SBP Holdings Completes Refinancing Transaction

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SBP Holdings Completes Refinancing Transaction

October 15, 2020

SBP Holding L.P. (“SBP” or the “Company”), a leading industrial distribution platform offering a diverse portfolio of highly engineered products and services to a broad range of customers and end markets, together with certain of its subsidiaries, is pleased to announce that it has completed a refinancing transaction co-led by Atlantic Park Strategic Capital Fund, L.P. (“Atlantic Park”) and The Carlyle Group’s Global Credit platform (“Carlyle”). Carlyle acted as administrative agent. Concurrent with the closing of the transaction, the Company also extended the maturity of its existing revolving credit facility to October 2025. Proceeds from the transaction will be used to fully refinance the Company’s existing indebtedness and provide the Company with capital to support future growth and acquisitions.

The Company was formed in 2012 in conjunction with Singer Equities’ acquisition of Bishop Lifting Products. Since 2012, SBP has completed over 25 acquisitions and has transformed into a national platform.

“We’re extremely excited to partner with Atlantic Park and Carlyle during this next chapter of growth,” said Michael Geist, Chief Financial Officer. “The facility supports our strong balance sheet and financial position. Importantly, the structure also provides additional flexibility and, with the further support of our majority owner AEA Investors, enables SBP to be well-positioned to continue executing our growth strategies as global economies recover.”

Jefferies LLC acted as sole financial advisor to SBP and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor. Davis Polk & Wardwell LLP and Kirkland & Ellis LLP served as legal advisors to Atlantic Park and Carlyle, respectively.

Financial details were not disclosed.

About SBP Holdings

Singer Equities, Bishop Lifting Products and Dakota Fluid Power are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 92 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com, www.singerequities.com, www.lifting.com and www.dakotafluidpower.com.

About Atlantic Park

Atlantic Park is a strategic joint venture between General Atlantic, a global growth equity firm established 40 years ago, and Iron Park Capital Partners, a deeply experienced credit-focused asset manager. Atlantic Park provides capital solutions to address financing needs for high-quality companies seeking a trusted partner. Atlantic Park takes a broad industry focus and partners with companies spanning a number of sectors, including Consumer, Financial Services, Healthcare and Technology, with a focus on companies in the United States and Europe.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.

Carlyle’s $50 billion Global Credit investment platform provides financing solutions that span the credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, the group has provided creative solutions for borrowers and delivered attractive risk-adjusted returns for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 160 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.

About AEA

AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors (“Participants”) and/or join its portfolio company boards or act in other advisory roles. Today, AEA’s approximately 80 investment professionals operate globally with offices in New York, Connecticut, London, Munich and Shanghai. The firm manages funds that have approximately $15 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies and mezzanine and senior debt investments. AEA Private Equity invests across three sectors: value added industrials, consumer, and services.

 

COVID-19 Update

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THE HEALTH AND SAFETY OF EVERYONE REMAINS OUR TOP PRIORITY.  

Like all of you, we are assessing the situation surrounding Coronavirus (COVID-19) and its impact on our business and industry. Please be assured we are committed to maintaining our high level of service, while protecting the health of our employees, our customers and our community. We want to let you know that as of this date we have not had any significant disruption in our supply chain or our ability to service our customer’s requests, orders or shipments.

We continue to carefully reviewed the local, state and federal directives and guidance related to the COVID-19 crisis.  At this time we remain an essential business that must continue its operations.  Our work is critical to ensure continuity of its service and support of essential infrastructure and essential businesses, including health care facilities, food and beverage processing facilities, hospitals, lab facilities, industrial facilities such as municipal water and wastewater treatment facilities that have critical reliance on safe, clean, reliable water.

Besides monitoring the situation, we are also taking the following active measures to reduce the impact to our customers:

  • We are following all recommended strategies issued by the CDC to keep our employees safe and healthy, including allowing employees to work from home whenever possible and rotating shifts to limit person-to-person contact.
  • We are asking our suppliers and customers to limit their visits to our facilities whenever possible as we are committed to maintaining a safe working environment for all of our employees.
  • We are in constant communication with our suppliers in China and Japan to ensure we react immediately to any disruption in our supply chain.
  • We remain readily available to help you address any specific concerns. Our Inside Sales and Outside Sales teams, Service Departments, Accounting and Shipping Departments are all functioning without disruption.
  • We will employ available technologies to provide remote assistance wherever possible.
  • We will remain proactive and update you as necessary.  Please send us an email or call us with any concerns or questions you may have.

In these unique times, our company and our Team joins with everyone to support our community and neighbors. We appreciate your business and understanding during this global health emergency.

Bishop Lifting Products has Finalized the Acquisition of Louisiana Crane & Electrical Services, Inc.

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Houston, Tx – November 8, 2019 – Bishop Lifting Products is proud to announce the completed acquisition of Louisiana Crane & Electrical Services, Inc., headquartered in Broussard, Louisiana.

Louisiana Crane & Electrical Services Inc. is a major regional manufacturer of overhead cranes and mechanical handling solutions.  Louisiana Crane supplies, installs, services and maintains cranes and hoists throughout Louisiana, Arkansas, Texas and beyond.  Started over 20 years ago, Louisiana Crane & Electrical Services was founded on the principle that proper fabrication is the most important part of the crane system allowing them to be the leading crane fabricator in the Southeast.

