Shorehill Capital has held a final, oversubscribed closing of its second fund, Shorehill Private Equity II LP, with $260 million in capital commitments, exceeding its $250 million target.
Chicago-based Shorehill makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values ranging from $20 million to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital.
Limited partners in Fund II include investors from Shorehill’s first fund, new investors, and members of Shorehill’s Executive Advisor Network.
“We are grateful for the strong support shown by Fund I investors and we are excited to welcome Fund II’s new investors. We have a core philosophy of ‘Shared Success’ which runs from our investors to our portfolio companies to the Shorehill team,” said Mr. Hawkins. “We look forward to advancing these partnerships and working to deliver attractive returns.”
Fund II has invested in one portfolio company so far with the formation of Ascent Lifting in October 2022 to acquire sister companies Advantage Sales & Supply and Susquehanna Wire Rope & Rigging. Ascent Lifting was rolled into Fund II in tandem with its first close in early 2023.
Both Advantage and Susquehanna are distributors and fabricators of lifting and rigging products including wire rope, chain, synthetic slings, cargo control, and rigging hardware. Ascent operates from four Pennsylvania locations with a headquarters facility located 110 miles northeast of Pittsburgh in Ridgway, Pennsylvania.
In March 2023, Shorehill added-on to the Ascent platform with the buy of Cargo Control USA, a North Carolina-based distributor of cargo control products and accessories including tie downs, hardware, transport chains, load bars, tracks and decking beams.
For the raising of Fund II, Snowbridge Securities was the financial advisor to Shorehill and acted as its exclusive placement agent with regard to certain limited partners. Kirkland & Ellis provided legal services.
© 2023 Private Equity Professional | November 21, 2023
