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Stellus backs Altamont’s BLP buyout

Stellus Capital Management has provided senior debt financing and and equity co-investment to back Altamont Capital Partners' investment in Bishop Lifting Products, a provider of wire rope, slings, rigging and related products in the U.S.

Stellus Capital Management has provided senior debt financing and and equity co-investment to back Altamont Capital Partners’ investment in Bishop Lifting Products, a provider of wire rope, slings, rigging and related products in the U.S. No financial terms were disclosed.

PRESS RELEASE

Houston, TX (March 22, 2022) – Stellus Capital Management, LLC (“Stellus”), a leader in lower middle market direct lending, announced today that its affiliates provided senior debt financing and an equity co-investment in support of Altamont Capital Partners’ (“Altamont”) investment in Bishop Lifting Products, Inc. (“BLP” or the “Company”).

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

“We are excited to partner with BLP and appreciate Stellus’ support on this transaction,” said Chase Beeler, Principal at Altamont. “We look forward to continuing our partnership with the Stellus team as we grow the BLP platform.”

Adam Pollock, Managing Director at Stellus, added, “We appreciate our longstanding relationship with Altamont and the opportunity to support them again, along with BLP management on this platform build. The Company’s market leading position, significant product and end market breadth, and highly differentiated service orientation and mindset position it well for continued growth.”

About Stellus Capital Management
Stellus was founded in 2012 when it spun out of the Direct Capital Unit of the D. E. Shaw group. Stellus’ senior team, which helped create the Direct Capital Unit in 2004, has been investing together in the middle market for 18 years. Stellus focuses on a range of industries, including Business Services, Consumer & Retail, Healthcare, Industrials, and Media & Technology. Since 2004, the Stellus team has deployed over $8 billion into more than 350 middle market companies, developing a broad and deep expertise in this segment of the private investing market. Stellus currently has approximately $2.4 billion in assets under management, with offices in Houston, TX, the Washington, D.C. area, and Charlotte, NC. Learn more at www.stelluscapital.com.