Lifting is a full-service distributor and fabricator of lifting and rigging products including wire rope, chain, synthetic slings and other related hardware. Ascent Lifting is headquartered in Ridgway, PA and has five locations in Pennsylvania and North Carolina. Ascent Lifting was formed in 2022 by Shorehill in partnership with Charlie Jaques and the Ascent Lifting management team, with the vision of building the leading value-added distributor of rigging products and services throughout the United States. The long-term strategy is centered on building a strong culture, developing operational best practices to support future growth, and expanding Ascent Lifting’s geographic and product breadth both organically and through acquisition. For more information, please visit www.ascentlifting.com.
Ascent Lifting is actively seeking acquisitions. Business owners, executives, and M&A intermediaries are encouraged to contact Robert Jackson and/or Thomas Sigle regarding acquisition opportunities.
About Shorehill Capital LLC:
Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. Shorehill is focused on making equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with EBITDA between $3 million and $15 million and add-ons of any size. Shorehill seeks opportunities with differentiated business models where its experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years Shorehill’s partners have worked with middle market business leaders to accelerate growth and improve operational performance through structured investment management plans. For additional information, please visit www.ShorehillCapital.com.