Ascent Lifting Strengthens US Presence with Charleston's Rigging Acquisition
Deal News | Feb 04, 2025 | Shorehill Capital LLC
Ascent Lifting, a company owned by Shorehill Capital, announced the acquisition of Charleston’s Rigging & Marine Hardware (CRMH), a strategic move aimed at expanding its market presence in South Carolina. The acquisition, completed on February 3, 2025, marks Ascent's third acquisition and adds two vital operational locations in North Charleston and Columbia. CRMH is known for its distribution and fabrication services in industrial rigging, serving sectors such as defense and manufacturing. The deal emphasizes Ascent’s continued growth strategy, focusing on acquiring businesses to diversify and enhance service capabilities. Legal support for the acquisition was provided by Fredrikson & Byron and Katten Muchin Rosenman LLP, with no financial terms disclosed. This move highlights Shorehill Capital's investment philosophy of partnering with industry leaders to boost operational performance and extend market reach.
Sectors
- Industrial Products and Services
- Private Equity
Geography
- United States – Both Ascent Lifting and CRMH operate within the United States, with Ascent having locations across the country and CRMH based in South Carolina.
- South Carolina – CRMH's operations are located in North Charleston and Columbia, South Carolina, making this geography pivotal in the context of the acquisition.
Industry
- Industrial Products and Services – This industry involves companies that provide industrial-grade products and services, such as lifting and rigging equipment, which is central to both Ascent Lifting and CRMH's operations.
- Private Equity – The acquisition was enabled by Shorehill Capital, a private equity firm specializing in investments in engineered industrial products and services.
Financials
- Not Disclosed – The financial terms of the acquisition were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Shorehill Capital LLC | PE Firm | Company | A Chicago-based private equity firm that invests in industrial products and services. |
| Ascent Lifting, Inc. | Acquirer | Company | A portfolio company of Shorehill Capital focused on lifting and rigging products with numerous locations in the US. |
| Charleston’s Rigging & Marine Hardware | Target Company | Company | A South Carolina-based distributor and fabricator of industrial rigging and safety solutions. |
| Fredrikson & Byron | Legal Advisor | Company | Provided legal advisory services for the acquisition. |
| Katten Muchin Rosenman LLP | Legal Advisor | Company | Also served as a legal advisor for Shorehill and Ascent Lifting during the acquisition. |
| Dee Schweigert | CEO of Ascent Lifting | Person | Oversees Ascent Lifting's operations and growth strategy. |
| Skip Sawin | Co-owner of CRMH | Person | Played a key role in CRMH's decision to partner with Ascent Lifting. |
| Jessica Sage | Co-owner of CRMH | Person | Influential in CRMH's strategic alignment with Ascent Lifting. |
| Robert Jackson | Managing Director at Shorehill | Person | Instrumental in overseeing Shorehill's investment in Ascent Lifting and its growth initiatives. |