ESI Acquires Metro Elevator, based in the Twin Cities, Minnesota

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Sep 05, 2023, 09:00 ET

GRAND RAPIDS, Mich. and TWIN CITIES, Minn., Sept. 5, 2023 /PRNewswire/ -- Elevator Service LLC ("ESI"), a leading elevator service provider in the Midwest, announced today that it has acquired Metro Elevator, Inc ("Metro Elevator"), a leading independent services provider in the Minneapolis and St. Paul, MN market, from its owners Brad and Sue Hanson. This investment marks ESI's fourth add-on acquisition in the last two years. ESI now operates in nine markets across the Midwest.

Metro Elevator was founded in 1990 by Brad and Sue Hanson, who sought to create a company dedicated to providing customers in the Twin Cities market with uncompromising maintenance, repair, and modernization services and to being a great place to work for mechanics and colleagues. Since its founding, Metro Elevator has acquired over 350 loyal customers, most of whom have been with the Company for decades.

Brad and Sue wished to transition the Company to new owners for Metro's next phase of growth. They selected ESI based on the alignment of the two companies' cultures and ESI's track record of successfully integrating acquired companies into its platform.

Sue Hanson remarked, "Brad and I started Metro Elevator over 33 years ago and we built Metro into one of the most respected elevator companies in the Twin Cities market. After so many decades surrounded by our customers and employees, we were nervous about the selling process and the uncertainty of the outcome, but we are absolutely thrilled to have found ESI as our partner and the steward of our legacy. From the first time we met with ESI's leadership team it became obvious that both companies share the same values of customer service and employee engagement. I am certain that their experienced management group will build and expand on the strong foundation we have laid over the years."

Jason Vallee, CEO of ESI, said "When I met Brad and Sue Hanson, I could tell we shared common core values. They have spent the last 33 years focused on clients, colleagues, and building a family culture; these are also the most important aspects of ESI's strategy to be the leading independent service provider in the markets where we operate. This partnership will allow ESI to continue the Metro tradition of delivering market-leading service to the Twin Cities area while utilizing the ESI platform of resources to enhance technology, business, and sales processes."

ESI was founded over 30 years ago and has been family-owned since its inception. Today, ESI operates in the nine markets of Grand Rapids, Milwaukee, Detroit, Toledo, Columbus, Madison, Dayton, St. Louis, and Minneapolis. ESI will continue its growth by partnering with leading Independents in attractive markets and recruiting talented elevator mechanics, executives, and salespeople.

ESI completed its investment in Metro Elevator with financial backing from Carroll Capital, a Greenwich-based family office which originally invested in ESI in 2019. Ice Miller served as ESI and Carroll Capital's legal counsel on the transaction. The Maven Group served as financial advisors to Metro Elevator, and Frost Brown Todd served as its legal counsel.

About ESI

Elevator Service Holdings ("ESI"), headquartered in Grand Rapids, MI, is an elevator service platform that operates in nine markets in the Midwest and performs elevator maintenance, repair, testing, modernization, and installation for the commercial, municipal, industrial, and residential markets. ESI's companies have decades of heritage in their markets and are operated by their locally based leadership and highly skilled technician teams. ESI continues to be an independent company that is proud to provide high-quality elevator service that keeps its customers' buildings running efficiently with the utmost respect for customers' operations. For additional information, visit www.ESIelevator.com/

About Metro Elevator

Metro Elevator is an elevator service company based in Hopkins, Minnesota. The Company has been providing elevator maintenance, repair, and modernization in the Minneapolis and St. Paul markets since 1990. Metro Elevator is an active member of the National Association of Elevator Contractors (NAEC) and all of its technicians are certified by the National Elevator Industry. For additional information, visit www.metroelevatorinc.com/

About Carroll Capital

Carroll Capital is a family office established by Brian F. Carroll to build an actively managed portfolio of market-leading businesses. Carroll Capital invests in businesses that have differentiated, high value-added products, services, or technology offerings that are mission critical to its customers. Due to its family office structure, Carroll Capital is a unique partner to business owners because of its complete alignment of interests with companies and shareholders, the ability to be flexible partners, and its active role in driving value creation. Previously, Brian Carroll spent over two decades at Kohlberg Kravis Roberts & Co. For additional information, visit www.carrollcapital.com/

SOURCE Carroll Capital