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Stellus Provides Unitranche Financing in Support of Bishop Lifting Products’ Add-on Acquisition of General Work Products
May 09, 2023SHARE
Houston, TX – May 9, 2023 – Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates provided senior debt financing and an equity co-investment in support of Bishop Lifting Products, Inc. (“BLP” or the “Company”), a portfolio company of Altamont Capital Partners (“Altamont”), on its acquisition of General Work Products (“GWP”), which provides customers across the country with timely and cost-competitive access to safety-critical cordage, rope, and fall protection products.
The acquisition of GWP is Bishop’s twelfth acquisition since 2012 and is the fifth add-on acquisition since Altamont acquired the platform in February 2022. This partnership expands Bishop’s geographic footprint and further enhances the Company’s e-commerce platform. Post-acquisition, GWP will keep its branding and its teams across their five existing locations in California, Texas, Louisiana, and New York.
“We are excited to partner with GWP and appreciate Stellus’ support on this transaction,” said Chase Beeler, Principal at Altamont. “We value our partnership with the Stellus team as we continue to execute on BLP’s strategy to become the country’s leading provider of lifting products and services.”
Adam Pollock, Managing Director at Stellus, added, “since the deal’s inception, the Altamont and BLP teams have successfully executed their investment thesis to build scale and expand geographic scope and service offerings. We look forward to supporting their continued growth.”
For inquiries related to this Press Release, please contact:
Adam Pollock
(713) 292-5407
apollock@stelluscapital.com
