Stellus Provides Unitranche Financing in Support of Bishop Lifting Products’ Add-On Acquisition of General Work Products

HOUSTON--(BUSINESS WIRE)-- 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 safety critical 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.”

About Stellus Capital Management

Stellus Capital Management (“Stellus”) is one of the longest tenured direct lenders specializing in senior secured loans in the lower middle market. Formed within the D.E. Shaw Group in 2004, Stellus spun out in 2012 and today manages $2.9 billion across various investment vehicles including closed-end institutional funds, a public BDC (NYSE: SCM), and a perpetual non-traded private BDC. Stellus is a single strategy firm and its founding partners have been investing together in the lower middle market for 19+ years with a track record of $8.5bn deployed across ~350 transactions. Stellus is headquartered in Houston, TX with offices in the Washington D.C. area and Charlotte, NC. Learn more at stelluscapital.com.

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Source: Stellus Capital Management, LLC