To: Our Friends, Colleagues, Supplier Partners and Supporters
Of the 225 SBP Holdings employees in the Houston area, 42 were directly impacted; 12 of whom experienced significant damage to their property. Many of these employees and their families were displaced from their homes for several days and personal property / vehicles were destroyed.
The “Go Fund Me” account created for donations to support the SBP Employees Hurricane Harvey relief effort generated a greatly appreciated outpouring of support. The compassion and generosity of our co-workers, supplier partners, industry colleagues, Board members and our AEA Investors equity partners has been tremendous. We are pleased to announce that over $104k was collected. These generous donations made it possible for us to provide assistance to all 42 employees impacted at Bishop Lifting Products, Delta Rigging & Tools and National Hose.
We are creating the SBP Holdings Foundation to continue our path of protecting our teammates in the event of future disasters and extend our outreach to protect our most valued assets.
On behalf of all the employees at SBP Holdings and especially the 42 families that received your donations, we would like to express our heartfelt thank you for your generosity. We continue to appreciate and value your partnership and support!
To: Our Friends, Colleagues, Suppliers and Supporters
Over 6 million people occupy roughly 2200 square miles of Houston and in the recent days we all have felt the wrath of Hurricane Harvey. With over 50” of rainfall in a matter of days the area has seen unprecedented flood levels and a potential overall cost estimated at $160B!
We continue to send our thoughts and prayers to everyone that has been affected by this tragic event. SBP Holdings, parent company of Bishop Lifting Products, Delta Rigging & Tools, National Hose & Accessory, and Morgan City Rentals has several locations within the affected area – the following is an update for our group:
National Hose & Accessory Prior to the storm making land a NHA text group was created to track all employees and their status. Several employees have been displaced and many have realized damage to their homes and vehicles. That said, by utilizing the text group, we were able to confirm that all team members were safe.
– NHA reopened for business on Wednesday, August 30th. In addition to reopening to customers in need, NHA is now working with local officials to utilize our location as a donation drop-off for supplies. We are currently in need of diapers, toys and non-perishable food.
– “I can’t express the pride I have in our team at National Hose! We were fortunate to only have minor damage to our Pasadena location. We are up and operational with employees that have already secured their family, friends, and homes. We stand ready to assist those in need and are very proud of all of our neighbors here on the gulf coast!” – Mike Johnson – NHA GM
– Bishop Lifting Products Prior to the storm BLP management implemented a thorough communication plan including a phone number to call for updates as well as constant updates to the company Facebook page. During the storm, a daily internal email was sent to update employees. We have confirmed that our employees are safe, however, many have water damage to their homes and cars and a few have lost everything.
– The Houston BLP office reopened for business on Thursday, August 31. We are moving production to other locations and BLP locations are working together and utilizing inventory within our groups to minimize impact to our customers. Our goal is to do everything possible to help our customers meet project deadlines. – “Thank you for your patience as our company returns to normal business. Our thoughts and prayers are with those that have been adversely affected. Our group will be organizing a way to contribute / assist those in need in the near future” – Harold King – President BLP
SBP Holdings has established a dedicated relief fund to support the needs of its employees who have been adversely impacted by Hurricane Harvey and will match all donations made by SBP employees through September 22, 2017.
To make a confidential donation please visit https://www.gofundme.com/sbpblp-employees-flood-relief
Donations made to this initiative will go directly to SBP Holdings personnel affected by the storm. Your donations will help support these employees and their families through the challenges of recovering and rebuilding.
Our team at SBP Holdings appreciates your partnership and support. We will continue to monitor the situation at all our locations and will send out further updates as needed. Sincerely,
SAN ANTONIO—For SBP Holdings, parent of rubber goods distributor Singer Equities Inc., it was a big deal when it boosted the size of its corporate staff by 33 percent.
That’s right, it went from three employees to four at the start of the year when it appointed Pete Haberbosch to the newly created post of vice president of business development. He will help find potential acquisition targets for Singer and also for Bishop Lifting, SBP Holdings’ other vertical business that focuses on goods and services for rigging and crane applications.
Haberbosch joined the CEO, chief financial officer and a controller as the only corporate employees for SBP—and they all work out of different locations.
But that’s not surprising because SBP and its verticals have stuck to a decentralized business approach as it has grown significantly, aided by 19 acquisitions made since 1999.