Louisiana Crane offers 24 hour dispatching, preventative maintenance crane inspections and electrical services.

Harold King, President of Bishop Lifting Products, said “Louisiana Crane significantly expands and diversifies the crane fabrication and service divisions within our Company.  LA Crane will be a strong addition to our footprint in Louisiana.”

“We are certainly excited to become part of the Bishop Lifting Products team,” said Anthony Comeaux, President of Louisiana Crane.  “This acquisition provides for a great opportunity, not only for Louisiana Crane & Electrical Services, Inc., but for our many and loyal customers. This will allow us the opportunity to expand our product line and provide services to a greater region of the country.”

Bishop Lifting operates 7 locations within Louisiana, going to market as Delta Rigging & Tools, Morgan City Rentals, Matex, and Bishop Lifting Products.

 

Bishop Lifting Products, along with Singer Equities and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 98 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at  www.sbpholdings.com, www.louisianacraneandelectrical.com,  www.lifting.com,  www.singerequities.com,  and www.dakotafluidpower.com.

Bishop Lifting Acquires Western Sling & Supply Company

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Houston, Texas — September 26, 2019 – Bishop Lifting Products announces that it has completed the acquisition of Western Sling & Supply Company.  Headquartered in the Denver, Colorado suburb of Sedalia, along with a branch operation in Casper, Wyoming, Western Sling & Supply Company is recognized as one of the leading providers of rigging and lifting equipment in the Rocky Mountain region of the US.  This acquisition expands Bishop Lifting’s presence in the Midwest regions of the US, along with broadening the company’s access to new end markets currently being serviced by Western Sling & Supply,

“Strategically, the acquisition of Western Sling complements and strengthens our existing operations in the Rocky Mountain region,” stated Harold King, Bishop Lifting President.  He also commented that “Western Sling & Supply, and its customers, should benefit from gaining access to the broad range of rental and custom engineered and fabricated lifting products offered by Bishop Lifting.”

Stan Truitt, President of Western Sling and Supply, states, “This union between Bishop and Western solidifies our mutual strengths in the energy, construction and manufacturing markets. We are excited to be part of the plan.”

Bishop Lifting, along with Singer Equities and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX. With 97 locations, SBP provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com, www.Lifting.com, and www.westernsling.com.

SINGER EQUITIES ACQUIRES SHIPYARD SUPPLY

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September 3, 2019

Singer Equities, Inc. has acquired Shipyard Supply, LLC headquartered in Metairie, LA. Shipyard Supply distributes and fabricates metal, industrial and composite hose assemblies, fittings, and industrial supplies out of their locations in Metairie, LA, Houston, TX and Mobile, AL. The business was founded in 1992 and serves a diverse customer base in the general industrial, refinery, petrochemical, marine and construction markets.

President and owner Jeff Wickersham, who has been active in the business, will remain and the business will continue operating under the Shipyard Supply name. “Jeff and his talented team have built a successful hose business by providing exceptional service throughout the gulf region and beyond”, stated Sam Petillo, President of Singer Equities. Adding, “This acquisition expands Singer’s product offering and strengthens our presence in the refinery and petrochemical markets in the gulf region.” Jeff Wickersham stated, “Singer is the right partner to support Shipyard’s core values of providing exceptional customer service and world-class products. Singer’s scale and national footprint will help us better serve our customers”.

Singer Equities has 57 locations specializing in industrial and hydraulic hose, conveyor belt, gaskets, and related services.

Singer Equities, along with Bishop Lifting Products and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 95 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com and www.singerequities.com.

SINGER EQUITIES TO ACQUIRE HYDRAULIC HOSE & ASSEMBLIES

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Singer Equities Agrees to Acquire Hydraulic Hose and Assemblies

Singer Equities is pleased to announce an agreement to acquire Hydraulic Hose and Assemblies of Gorham, Maine. Hydraulic Hose and Assemblies, founded in 1984, is a distributor and fabricator of hydraulic and industrial hose and fittings, in-house cylinder repair and a leading provider of snowplow blades and ground engagement tools in Maine and Eastern New Hampshire.

Joe MulCahy, president and co-owner of HH&A comments, “We are pleased for HH&A to become part of the Singer family of companies.  Singer Equities has a great reputation for allowing companies to continue to do what they do best.  We believe this move is in the best interest of the dedicated HH&A employees, and for the long-term success of HH&A”.

Hydraulic Hose and Assemblies will operate as a division of PRC Industrial Supply and managed under Kevin Easler, Vice President and General Manager for PRC.

“Hydraulic Hose and Assemblies has always had a great reputation in our marketplace”, said Kevin.  “As we continue to grow our fluid power footprint in Maine and New Hampshire they will play an integral part in that expansion.  All of us here at PRC Industrial Supply and Stewart Hunt are excited to have them join our group”.

PRC Industrial Supply is a sales and service company, specializing in conveyor belt, industrial hose, and fluid power components. PRC Industrial Supply has locations in Portland and Bangor, ME., and Burlington, MA. (dba Stewart Hunt).

