Connecticut family office acquires Grand Rapids-based elevator maintenance firm

BY MIBIZ STAFF Friday, October 11, 2019 02:22pm

GRAND RAPIDS — Carroll Capital LLC, a Greenwich, Conn.-based family office, has acquired Grand Rapids-based Elevator Service LLC from owner Nate McFadden.

Carroll Capital partnered with the management team on the acquisition. 

“Elevator service is a highly attractive sector — a mission critical service offering with regulatory and replacement cycle-driven demand and a highly recurring revenue business model,” Brian Carroll, managing partner of Carroll Capital, said in a statement. “Within that sector, ESI is a best-in-class service provider that has strong market positioning and a loyal customer base in its local West Michigan market, with the highest market share of any independent elevator service company.”

Elevator Service maintains and repairs elevators for clients in a market that covers Grand Rapids, Lansing, Ann Arbor, Kalamazoo and Battle Creek. The company looks to continue to expand its market share across Michigan and to add-on other independent businesses in attractive markets.

The company seeks to become “the regional market leader in independent elevator service, serving locations across the Great Lakes region,” according to an announcement on the deal.

Elevator Service’s management team was unanimous is pursuing the deal with Carroll Capital, said McFadden, the owner of Elevated Technologies Inc., which continues to provide services to the federal government.

“We were in the fortunate position to have multiple strong potential partners to choose from. Carroll Capital distinguished themselves from the beginning as the clear choice,” McFadden said. “This decision was driven by their stand-out business acumen and their demonstrated commitment to preserving the special culture that exists at ESI.”

Terms of the deal were undisclosed.

Ice Miller LLP and Baker Tilly advised Carroll Capital on the deal. Maven Group, Varnum LLP and Hungerford Nichols advised McFadden on the sale.

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