With Support from Carroll Capital, ESI Acquires Toledo Elevator & Machine Co., Inc

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Mar 25, 2022, 09:00 ET

Acquisition Expands ESI's Platform in the Midwest Elevator Service Market

GRAND RAPIDS, Mich. and TOLEDO, Ohio, March 25, 2022 /PRNewswire/ -- Elevator Service LLC ("ESI"), a leading elevator service provider in the Midwest, announced today that it has acquired Toledo Elevator & Machine Co., Inc ("Toledo Elevator"), the largest independent elevator services provider in the Toledo, OH and Detroit, MI markets, in close partnership with Toledo Elevator's owner and President Jason Gwin. This investment marks ESI's entry into the Ohio market and is ESI's second add-on acquisition in the last six months.

Toledo Elevator was founded in 1923 and is the largest independent elevator service provider in the Northwest Ohio market. The Company's highly trained union technicians perform best-in-class preventative maintenance and testing, mission-critical repair, and highly sophisticated elevator modernizations and installations for marquee customers in its local markets. Under the leadership of Toledo Elevator's President Jason Gwin, the Company expanded into the Detroit market in 2013 under the brand City Elevator of Michigan and has since become the leading independent elevator service provider in Detroit.

Jason Gwin, who will continue in his role as President of Toledo Elevator, said of the decision to partner with ESI, "Toledo Elevator and ESI share a like-mindedness from an operational standpoint, continuing to put customers and employees as a top priority, and a commitment to continued growth in both markets. ESI brings value by enabling future growth through investment into the business, our people, and our customers."

ESI was founded over 30 years ago and has been family-owned since its inception. Today, ESI currently operates in the four markets of Grand Rapids, Milwaukee, Toledo, and Detroit, and will continue its growth by partnering with leading Independents in attractive markets and recruiting talented elevator mechanics, executives, and salespeople. Brett McCay, President of ESI, said, "This new partnership with Toledo Elevator will allow us to grow with their talented team, who has the same focus on safety, their employees, and customer service as ESI does. I look forward to working with Jason and his team in ESI's next phase of growth in Ohio and Michigan."

ESI completed its investment in Toledo Elevator with financial backing from Carroll Capital, a Greenwich-based family office which originally partnered with ESI in 2019. Lin He, a Director of Carroll Capital, said, "ESI's investment into Toledo Elevator demonstrates Carroll Capital's commitment to developing ESI into a leading elevator service platform, and we will continue to support ESI's growth in its current markets and through acquisition into new markets. We are excited to welcome Jason and his team to the ESI platform."

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, municipal, industrial, 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 Toledo Elevator

Toledo Elevator is an elevator maintenance, repair, and modernization company based in Toledo, Ohio. The Company has been serving the Toledo, Northwest Ohio, and Detroit markets since 1923. The Company serves commercial, municipal, industrial, and residential customers. Toledo Elevator is an active member of the National Association of Elevator Contractors (NAEC) and all of our technicians are certified by the National Elevator Industry. For additional information, visit www.toledo-elevator.com/ and www.cityelevatorofmichigan.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 and are mission critical to its customers. Carroll Capital focuses 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 a differentiated partner to business owners. Prior to founding Carroll Capital, Brian Carroll spent over two decades at Kohlberg Kravis Roberts & Co. For additional information, visit www.carrollcapital.com/

SOURCE Carroll Capital