Slingmax Group, based in Aston, Pennsylvania, is a manufacturer of engineered slings, ropes and related products for lifting and securing applications. The Sterling Group Foundation Fund has acquired Slingmax from River Associates for undisclosed terms. Headquartered in Aston, Pennsylvania, Slingmax designs, manufactures and distributes synthetic and wire rope slings, high-performance ropes and complementary products.
It is the parent of Slingmax Rigging Solutions, I&I Sling and Yale Cordage. Its end markets include utilities, power generation, working at height, civil and transportation infrastructure, aerospace and defense, marine, mining and construction. Lucas Cutler, a partner of the Foundation Fund, stated the firm believes Slingmax is the name customers trust when a lift is critical and there is no margin for error.
The Foundation Fund draws on Sterling's operational capabilities and industrial experience to back lower mid-market companies. Its other portfolio companies include Premier Tire and Service, Compost 360, Russell Landscaping, Overhead Garage Door, American Glass Services and The Scruggs Companies. Founded in 1982, Sterling invests in basic manufacturing, distribution and industrial services companies and has approximately $9 billion of assets under management.
It has sponsored the buyout of 79 platform companies and numerous add-ons, with a total transaction value of more than $27 billion. Latham & Watkins served as legal adviser to the Foundation Fund. Piper Sandler served as financial adviser to River Associates.
Source: PE Hub · Summarized by HeadlinesBriefing