River Associates Investments LP on Tuesday, Sept. 6, said it’s sold industrial lifting and rigging provider Slingmax Group Inc. to Sterling Group LP.

Neither River nor Sterling in a separate statement disclosed the financial terms of the transaction.

The Deal last October reported that River had retained Piper Sandler Cos. to run an auction for the company, which generates around $15 million in Ebitda. The Deal added Aston, Pa.-based Slingmax potentially could attract a low-double-digit Ebitda multiple.

Founded in 1986, Slingmax provides lifting and rigging products that include synthetic slings, synthetic and wire rope, rigging hardware, hoists and related accessories. The company serves the aerospace, infrastructure, manufacturing, defense, energy and shipbuilding industries.

River said the divestiture, which marks its fourth portfolio company exit this year, followed a period of significant growth and investment for Slingmax, which the firm began building with the August 2020 acquisition of Saco, Maine-based Yale Cordage Inc. River in April 2023 acquired Slingmax and industry peer I&I Sling Inc. and later merged them and Yale Cordage into Slingmax Group.

River said its ownership enabled Slingmax to further invest in leadership, commercial capabilities, engineering and manufacturing capacity, as well as expand platform’s presence into the Upper Midwest and add fabrication, inspection and certification capabilities.

Sterling said it plans to partner with Slingmax management to build a leading U.S. lifting and rigging services platform by accelerating its growth.

Houston-based Sterling targets basic manufacturing, distribution and industrial services companies with enterprise values between $100 million and $1 billion, investing $50 million to $350 million, and has financed more than 77 platform companies. Its fund portfolio companies include Premier Tire and Service, Compost360, Russell Landscape Group Inc., OGD Overhead Garage Door and AGS American Glass Services.

It raised a $3.5 billion sixth fund in 2024.

Chattanooga, Tenn.-based River invests in manufacturing, distribution, industrial and business services companies with $15 million to $100 million in revenue and $3 million to $12 million in Ebitda.

It invested in Slingmax through its $285 million seventh fund, which closed in 2017, and raised $345 million for its eight fund in 2022, according to With Intelligence.

River tapped Piper Sandler for financial advice and Holland & Knight LLP for counsel. Roddy Bailey Jr. and Ignacio De la Huerta led the Holland & Knight team, The Deal has learned.

River principal Stuart Vyule worked on the deal internally alongside partner Craig Baker, vice president Jacob Poe and associate Colby Turner, as well as Slingmax CEO Chris Chrisafides. Piper Sandler and Holland & Knight also advised River in its initial investment in Slingmax.

Partner Lucas Cutler was on the deal at Sterling, which looked to Latham & Watkins LLP for counsel.