For example, the Singer Equities vertical has about 500 employees—roughly the same as Bishop Lifting—and operates from 38 locations that do business under 10 platform companies that have come to Singer through its string of purchases. Its operations boast more than 100 hydraulic crimpers, 642,000 square feet of facility space and hold $39 million worth of inventory, according to the firm’s website.
The Singer businesses serve a wide variety of markets, focusing on goods and services related to hydraulic, industrial, composite and metal hose; heavy and light weight conveyor belting; and rubber and metallic gaskets.
The organizational changes were prompted by the retirement late last year of Otis Dufrene from day-to-day operations, though he will remain active as chairman and a board member. That meant that Don Fritzinger moved up to Dufrene’s role as president and CEO of SBP Holdings, with Sam Petillo taking over Fritzinger’s prior role as Singer Equities president, and Haberbosch moving to his new position.
“We run very decentralized, but we’re in a position where we have this talent we’ve moved in over the years who have been a very quick learn and moved them into areas they can make decisions,” Fritzinger said.
One of Singer Equties’ main areas of business is supplying products and services related to conveyor belting. Fritzinger, Petillo and Haberbosch spoke about the company, its reorganization and future plans during the recent NAHAD annual convention in San Antonio.
Drawing from manufacturing
Both Petillo and Haberbosch joined Singer Equities after careers on the manufacturing side of business, as have some other Singer Equities recruits in recent years.
Petillo joined in late 2013 after 16 years in manufacturing, first with Saint-Gobain focusing on plastics and silicone, and then 8½ years at Goodyear Engineered Products/Veyance Technologies dealing with industrial and hydraulic hose. Haberbosch was hired about six months later, following 10 years with Gates Corp. and six with Fenner.
Both ran a number of platform businesses within the group before taking on their current positions.
“They were individuals we knew and we felt very comfortable with,” Fritzinger said. “They just happened to be working for manufacturers. It wasn’t that we made a decision to raid the manufacturing ranks. We just wanted the right people.”
Petillo was brought in as a regional manager, but Fritzinger said they knew he wouldn’t be in that slot for long. “We did know that with Sam overseeing three operations and Pete overseeing two, they essentially got to learn the operations and the fiscal management of the business,” Fritzinger said. “That’s the fundamental blocking and tackling that’s necessary.”
Petillo said coming from a manufacturing atmosphere he could see things from a larger view. As the Singer Equities portfolio grew, he said Fritzinger needed somebody to come in from an operations standpoint and make things more efficient.
“We were operating in silos,” Petillo said. “We started benchmarking. We also started sharing some products, technologies and the talent within the organization. That’s why Don brought me in, so I could take that different viewpoint from the manufacturing sector, and bring that to the Singer Group.”
Haberbosch started his career as an engineer in the auto industry, but didn’t enjoy it. So he moved into sales and marketing from there. He noticed that when working for a large manufacturer you often have a team of people you manage on projects. “In distribution, I’ve gotten involved in so many different things—deeper into human resources, and payroll,” he said. “There aren’t a fleet of people to do things for you. So we as general managers at this level, it’s amazing what we get into, and that’s the big difference.”
Petillo added that distribution is far more complex than he expected. It’s not just managing the wide variety of products distributors have to sell, but also the supply chain aspect and relationships with vendors. “With an organization like Singer, it got more complex the more acquisitions we made,” he said. “We added new vendors, we added new sales talent and more inventory to manage in the different supply chains.”
For example, two of its more recent acquisitions—Unisource Manufacturing out of Portland, Ore., and Future Hydraulik Inc. headquartered in Laval, Quebec—both have their own private brand products. “That brought on two different private brands, new supply chain channels and a new channel to market,” Petillo said.
One of Singer’s newer services is the OnGuard™ program, first developed about 1½ years ago for hose management, and launched earlier this year for conveyor belting.
OnGuard™ is about tagging, tracking and testing of hose and conveyor belting, Petillo said. “It’s a cradle-to-grave asset management system,” he said.
The service tracks how long a product has been in the field, but also has automatic alerts set up based on discussions with the end user on how long they want the hose or belt to be in use before it gets tested, re-certified or inspected. That is followed up with an inspection or on-site testing.
Singer provides products and services to the hydraulic and industrial hose industry. Petillo said on the hose side more than 100 customers are using OnGuard™, with more than 15,000 hoses being tracked. The customers mostly are focused on chemical, oil and gas, and food and beverage applications.
For belting, Singer already is tracking products for at least seven customers since the launch.
