Carroll Capital Acquires Elevator Service LLC
Carroll Capital has acquired Elevator Service LLC in partnership with its management team from Nate McFadden. Elevator Service, based in Grand Rapids, Michigan, is an independent elevator services provider in West Michigan.
Brian F. Carroll, Managing Partner of Carroll Capital, said, “We are excited to partner with the management team of ESI to continue the successful growth of ESI and build a regional leader in the elevator services sector. 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. 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.”
The vision for ESI is to become the regional market leader in independent elevator services across the Great Lakes region. Lin He, Director of Carroll Capital, said, “We believe the management team shares this vision, and we feel confident in their ability to build and operate great elevator businesses, based upon their excellent track record at ESI and their previous roles at the major elevator OEMs.”
In its partnership with ESI’s management team, Carroll Capital will provide support and capital for the development and execution of ESI’s growth strategy and execution of add-on acquisitions.
Ice Miller LLP and Baker Tilly advised Carroll Capital. Maven Group, Varnum LLP and Hungerford Nichols advised Nate McFadden.