Arcline Investment Management has acquired Jersey Elevator, a New Jersey-based provider of elevator maintenance services.
Jersey Elevator’s services include elevator maintenance, modernization, and installation to customers in New Jersey and Pennsylvania. The company was founded in 1974 and is headquartered south of New York City in Aberdeen, New Jersey.
“Jersey Elevator has a strong management team and a dedicated workforce that is highly regarded for its quality of service,” said Arcline in a released statement. “We are excited to partner with the company to support its future expansion through complementary investments in technology and acquisitions.”
“Forty-six years after my father founded the company, this move provides us with a strong foundation for the continued development of the business,” said John Sweeney, the president of Jersey Elevator. “I am excited to be working with Arcline to create lasting growth within our industry.”
The buy of Jersey is Arcline’s second investment in the elevator maintenance services sector in 2020. Back in May, the firm acquired Unitec Elevator from Pacific Avenue Capital Partners. Unitec’s service area includes New York City, New Jersey, and Long Island.
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 industrial technology, life sciences, aerospace and defense, personal care, medical products, 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.
Private Equity Professional | August 21, 2020