Sticking to business model
One thing Haberbosch will concentrate on in his new role is to search for a third vertical business to go along with Singer Equities and Bishop Lifting. One possibility, he said, is hydraulic repair.
In looking for potential acquisition targets, he said they asked the prior owners why they decided to sell to the SBP Holdings vertical. The results were what they hoped to hear: the owners didn’t want to see their brand go away and they wanted to make sure their employees were taken care of. “Several of them wanted to either invest in our team and continue to work, so we gave them that option as well,” Haberbosch said. “Flexibility is what we hear over and over, and most of them still work with us.”
Fritzinger said there are no plans to go away from the decentralized business model. He knows there are arguments to centralize a lot of business aspects, but he said Singer has been able to do some things in terms of purchasing power while still giving the field staff autonomy. In addition, they are using cloud-based, third-party software that gets financial reporting from all the 10 business platforms on the rubber side of the business within four days of the end of the month.
“We’ve built other pieces in place where we have total visibility into each other’s inventory,” Fritzinger said. “So we’ve overcome that where it’s no longer a potential weakness, but we view it as a strength.”
Petillo said while some larger firms spend on a headquarters and high-level management teams, SBP puts the funds into inventory to better service customers. In addition, some of the companies they have acquired come with a legacy of buying from certain vendors. And although they have the option to buy from any vendors within the Singer organization, the platform general managers aren’t forced to use specific suppliers.
And in meetings with suppliers during NAHAD, he said it was clear the suppliers were supportive of Singer, saying “Where you go, we go,” according to Petillo. “That’s not just a geography statement. It shows they’re aligned with our business strategy and they’ll support us through our acquisitions and growth.”
Looking forward, Fritzinger said certain portions of the business have been affected by the downturn in oil and gas, but the firm has diversified its end markets to the point where that sector now accounts for less than 10 percent of business.
He also looks for the mergers and acquisitions market to heat back up, both on the supplier/vendor and distribution sides of the business. Some potential acquisition targets delay selling when business tails off, waiting for valuations to recover.
“We’re in a position where we’re very patient,” Fritzinger said. “It’s something that’s a very emotional decision for someone. When they go to exit their business, we’re very sympathetic to that, and we can’t push that process.”
“Bishop Lifting Products, Inc. Finalizes Acquisition of Matex Wire Rope”
Houston, TX – – August 1, 2017 – SBP Holdings, through its wholly owned subsidiary Bishop Lifting Products, is pleased to announce the recent acquisition of Matex Wire Rope, Inc. headquartered in Kilgore, TX. This bolt on acquisition fits into Bishop Lifting Products growth strategy to accelerate its position in Texas and Louisiana markets.
Along with Delta Rigging & Tools and Morgan City Rentals, Matex Wire Rope is a quality addition to the SBP Holdings group of companies. For over 50 years, Matex has been a premier supplier of lifting solutions including: sling fabrication, wire rope & rigging hardware, fall protection, cable service, recertification and custom lifting solutions. With branches in Shreveport, LA, Pleasanton, TX, Alice, TX, and Midland, TX, the combined companies will now operate 20 branch locations throughout Texas, Louisiana, Oklahoma, Kansas, and Colorado. Matex provides sales, service and repair for all types of wire rope and cable, including, drill lines, sandlines, electromechanical cable (EWL), and other specialty cables. Matex’s specialty services include: Oilfield Wireline Spooling Services, Electromechanical Cable Splicing, Wireline Sheave repair, inspection and recertification.
“The acquisition of Matex complements our overall wire rope and rigging offering so we can now provide additional services to the oil and gas industry. This investment represents an important strategic opportunity to offer high quality products and service operations in and around Texas and Louisiana,” said Harold King, President of Bishop Lifting Products. “The acquisition also adds to our capacity and geographic presence to key market customers.”
About Bishop Lifting Products, Inc. Founded in 1984, Bishop Lifting Products, Inc. (BLP) is a leading fabricator and distributor of products, services, and lifting solutions for crane, rigging, marine, and oilfield applications. Along with its Delta Rigging & Tools and Morgan City Rentals companies, our 500+ dedicated employees throughout Texas, Louisiana, Oklahoma, Kansas, and Colorado supply wire rope, slings, rigging hardware, lifting devices, hoists and winches to customers with lifting, oilfield, towing, and hauling applications. Bishop Lifting along with its affiliate Singer Equities has grown to 57 locations throughout the United States and Canada. Singer Equities is a decentralized group of value added distributors in the industrial rubber products industry that distribute and fabricate industrial & hydraulic hose, conveyor belt and gaskets.
