Chicago-based Shorehill Capital LLC announced Oct. 4 that it has formed Ascent Lifting Inc., which simultaneously completed the acquisitions of a majority interest in Advantage Sales & Supply Co. LLC and Susquehanna Wire & Rope Rigging LLC. Financial details of the transaction were not disclosed.
Advantage and Susquehanna are 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.
Founded by Charlie and Kim Jaques in 1996, Advantage has since experienced rapid growth, including 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, according to a news release. Charlie will continue to lead the company as CEO and as a member of its 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,” Charlie Jaques said. “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.”
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 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,” Shorehill principal Robert Jackson said. “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.”