SBP Holdings divestment allows for strategic focus

DALLAS—SBP Holdings has sold its Bishop Lifting Products Inc. subsidiary, leaving it to concentrate on its two other business verticals, including one that focuses on rubber goods industries.

Dallas-based SBP is a group of value-added distributorships that concentrate on specific business areas. It completed its sale of Houston-based Bishop Lifting Products Inc., a group of distributors of lifting products and specialty rental equipment to private equity firm Altamont Capital Partners.

That will leave SBP's other verticals, Singer Equities Inc., which focuses on industrial rubber and hose goods, and Dakota Fluid Power Inc., a group of distributors supplying the fluid power and automation sectors.

"Both the industrial hose and rubber, and fluid power and automation divisions have natural customer and vendor overlap and synergies, and we look to continue aggressive acquisitions in those segments to accelerate growth," SBP Holdings CEO Craig Osborne said in a news release.

"I thank Harold King and the entire Bishop Lifting team for their contributions to the SBP platform over the years and wish them continued success as they move forward with their new partner."

SBP said Osbourne will remain CEO after the sale, and that the leadership teams at Singer and Dakota will remain unchanged.

Altamont said its approach is to invest in companies with strong business models and management teams that have opportunities for growth.

"We are thrilled to join with the BLP team to solidify their position as a leading value-add distributor of lifting and rigging products, and position the company for near- and long-term success," Altamont Managing Director Randall Eason said in a statement. "As a market leader with a strong core product and service offering, a track record of successfully integrating prior acquisitions, and a world-class team, the partnership between BLP and Altamont is a great fit."

King will remain as BLP's CEO, and all Bishop Lifting Products employees will be retained.