Singer Equities is pleased to announce its acquisition of Rubber Supply Co. in Morrisville, PA. Rubber Supply Co., founded in 1972 specializes in industrial hose and fittings, conveyor belting, sheet rubber and custom-cut gaskets, servicing the Greater Philadelphia region. Rubber Supply Co. will continue to go to market utilizing their name and will operate as a division of RW Connection. Headquartered in Landisville, PA, RW Connection has eleven locations throughout six states, including Pennsylvania, New Jersey, Maryland, Virginia, North Carolina and Tennessee. Dave McGowan will continue as General Manager reporting to Scott Priestner, Vice President of Singer Equities. “Dave has built a solid business in the region and we are excited to have his organization join our team,” said Scott. “We look forward to expanding our product lines, fabrication, installation and testing services; increasing our market share in the Philadelphia, Northern Delaware and Southern New Jersey areas.” Singer Equities, along with Bishop Lifting Products, are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX. Through its 54 locations, SBP provides industrial rubber, wire rope and rigging products and services to a broad range of industrial end markets throughout the United States and Canada. More information can be obtained at www.sbpholdings.com and www.singerequities.com. Michele Dappert, Marketing Manager Singer Equities 936 Links Ave Landisville, PA 17538 717-898-5257 office 717-537-4261 direct firstname.lastname@example.org www.rwconnection.com
JUNE 16, 2015 – PORTLAND, OR – Singer Equities has acquired the operating assets of Unisource Manufacturing Inc. and subsidiaries headquartered in Portland, OR. The business was founded by Joe Thompson in 1980 as Intermountain Industrial Supply and has expanded its operations to five locations operating as Unisource Manufacturing in Portland, OR, Santa Fe Springs, CA and Kent, WA along with their Poly-Flow, LLC operations at a second Portland facility and its Able Hose and Rubber LLC business unit in Roseville, MN. Joe Thompson will remain with the business as President of the entity while retaining his current staff of 97 employees that will continue to go to market under their legacy names.
“Joe Thompson and team have built an outstanding business over the past 35 years with a true passion for the industrial, hydraulic, metal, fluoropolymer and thermoplastic hose product lines selling to a very diverse end market base through multiple channels,” stated Don Fritzinger, President of Singer Equities. Adding, “We are so very proud to have them be a part of our growing portfolio of quality companies. The addition of Unisource Manufacturing and subsidiaries will expand our geographic footprint to the west coast and 40 locations, while augmenting our portfolio of products and services in our core hose businesses.” Thompson added, “This strategic partnership was established as a means to provide an exit plan for me over the next 5-7 years, while providing a solid succession plan for our Unisource/Poly- Flow family of employees. This plan is one that we directed and instituted from the beginning, searching for the appropriate partner that would allow us to maintain our identity, culture and business model. Singer Equities maintains a hands-off approach, investing in financially successful businesses with strong management personnel, allowing them to function with total autonomy. All business plans for today and into the future remain the same.”
Singer Equities, along with Bishop Lifting Products, are wholly owned subsidiaries of SBP Holdings, headquartered in Pearland, TX and through its 61 locations provides industrial rubber and wire rope and rigging products and services to a broad range of industrial end markets throughout the United States. More information can be obtained at www.sbpholdings.com and www.singerequities.com.
Houston, TX — March 27, 2014 – SBP Holdings, through its wholly owned subsidiary Bishop Lifting Products, has completed the acquisition of Delta Rigging & Tools headquartered in Houston, TX.
Bishop Lifting Products and Delta Rigging & Tools specialize in the fabrication and distribution of slings, wire rope and rigging products, crane and rigging inspection services, engineered solutions, and equipment rentals. The combined Company will go to market under the brands Bishop Lifting Products, Delta Rigging & Tools, Delta Rentals & Rigging, and Morgan City Rentals. The Company currently operates 23 branches in Texas, Louisiana, Oklahoma, Kansas, Colorado and North Dakota with over 700 employees.
Derrick Deakins, President of Bishop Lifting Products, states, “the combination of Bishop Lifting and Delta will bring great value to our customers. The wide spectrum of products and services, extended geographic footprint, and technical expertise created by the acquisition positions Bishop Lifting Products to become the clear leader in the wire rope and rigging industry. The addition of rental equipment services will be a new offering that will benefit the combined customer base.”
