Shorehill Capital, LLC, Chicago, a private equity firm, has formed Ascent Lifting, Inc., which also marks the completion of the acquisitions of Advantage Sales & Supply Co., LLC and Susquehanna Wire Rope & Rigging, LLC.
Advantage and Susquehanna are value-added distributors with four locations throughout Pennsylvania. They are fabricators of lifting and rigging products including wire rope, chain, synthetic slings and other related hardware.
Advantage was founded in 1996 and experienced rapid growth that led to the addition of Susquehanna in 2009. As part of the recapitalization, the founders Charlie and Kim 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.
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.