Singer Equities, along with Bishop Lifting Products and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 89 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.prcindustrial.com, www.singerequities.com and www.sbpholdings.com.

 

Bishop Lifting Products Has Completed the Acquisition of American Wire Rope & Sling

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Houston, Tx – June 14, 2019 — Bishop Lifting Products announces that it has finalized the acquisition of American Wire Rope & Sling (AWRS) headquartered in Fort Wayne, Indiana. Since its founding in 1933, AWRS has been a leader in providing rigging, lifting and overhead crane solutions in the Midwestern region of the United States. With its three locations in Indiana, and thirty-four employees, AWRS is a strong addition to Bishop Lifting Products portfolio of industry leading crane and rigging companies.

“We are excited about the acquisition of American Wire Rope and Sling. AWRS expands our geographic footprint into the upper Midwest area of the country. Moreover, the addition of AWRS enhances our existing capabilities by expanding our overhead crane manufacturing and service capabilities,” said Harold King, President of Bishop Lifting Products. AWRS shares in the Bishop Lifting Products philosophy of providing its customers the highest quality brands in the industry, along with unequaled value-added services, making them an excellent addition to our existing network of rigging companies.

Kyle Howard CEO of ECP American Steel, LLC states, “We are extremely excited to be joining the Bishop Lifting family. Being part of the Bishop Lifting family provides AWRS, and our customers, access to a broader line of lifting and rigging products and solutions. It opens up opportunities to expand into rigging rental and custom designed and fabricated lifting products. We are eager to introduce these new products, services, and solutions to our customers.”

Bishop Lifting, along with Singer Equities and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 92 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com, www.Lifting.com, and www.awrsling.com.

SINGER EQUITIES ACQUIRES 4-STAR HOSE AND SUPPLY

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Singer Equities, Inc. has acquired 4-STAR Hose and Supply headquartered in Dallas, TX. 4-STAR Hose and Supply distributes and fabricates industrial hose, hydraulic hose, metal hose, composite hose, fittings, valves and pumps out of their locations in Dallas, Fort Worth, Midland, Pleasanton and Cleburne, Texas. The business was founded in 1983 and has been owned by Keith, Kelly and Brent Culhane since 1992. 4-STAR has 70 full-time employees and serves a diverse customer base in the oil/gas, steel, chemical and food, and beverage markets.

All three owners, who have been active in the business, will remain and the business will continue operating under the 4-STAR Hose and Supply name. “Keith, Kelly, Brent and their team have built a profitable business by providing exceptional service throughout Texas and the surrounding region”, stated Sam Petillo, President of Singer Equities. Kelly Culhane stated, “The team at 4-STAR Hose is excited to partner with Singer Equities. We’ll be able to leverage Singer’s scale and product offering to better serve our customers.” Brent Culhane added, “Being part of the Singer family will provide new growth opportunities for 4-STAR and our employees. The addition of our five locations will expand Singer’s footprint in Texas.”

Singer Equities, along with Bishop Lifting Products and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 92 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com and www.singerequities.com.

Sam Petillo Begins Term as NAHAD President

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Sam Petillo Begins Term as NAHAD President

Sam Petillo, president of Singer Equities Inc., was recently elected to serve as president of NAHAD, the Association for Hose and Hose Accessories Distribution.

NAHAD is the only trade association dedicated to the hose industry, whose mission is to promote quality, safety, and profitability amongst leading manufacturers and distributors. Petillo assumes the presidency after serving multiple leadership roles with the association, including on the executive committee, the board of directors, and numerous committees.

“I am honored to be a part of NAHAD and to serve as president this year,” said Petillo. “I served on the NAHAD board both as a manufacturer and a distributor, and I feel I bring a unique perspective on the value NAHAD provides related to networking, education, and most importantly, our commitment to hose safety and the Hose Safety Institute.”

Bishop Lifting Has Completed the Acquisition of Woods Logging and Industrial Supply

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Houston, TX – February 1, 2019 — Bishop Lifting Products completed the acquisition of Woods Logging and Industrial Supply based out of Longview, Washington.   Since 1978, Woods Logging has specialized in servicing the logging, marine and construction industries with spooling services, rigging products, wire rope and hydraulic solutions.

“Today’s announcement is continued support of our company-wide goal of geographic and end market diversification,” said Harold King, President of Bishop Lifting.  He continued, “Woods Logging has a long history of professional sales and service within the area, making them a great addition to our team.”

Mick White, President of Woods Logging, states, “We’re excited to join the Bishop Lifting and SBP Holdings family of companies and its large national footprint of companies focused on rigging, rubber and fluid power products.”

This growth will allow Bishop Lifting to continue to expand its national footprint to the Pacific Northwest. From on-site inspections to rigging services and wire rope delivery to marine terminals, Woods Logging provides high performance wire rope for cranes, as well as, wire rope and chain slings for the Logging, Maritime and Construction industries.

Bishop Lifting Products, along with Singer Equities and Dakota Fluid Power, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 86 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com, www.lifting.com, www.singerequities.com, and www.dakotafluidpower.com