About SBP Holdings: SBP Holdings is one of the nation’s leading specialty distribution groups focusing on the sale and rental of wire rope and rigging products through Bishop Lifting Products and the sale of industrial rubber products through Singer Equities. SBP Holdings is a portfolio company of AEA Investors based in New York City. For more information, go to www.sbpholdings.com.
DECEMBER 20, 2013—GLEN BURNIE, MD—Singer Equities, Inc. has acquired Cumberland Valve headquartered in Bridgeton, New Jersey. Cumberland Valve, founded in 1980, specializes in industrial and hydraulic hose fabrication as well as valves and fittings supporting the diverse end markets of the greater Delaware Valley and southern New Jersey region. Tom Davis, a veteran of 24 years with the business, will continue as General Manager and operate with its present staff going to market under its current Cumberland Valve name. The business will operate as a division of R W Connection, headquartered in Landisville, PA which has grown to 10 locations in the region and it’s first in New Jersey. Tom Davis will report to Scott Priestner, VP and Northeast Regional Manager for Singer Equities.
Scott Priestner said, “Tom Davis and his team have helped Bruce Riley build a solid business in the region and we are excited to have them join our RW Connection organization. We look forward to expanding the product lines, increasing the fabrication and testing services as well as inventory to expand our market share in the Philadelphia, Northern Delaware and southern New Jersey region.” Bruce Riley added, “After starting Cumberland Valve 33 years ago, it gives my wife Debby and I, great pleasure to have RW Connection take ownership of our company. RW Connection’s leadership will ensure the future success of Cumberland Valve and its very loyal employees which is paramount. We wish Cumberland Valve, the employees and our customers continued success in the future.”
Singer Equities, along with Bishop Lifting Products, are wholly owned subsidiaries of SBP Holdings and through its 40 locations provide industrial rubber and wire rope and rigging products to a variety of industrial end markets. More information can be obtained at www.sbpholdings.com.
June 3, 2013- Glen Burnie, MD— Singer Equities, Inc. has acquired the operating assets of Stewart-Hunt, Inc. based in Burlington, MA. Founded in 1956, Stewart-Hunt is a leading fluid power distributor specializing in the sales, service, testing and repair of hydraulic pumps, motors, cylinders and various other hydraulic components. The company will operate as a division of PRC Industrial Supply headquartered in Portland, ME with a branch location in Bangor. Nelson Smith and Jim Hunt, previous owners of Stewart-Hunt, will remain with the company and report to Kevin Easler, Vice President and General Manager of PRC Industrial.
“We are thrilled to have the Stewart-Hunt team as part of our New England operation which will provide vertical integration to our existing fluid power business in Bangor, ME. In addition, their suburban Boston location will lower PRC’s center of gravity to access core New England markets,” said Don Fritzinger, President of Singer Equities.
PRC Industrial Supply is a platform business of Singer Equities, specializing in the value added services within the industrial and hydraulic hose, conveyor belt and gasket markets. Stewart-Hunt is the company’s 33rd location and first truly integrated fluid power business. More information on the businesses and their operations can be obtained at www.singerequities.com.
DECEMBER 28, 2012- GLEN BURNIE, MD – Singer Equities, Inc. has acquired the operating assets of Summers Rubber Company based in Cleveland, Ohio. Founded in 1949 and operating through eight locations in Ohio and Pennsylvania, Summers Rubber is recognized as one of the premier industrial rubber distributors in the country. Specializing in the fabrication of hydraulic, industrial, and metal hose assemblies, inspection, testing, and certification services, the business will operate as Singer’s eighth platform company and will continue to go to market under the “Summers Rubber” brand. Frank Tiernay, a seasoned veteran of the distribution industry, will continue as Vice President/ General Manager reporting to Don Fritzinger, president of Singer Equities.
“Mike has gathered an exceptionally talented group of individuals and we are extremely excited about the opportunity to carry on their legacy,” said Fritzinger. “This acquisition compliments our strategy and establishes a solid Singer footprint in the Ohio market”. Added Mike Summers, “Three generations of Summers are proud to hand the reins to Singer to lead the next round of growth and service to our customers”.
Singer Equities, along with Bishop Lifting Products, are wholly owned subsidiaries of SBP Holdings LP and through 40 locations provide wire rope and rigging products and industrial rubber products to a variety of industrial end markets. More information can be obtained at www.sbpholding.com.