Leading Elevator Provider in New England to Merge Operations with Long Standing New York Market Leader
East Bridgewater, MA – 3Phase Elevator Corp. (“3Phase”), a New England-based independent provider of maintenance, modernization, and repair services for all major brands of elevator and escalator equipment, announced the acquisition of Excel Elevator & Escalator Corp. (“Excel”). The acquisition of Excel, based in Staten Island, New York, represents a strategic expansion of a 3Phase vertical transportation business that will now include the states of New Hampshire, Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, and Florida.
3Phase’s acquisition approach focused on organizational alignment ensures the shared success of customers and employees. “Excel is an established and successful competitor in the major metropolitan areas of the northeastern United States and Florida. It was clear from the beginning that they had a customer-first culture that resembled our own,” stated Mike Strachan, CEO of 3Phase Elevator.
Excel has served the New York Tri-State area and beyond since 2003. Steve Blevins of Excel stated, “Excel was built on a culture of hard work and teamwork with a customer-centric approach. 3Phase approaches business the same way, and I am confident our customers, some of which we already share with 3Phase, will continue to receive great service while gaining access to more resources. Our employees will have great opportunities with the 3Phase team.”
Mr. Strachan added, “3Phase’s expansion to now covering ten states reflects the execution of a long-term strategy to become the leading independent elevator company in the United States.” In August 2018, 3Phase expanded its presence in New England through the add-on acquisition of Allied Elevator Corp. “The addition of Excel opens key markets down the I-95 corridor that will further differentiate us and enhance our reach for many of our regional, national and global customers.”
“We are pleased that our differentiated approach resonated with Steve and the Excel team. Following recent acquisitions, we are now among the largest independent elevator and escalator maintenance and service providers in the United States,” said Paul Lipson, Partner at Fort Point Capital and Chair of 3Phase Elevator.
BMO Harris Bank provided debt financing for the transaction. Kirkland & Ellis and WilliamsMarston advised 3Phase and Fort Point. Pullman & Comley and Maven Group advised Excel. Steve Blevins stated, “Maven Group played a crucial role in this transaction thanks to their unique perspective on the industry, we are very grateful for their advice and guidance throughout the process.”
About Maven Group
Maven Group is the leading advisor on mergers & acquisitions in the elevator industry in North America and facilitated 10 transactions in 2018 and 2019.
Please contact Maven Group at (561) 225-3320 or (239) 253-4500 or visit www.mavenelevator.com.
About 3Phase Elevator
3Phase Elevator is the leading independent provider of elevator maintenance, repair, and modernization services. The Company was founded in 1996.
For additional information, please visit www.3phaseelevator.com.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point Capital is a private equity firm that invests in lower middle market, service-oriented companies in partnership with strong management teams.
For additional information, please visit www.fortpointcapital.com.