Elevator Service (ESI) of Grand Rapids today was acquired by Carroll Capital, an investment office in Tampa, Fla. Terms of the deal were not disclosed.
With Carroll Capital, Elevator Service says it looks to expand its market share across Michigan and also will look into adding other independent service providers in attractive markets. ESI is one of the leading independent elevator services providers in west Michigan whose coverage area includes Grand Rapids, Lansing, Ann Arbor, Kalamazoo, and Battle Creek.
“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,” says Brian F. Carroll, managing partner of Carroll Capital. “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.”
ESI maintains and repairs the elevators for many of the largest public- and private-sector customers throughout Michigan. It has completed modernization projects in numerous marquee buildings.
“ESI has built its strong reputation in the market by focusing on its customers and employees,” says Brett McCay, president of ESI. “Our field technicians are second to none and provide excellent customer service and strong technical expertise. We believe Carroll Capital’s resources and business-building capabilities will enable us to accelerate the growth of the business, while continuing to provide world-class service to the market.”