Grand Rapids-based Elevator Service Inc. (ESI), an elevator service platform, has acquired Allrise Elevator Co., an independent service provider in the greater St. Louis market.
This investment is ESI’s sixth add-on acquisition in the last two years. The company now operates in nine Midwestern markets and one market in the Southeast. Financial information was not disclosed.
Allrise was founded in 2013 to provide customers with elevator solutions in the St. Louis and broader Missouri markets. Since then, Allrise has become the fastest growing elevator service provider in St. Louis.
Chris Cerny has been president of ESI’s greenfield strategy in the St. Louis market, and he will step into the role of president of Allrise and will be responsible for the day-to-day leadership of the company. Cerny has deep roots in his hometown of St. Louis and has spent the last 15 years in sales and leadership roles at major elevator companies.
“I am looking forward to leading the local Allrise team as we continue to grow our service, modernization, and new construction business in the greater St. Louis area and mid-Missouri markets,” says Cerny. “Allrise and ESI share the same core values and principles, and my team looks forward to continuing to exceed customer expectations and deliver exceptional service.”
ESI completed its investment in Allrise with financial backing from Carroll Capital, a Greenwich, Conn.-based family office that originally invested in ESI in 2019. Since then, Carroll Capital has supported ESI in completing six add-on acquisitions and launching five greenfield markets.
Ice Miller served as legal counsel to ESI and Carroll Capital on the transaction, with FTI serving as accounting advisor. The Bank of Montreal provided debt financing to ESI.
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