FOR IMMEDIATE RELEASE – October 4, 2022
Shorehill Capital LLC (“Shorehill”), a Chicago-based private equity firm, has formed Ascent Lifting, Inc. (“Ascent Lifting” or the “Company”), which simultaneously completed the acquisitions of a majority interest in Advantage Sales & Supply Co., LLC (“Advantage”) and Susquehanna Wire Rope & Rigging, LLC (“Susquehanna”). 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,” noted 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 an executive at 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 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.
For additional information, please visit www.AscentLifting.com.
About Shorehill Capital
Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. We are focused on making control equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with EBITDA between $3.0 million and $15.0 million and add-ons of any size. Shorehill seeks opportunities with differentiated business models where our experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years our 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.