elevator maintenance and repair

Skydeck Invests in Urban Elevator

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Skydeck Capital has made a minority investment in Urban Elevator Service.

Urban Elevator provides elevator installation, modernization, repair, and maintenance services to commercial, residential, educational, medical, and retail facilities.

Urban Elevator is headquartered near Chicago in Cicero, Illinois and has more than 180 employees that serve customers in Illinois, Indiana, Texas, Colorado, Arizona and Florida. The company is led by co-CEOs Rene Hertsberg and Tim Cook.

“Urban Elevator has the right blend of experience and entrepreneurial attitude that Skydeck seeks when working with new partners,” said Lior Shachaf of Skydeck Capital. “We are glad to put our capital behind Urban Elevator’s current leadership.”

“The foundation of our success is our legacy of doing the right thing, safely, every time. We are proud to have found a partner in Skydeck that shares our vision and entrepreneurial spirit, as well as our commitment to our team members,” said Mr. Hertsberg.

Chicago-based Skydeck Capital, founded by Michael Polsky, is a family office investing capital on behalf of the Polsky family. Mr. Polsky is the founder of conventional and alternative fuel power plant developers Indeck Energy Services (exited in 1990) and Skygen Energy (exited in 2001).

Skydeck invests in private equity, real estate and venture capital opportunities. Within private equity, Skydeck makes both control and minority investments in companies with EBITDA from $3 million to $10 million. Sectors of interest include tech-enabled services; industrial and business-to-business services; manufacturing; industrial products; and healthcare.

© 2021 Private Equity Professional | February 2, 2021

Arcline Acquires Another Elevator Services Company

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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

Fort Point Builds Elevator Maintenance Platform

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3Phase Elevator, a portfolio company of Fort Point Capital, has acquired Low Rise Elevator.

Low Rise is based near Philadelphia in Lima, Pennsylvania and provides maintenance, repair, and modernization services to customers in the Philadelphia metropolitan area, Northern Delaware, and Southern New Jersey. The company is led by President Mark Myers.

“Low Rise is an independent business and our customers choose us for their ability to reach us 24 hours a day, 7 days a week,” said Mr. Myers. “As a fellow independent elevator company, 3Phase approaches business the same way, and that is why we are excited to join them.” Following the close of the transaction, Mr. Myers will be the Branch Manager for 3Phase covering the states of Pennsylvania, Delaware, Maryland, and Virginia.

3Phase Elevator is a provider of maintenance, repair, and modernization services for all major brands of elevator and escalator equipment. The company was founded in 1996 and is led by CEO Mike Strachan.

Fort Point Capital acquired 3Phase in April 2018. The buy of Low Rise follows the earlier add-on acquisitions of Allied Elevator, a Danvers, Massachusetts-based provider of elevator repair and maintenance services throughout the Boston metro area, in August 2018; and Excel Elevator, a Staten Island, New York-based provider of elevator repair and maintenance services serving New Hampshire, Massachusetts, Connecticut, New York, Pennsylvania, New England, Maryland and Florida, in December 2019.

“3Phase’s acquisition approach continues to ensure the shared success of the customers and employees. Low Rise is a strong competitor in the Philadelphia market. Their customer-first approach and track record really impressed the 3Phase leadership team,” said Mr. Strachan. “3Phase Elevator is quickly becoming the acquisition partner of choice for the best elevator companies in the Eastern United States.”

“We are pleased that our goal of building the leading independent elevator company resonated with Mark and the Low Rise team. They will be a great addition to the 3Phase family,” said Paul Lipson, a partner at Fort Point and the chairman of the board of 3Phase.

Boston-based Fort Point, founded in 2010, invests from $10 million to $30 million of equity in service-oriented, lower middle-market companies that have enterprise valuations of $20 million to $75 million. Sectors of interest include business services, healthcare services, information & software, and transportation & logistics.

Private Equity Professional | August 19, 2020