Bishop Lifting Products (BLP), a portfolio company of Altamont Capital Partners, has acquired Westech Rigging Supply and Silver State Wire Rope and Rigging.
BLP’s product line includes wire rope, slings, rigging, and related products that are sold under a range of brands, including Delta Rigging and Tools, Morgan City Rentals, Matex, Woods Logging, American Wire Rope and Sling, Western Sling, Louisiana Crane, and All-Lifts.
Houston-headquartered BLP, led by President Harold King, was founded in 1984. Altamont acquired Houston-based BLP in April 2022 from SBP Holdings, a portfolio company of AEA Investors.
Westech Rigging has more than 10,000 SKUs of products, including arborist and tree gear, blocks and pulleys, wire rope and cabling, rigging devices and hardware, rope and cordage, slings, and safety supplies. The company, with locations in Eugene and Salem, Oregon, was founded by the Anderson family in 1956 and is today led by its owner, Nick Anderson. Post-closing, Mr. Anderson will join BLP as its Director of eCommerce.
BLP’s other recent add-on acquisition, Silver State, was founded in 1991 and originally supplied products to Nevada’s and California’s mining, industrial, and construction sectors. Today, the company also supplies rigging and safety equipment to the entertainment sector. Like BLP and Westech, Silver State’s products include wire rope, cable, slings, hoists, netting systems, specialized cable assemblies, and rigging hardware. The company also provides certification and repair of overhead and mobile cranes, field rigging services, and non-destructive wire rope testing. Silver State operates two 20,000 sq. ft. facilities in Las Vegas and Elko, Nevada, and is led by General Manager Pete Rogers and Operations Manager Andrew Rogers.
Under Altamont ownership, Westech and Silver State are the second and third add-ons for BLP and follow the August 2022 add-on buy of All-Lifts, an Albany, New York-based fabricator of wire rope slings, synthetic slings, alloy chain slings, and below-the-hook lifting devices. Overall, the acquisitions of Westech and Silver State are BLP’s ninth and tenth add-ons since the company launched a consolidation strategy in 2012.
With the buys of Westech and Silver State, BLP now has 30 locations across the United States. “We’re excited to continue our growth through acquisition as we reach the milestone of 30 locations to serve our customers,” said Mr. King. “Westech expands on our service of the logging, utility, and related industries in the Northwest.”
Altamont invests equity of $15 million to $150 million in companies that have up to $100 million of EBITDA. Sectors of interest include business services, healthcare, consumer and retail, industrials, and financial services. The firm was formed in 2010 by Randall Eason, Jesse Rogers, and Keoni Schwartz, who previously worked together at Golden Gate Capital and Bain & Company. Today, the firm has $4.5 billion of capital under management and is based in Palo Alto, California.
© 2022 Private Equity Professional | October 11, 2022
