Key Takeaways
- • The Sterling Group's Foundation Fund acquired Slingmax Group from River Associates, with the sale closing on September 30, 2026, adding a new platform to the lower-middle-market strategy launched in 2023 with more than $630 million of capital.
- • Slingmax is a vertically integrated designer and manufacturer of engineered slings, rope and rigging for heavy lifting, serving utilities, power generation, construction, infrastructure, marine, aerospace and manufacturing customers.
- • River Associates built the platform over six years through a sequence of acquisitions, including Yale Cordage (2020), I&I Sling and Slingmax Rigging Solutions (2023), and Wisconsin Lifting Specialists (June 2026).
- • The sale is River's fourth portfolio exit of 2026; the firm says aggregate EBITDA across those four businesses grew 4.6 times during its ownership.
- • The global lifting-sling market was about $4.2 billion in 2025 and is forecast to reach roughly $6.3 billion by 2034 (about 5.1% CAGR, per Market Intelo), with a fragmented supplier base offering consolidation opportunities.
Summary
The Sterling Group's Foundation Fund has acquired Slingmax Group, a manufacturer of engineered slings and rope used for heavy lifting and rigging, from River Associates. The sale closed on September 30, 2026. Slingmax becomes a new platform for the Foundation Fund, the lower-middle-market strategy The Sterling Group launched in 2023. The Foundation Fund was launched with more than $630 million of capital and is run from the firm's Dallas office.
Slingmax designs, manufactures and distributes products ranging from synthetic roundslings and wire rope slings to high-performance braided rope and custom-built rigging assemblies. The group is vertically integrated, making much of what it sells rather than reselling other suppliers' products. Its owned brands include Slingmax Rigging Solutions, I&I Sling and Yale Cordage. The company is led by CEO Chris Chrisafides and headquartered in Aston, Pennsylvania, with I&I Sling operating branches across Pennsylvania, North Carolina, Virginia, Florida, Massachusetts and Tennessee, and Yale Cordage based in Saco, Maine.
River Associates built the business over six years through successive acquisitions. It acquired Yale Cordage in July 2020, then in March 2023 Yale Cordage acquired I&I Sling and Slingmax Rigging Solutions, bringing rope, slings and rigging under one owner; the combined business was rebranded as Slingmax. In June 2026, Slingmax acquired Wisconsin Lifting Specialists, a rigging fabrication, inspection and certification business that extended the platform into the Upper Midwest. The sale is River's fourth portfolio exit of 2026, and the firm says aggregate EBITDA across those four businesses grew 4.6 times during its ownership. Stuart Vyule, a principal at River Associates, said the team "built a differentiated business with a strong reputation in highly demanding end markets."
Market context cited in the article points to structural demand for safety-critical consumables. Slings and rigging must be inspected and recertified at set intervals, creating recurring fabrication, testing and replacement work. According to Market Intelo, the global lifting-sling market was about $4.2 billion in 2025 and is forecast to reach roughly $6.3 billion by 2034, a compound annual growth rate near 5.1%, with North America accounting for about 22.5% of revenue. Demand tracks construction, grid expansion, data-center build-out, offshore wind and shipbuilding, and the supplier base remains fragmented across regional fabricators, which the article characterizes as conducive to consolidation by national platforms.
Lucas Cutler, a partner of the Foundation Fund, said Slingmax "is the name customers trust when a lift is critical and there is no margin for error," and the team plans to work with management to accelerate growth. The Sterling Group, founded in 1982, invests equity and junior debt in basic manufacturing, distribution and industrial services businesses with enterprise values from $100 million to $1 billion, and has completed 79 platform investments totaling more than $27 billion. River Associates, founded in 1989 and headquartered in Chattanooga, Tennessee, targets lower-middle-market companies in the U.S. and Canada with initial EBITDA of $3 million to $12 million, and is investing its eighth fund, which holds $345 million in committed capital. The River transaction team included Partner Craig Baker, Vice President Jacob Poe and Associate Colby Turner, and Piper Sandler acted as financial advisor to River.
Slingmax designs, manufactures and distributes products ranging from synthetic roundslings and wire rope slings to high-performance braided rope and custom-built rigging assemblies. The group is vertically integrated, making much of what it sells rather than reselling other suppliers' products. Its owned brands include Slingmax Rigging Solutions, I&I Sling and Yale Cordage. The company is led by CEO Chris Chrisafides and headquartered in Aston, Pennsylvania, with I&I Sling operating branches across Pennsylvania, North Carolina, Virginia, Florida, Massachusetts and Tennessee, and Yale Cordage based in Saco, Maine.
River Associates built the business over six years through successive acquisitions. It acquired Yale Cordage in July 2020, then in March 2023 Yale Cordage acquired I&I Sling and Slingmax Rigging Solutions, bringing rope, slings and rigging under one owner; the combined business was rebranded as Slingmax. In June 2026, Slingmax acquired Wisconsin Lifting Specialists, a rigging fabrication, inspection and certification business that extended the platform into the Upper Midwest. The sale is River's fourth portfolio exit of 2026, and the firm says aggregate EBITDA across those four businesses grew 4.6 times during its ownership. Stuart Vyule, a principal at River Associates, said the team "built a differentiated business with a strong reputation in highly demanding end markets."
Market context cited in the article points to structural demand for safety-critical consumables. Slings and rigging must be inspected and recertified at set intervals, creating recurring fabrication, testing and replacement work. According to Market Intelo, the global lifting-sling market was about $4.2 billion in 2025 and is forecast to reach roughly $6.3 billion by 2034, a compound annual growth rate near 5.1%, with North America accounting for about 22.5% of revenue. Demand tracks construction, grid expansion, data-center build-out, offshore wind and shipbuilding, and the supplier base remains fragmented across regional fabricators, which the article characterizes as conducive to consolidation by national platforms.
Lucas Cutler, a partner of the Foundation Fund, said Slingmax "is the name customers trust when a lift is critical and there is no margin for error," and the team plans to work with management to accelerate growth. The Sterling Group, founded in 1982, invests equity and junior debt in basic manufacturing, distribution and industrial services businesses with enterprise values from $100 million to $1 billion, and has completed 79 platform investments totaling more than $27 billion. River Associates, founded in 1989 and headquartered in Chattanooga, Tennessee, targets lower-middle-market companies in the U.S. and Canada with initial EBITDA of $3 million to $12 million, and is investing its eighth fund, which holds $345 million in committed capital. The River transaction team included Partner Craig Baker, Vice President Jacob Poe and Associate Colby Turner, and Piper Sandler acted as financial advisor to River.
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