Arcline Buys Pacific Avenue’s Unitec Elevator

Arcline Investment Management has acquired Unitec Elevator from Pacific Avenue Capital Partners.

Unitec Elevator is a provider of elevator maintenance, modernization, and code compliance services in New York City, Northern New Jersey, Long Island, and Westchester County.

The company has over 3,400 elevators under maintenance contract and is involved with more than 55 active modernization projects. Unitec has over 170 service technicians and is headquartered in the Ozone Park neighborhood of New York City.

“Unitec has an excellent reputation, strong management team, best-in-class capabilities, and a high-quality portfolio of elevators under maintenance,” said Arcline in a released statement. “We are excited to partner with the company to support its next phase of growth through investments in technology and acquisitions.”

Arcline makes control investments in companies that have from $10 million to $100 million of EBITDA and enterprise values of up to $1 billion. Sectors of interest include industrials, technology, life sciences, and specialty chemicals. The firm closed its first fund, Arcline Capital Partners LP, with $1.5 billion of committed capital in March 2019. Arcline was founded in September 2018 and has offices in San Francisco and New York.

The elevator services sector has been active in the past year. In October 2019, Carroll Capital acquired Elevator Service, a Grand Rapids, Michigan-based provider of maintenance and testing, repair, and elevator modernization services in the Michigan cities of Grand Rapids, Lansing, Ann Arbor, Kalamazoo and Battle Creek; in September 2019, Align Capital Partners acquired Fort Worth, Texas-based Southwest Elevator Company; and in May 2019 CIVC formed Specialized Elevator Services to acquire San Francisco Elevator, Ascent Elevator, and Specialized Elevator. All three companies are providers of elevator maintenance and repair services in San Francisco, Los Angeles, and San Diego.

Pacific Avenue acquired Unitec Elevator from United Technologies (NYSE: UTX) in September 2019.

Pacific Avenue Capital Partners makes control investments in companies that have up to $750 million in revenue and positive or negative EBITDA. Sectors of interest include manufacturing and distribution; business and government services; technology, software, and IT services; healthcare; consumer products and services; building products; transportation and logistics; and automotive. The firm was founded in 2017 by its managing partner Chris Sznewajs (formerly with the Gores Group) and is headquartered in El Segundo, California.

Private Equity Professional | May 8, 2020

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