Altamont buys Bishop Lifting Products

Altamont Capital Partners has acquired Houston-based Bishop Lifting Products, a distributor of lifting products and solutions, from SBP Holdings. No financial terms were disclosed. Jefferies, LLC acted as financial advisor to Altamont on the deal.

PRESS RELEASE

Palo Alto, CA – Altamont Capital Partners (Altamont) today completed its acquisition of Houston-based Bishop Lifting Products, Inc. (BLP) – a market-leading, value-added distributor of lifting products and solutions –from SBP Holdings. The transaction encompasses the entire BLP business.

Altamont’s approach is to invest in companies with strong business models and great teams that have opportunities for tremendous growth. Altamont has extensive experience partnering with middle-market companies like BLP, supporting management and providing resources to enable them to grow and succeed.

“We are thrilled to join with the BLP team to solidify their position as a leading value-add distributor of lifting and rigging products and position the company for near- and long-term success,” said Randall Eason, Managing Director at Altamont. “As a market leader with a strong core product and service offering, a track record of successfully integrating prior acquisitions, and a world-class team, the partnership between BLP and Altamont is a great fit.”

“We are excited by this partnership and look forward to working with Altamont to strengthen and grow our business,” said Harold King, CEO of BLP. “We are in a great position to build and improve upon the areas of our business that are already thriving as we continue to provide excellent service and products for all of BLP’s clients.”
As part of the transaction, King will continue as CEO of BLP going forward and BLP will retain all its current employees.

“The partnership between Altamont and BLP will allow us to build from the robust foundation that has already been laid by Harold and the rest of the team. We’re excited to support BLP’s current operations while also looking to grow stronger through adding new customers, end markets, and capabilities, including through the pursuit of strategic acquisitions,” added Chase Beeler, Principal at Altamont.

Jefferies, LLC acted as financial advisor to Altamont. PricewaterhouseCoopers, LLC served as accounting advisor to Altamont for the transaction and Ropes & Gray, LLC and Morrison & Foerster, LLC served as their legal advisors.

About Bishop Lifting Products, Inc.
Founded in 1984, Bishop Lifting Products, Inc. (BLP) is one of the largest providers of wire rope, slings, rigging, and related products in the United States. Bishop’s dedicated employees help leading companies across all industries solve their lifting and industrial needs. Presently, there are 26 strategic branches located across the country that allow customers to have the advantage of accessing Bishop’s large breadth of products from any location. In addition to Bishop, the BLP family of brands includes Delta Rigging and Tools, Morgan City Rentals, Matex, Woods Logging, American Wire Rope and Sling, Western Sling, and Louisiana Crane.