With Support from Carroll Capital, ESI Acquires Express Elevator LLC

GRAND RAPIDS, Mich. and MILWAUKEE, Oct. 15, 2021 /PRNewswire/ -- Elevator Service LLC ("ESI"), a leading elevator service provider in the Midwest, announced today that it has acquired Milwaukee-based Express Elevator LLC ("Express Elevator" or "Express"). With the acquisition, the ESI platform now operates the biggest independent elevator services provider in Michigan and Wisconsin. With almost 20 years of experience serving the greater Milwaukee market, the Express brand and field service team will remain unchanged.

Express Elevator was founded by Bob Young in 2003 and has grown due to its commitment to providing excellent independent elevator service to over 350 customers in the greater Milwaukee area. Express's highly trained union technicians perform best-in-class preventative maintenance and testing, mission-critical repair, and highly sophisticated elevator modernizations. In 2008, Express acquired Alltech Elevator, based in Waukesha, WI, and then in 2015 acquired Jensen Elevator, based in Cudahy, WI. Today, Express is one of the largest independent elevator service providers in Wisconsin and will continue to focus on growing its market-leading offering throughout the state.

Brett McCay, President of ESI, said, "We feel very fortunate that Bob picked ESI as its partner to support Express in its next chapter of growth. Our combined companies will leverage Express's strong team of field mechanics and brand, along with ESI's resources and administrative capabilities as we accelerate growth across Wisconsin. We will continue to provide world class service to Express's customers and make sure Express is the employer of choice for talented union mechanics in the market, just as ESI has done in its home market in Michigan."

"I am excited about Express's future as part of ESI's platform," said Young. "I have full confidence that Brett and the ESI team will continue to take care of Express's loyal customer base and field mechanics in the years ahead."

ESI completed its acquisition of Express Elevator with financial support from Carroll Capital, a Greenwich-based family office which made an investment into ESI in 2019. Brian F. Carroll, Managing Partner of Carroll Capital, said, "Our support of ESI's acquisition of Express demonstrates Carroll Capital's commitment to develop ESI into a leading elevator service platform. We will provide Brett and the Express team with the resources they need to execute their growth strategy in Wisconsin, and we will continue to provide capital and support for additional acquisitions in other attractive markets."

About ESI

ESI has served Michigan since 1987, performing elevator maintenance, repair, modernization, installation and testing required by the State of Michigan to the commercial and residential markets. ESI's team of highly skilled technicians and experienced staff can design, install, and maintain elevator systems that keep its customers' buildings running efficiently with the utmost respect for customers' operations. For additional information, visit www.esigr.com/

About Express Elevator

Express Elevator is an elevator maintenance, repair, and modernization company based in Milwaukee and serving the Eastern Wisconsin market since 2003.

About Carroll Capital

Carroll Capital is a family office established by Brian F. Carroll to invest personal capital in a concentrated and actively managed portfolio of market leading, niche businesses with a differentiated, high value-added product, service, technology or offering that is mission critical to its customers. Carroll Capital focus on companies with large addressable markets, strong growth prospects, attractive margin potential, and high returns on capital, and builds partnerships with sellers and existing management teams to drive further scale and profitability. Carroll Capital is a unique financial sponsor and can be a differentiated partner to business owners through its investment flexibility and ability to be active drivers of value creation. Prior to founding Carroll Capital, Brian Carroll spent over two decades at Kohlberg Kravis Roberts & Co (KKR) in New York and London, where he was a Partner of the firm and served on its Investment Committee. For additional information, visit www.carrollcapital.com/

SOURCE Carroll Capital

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