Otis Worldwide Corporation (NYSE: OTIS), the world’s leading company for elevator and escalator manufacturing, installation, and service, is expanding its portfolio through the acquisition of eight of eleven Urban Elevator locations in the U.S. All eight locations will be under the ownership and operation of Otis Elevator Co., while several locations will retain Urban Elevator branding.
Maven Group served as financial advisors to Urban Elevator.
“This acquisition improves our ability to serve customers. It gives us the opportunity to use enhanced scale to provide a broad range of modernization solutions and service offerings to fuel our Service-driven business model,” said Tracy Embree, President, Otis Americas. “The Urban Elevator team is well-respected within our industry, and we welcome their colleagues to Otis. We look forward to working with Urban Elevator customers and continuing to earn their trust every day.”
“We’re proud of the Urban Elevator legacy and would like to thank all of our dedicated employees and customers,” said Tim Cook, CEO, Urban Elevator. “Urban Elevator is refining its expertise through maintained ownership of our three locations in the Indiana and Illinois area. With that, we can continue serving these communities.”
To learn more about Otis products and services, visit www.otis.com.
About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry’s largest Service portfolio. You’ll find us in the world’s most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.
To learn more about Maven Group, LLC, please contact us directly:
Dominik Sachsenheimer (561) 225-3320, dominik@mavenelevator.com
Carson Bombara (860) 899-8545, carson@mavenelevator.com
Bill Beaury (239) 253-4500, bill@mavenelevator.com
www.mavenelevator.com
