Shorehill Continues Heavy Lifting at Ascent
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Shorehill Continues Heavy Lifting at Ascent

Twin Brook Capital Partners along with GMB Capital Partners provided financing for the add-on acquisition of CERTEX USA

With the close of the CERTEX acquisition, Ascent Lifting is now a Phoenix-headquartered full-service distributor and fabricator of lifting and rigging products with 38 locations across the United States.

SOURCE: Getty Images

Ascent Lifting, a portfolio company of Shorehill Capital, has completed the add-on acquisition of CERTEX USA.

Ascent Lifting was formed by Shorehill in October 2022 as a platform to acquire sister companies Advantage Sales & Supply and Susquehanna Wire Rope & Rigging. Advantage was founded in 1996 by Charlie and Kim Jaques, and the business acquired Susquehanna Wire Rope in 2009. Pennsylvania-based Advantage and Susquehanna are distributors and fabricators of lifting and rigging products including wire rope, chain, synthetic slings, cargo control, and rigging hardware.

Source: Ascent Lifting

Ascent Lifting’s first add-on acquisition was the March 2023 buy of Cargo Control USA, a North Carolina-based distributor of cargo control products and accessories including tie downs, specialty hardware, chain, binders, wire rope, load bars, winch tracks, and decking beams.

CERTEX, the second add-on for Ascent Lifting, is a distributor of rigging products including wire rope, chain, synthetic slings, and hardware used in the aerospace, military, marine and dry land construction, energy, transportation, utilities, and energy sectors. The company also provides safety training, and mechanical load testing and certification services – up to 8 million pounds in tension or compression – for both new and used rigging. Phoenix-headquartered CERTEX, founded in 1952, operates from 33 branches across 14 states that service a large portion of the United States.

“The strategic and cultural alignment along with industry reputation were an important factor in our decision,” said Dee Schweigert, the CEO of CERTEX and the new CEO of Ascent. “We look forward to executing our shared vision of delivering to our customers, industry leading lifting solutions, quality and safety. Our goal is to be the employer and acquirer of choice in the industry.”

Source: Ascent Lifting

Now in combination with CERTEX, Ascent Lifting is a Phoenix-headquartered full-service distributor and fabricator of lifting and rigging products with 38 locations across the United States.

“The combination of Ascent Lifting and CERTEX creates an industry leading supplier of lifting solutions. The shared vision and commitment to excellence make this partnership incredibly exciting,” said Robert Jackson, a managing director at Shorehill. “We look forward to supporting Ascent in executing its growth strategy, including the pursuit of strategic acquisitions to improve scale in select geographies and to expand into new markets.”

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. In November 2023, Shorehill 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. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital.

Twin Brook Capital Partners and GMB Capital Partners provided financing for this transaction.

Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

© 2024 Private Equity Professional | March 14, 2024

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