Published in Small Business

PE-backed elevator services provider acquires City Elevator of Michigan owner

BY Tuesday, March 29, 2022 01:43pm

GRAND RAPIDS — Elevator services provider Elevator Service LLC continued its growth in the Midwest through a recent acquisition.

The Grand Rapids-based company, which was purchased by Greenwich, Conn.-based private equity firm Carroll Capital LLC in 2019, announced this week that it has acquired Toledo Elevator & Machine Co. Inc.

Toledo Elevator has grown to become the largest independent elevator services provider both in its home market of Toledo as well as Detroit, where it entered in 2013 and does business as City Elevator of Michigan. Toledo Elevator was founded in 1923 and provides clients with preventative maintenance, testing, repair, modernization and installation services.

The acquisition was Elevator Service’s (ESI) second in the last six months and allows the company to break into the Ohio market. Last year, ESI completed an acquisition of Milwaukee-based Express Elevator LLC, also with the financial support of Carroll Capital.

With the two latest acquisitions, ESI now operates in Grand Rapids, Milwaukee, Toledo and Detroit, and company executives indicated that they look to continue growth by scooping up independent companies that belong to “attractive markets.”

“This new partnership with Toledo Elevator will allow us to grow with their talented team, who has the same focus on safety, their employees and customer service as ESI does,” ESI President Brett McCay said in a statement. “I look forward to working with (Toledo Elevator president) Jason (Gwin) and his team in ESI’s next phase of growth in Ohio and Michigan.”

Elevator Service announced that Gwin would continue in his role following the acquisition.

“Toledo Elevator and ESI share a like-mindedness from an operational standpoint, continuing to put customers and employees as a top priority, and a commitment to continued growth in both markets,” Gwin said. “ESI brings value by enabling future growth through investment into the business, our people, and our customers.”

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