ESI Acquires Allrise Elevator Company, based in St. Louis, Missouri

GRAND RAPIDS, Mich. and ST. LOUIS, Dec. 19, 2023 /PRNewswire/ -- Elevator Service LLC ("ESI"), a leading elevator service platform in the Midwest and Southeast, has acquired Allrise Elevator Company ("Allrise"), a leading independent service provider in the greater St. Louis market. This investment is ESI's sixth add-on acquisition in the last two years. ESI now operates in nine Midwestern markets and one market in the Southeast. Following the acquisition, Allrise will continue to operate with the same branding and the same commitment to customer service.

Allrise was founded in 2013 to provide customers with elevator solutions that exceed the highest levels of product quality and customer service in the St. Louis and broader Missouri markets. Since then, Allrise has become the fastest growing elevator service provider in St. Louis as more customers become aware of the Allrise brand and understand its differentiated service.

As Allrise continues to grow, ESI was brought in as a new partner for the company to better position Allrise for future success. ESI's leadership team, its track record of integrating local companies into the broader ESI platform, and its scale and density in the Midwest make ESI a differentiated partner for Allrise. Following the acquisition, the Allrise team of mechanics, administrators, and executives will continue in their current roles.

Chris Cerny has been President of ESI's greenfield strategy in the St. Louis market, and he will step into the role of President of Allrise and will be responsible for the day-to-day leadership of the company. Chris has deep roots in his hometown of St. Louis and has spent the last 15+ years in sales and leadership roles at major elevator companies.

Chris said, "I am looking forward to leading the local Allrise team as we continue to grow our service, modernization, and new construction business in the Greater St. Louis area and Mid-Missouri markets. Allrise and ESI share the same core values and principles, and my team looks forward to continuing to exceed customer expectations and deliver exceptional service."

Jason Vallee, CEO of ESI added, "We are excited to combine forces with such a powerful brand in Allrise Elevator. Allrise has some of the most talented elevator professionals in the St. Louis market, and culturally Allrise operates the same way as ESI with a customer-first approach. Our shared values and joint resources will no doubt accelerate the already impressive growth trajectory started by the Allrise team."

ESI completed its investment in Allrise with financial backing from Carroll Capital, a Greenwich-based family office which originally invested in ESI in 2019. Since then, Carroll Capital has supported ESI in completing six add-on acquisitions and launching five greenfield markets. ESI will continue its growth by partnering with leading Independents in attractive markets and recruiting talented elevator mechanics, executives, and salespeople.

Lin He, Managing Director at Carroll Capital said, "We are grateful for the opportunity for ESI to be the stewards of Allrise's employees and stellar reputation. Our new partnership with Allrise was created based on ESI's ability to bring the right team and resources to sustainably grow the company. As we pursue our growth strategy in the Midwest and Southeast, I think our ESI team will continue to stand out as the best partner for leading independent elevator service businesses."

Ice Miller served as legal counsel to ESI and Carroll Capital on the transaction, with FTI serving as accounting advisor. The Bank of Montreal (BMO) provided debt financing to ESI.

About ESI

Elevator Service Holdings ("ESI"), headquartered in Grand Rapids, MI, is an elevator service platform that operates in ten markets 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.

ESI operates in the markets of Grand Rapids, Milwaukee, Detroit, Toledo, Columbus, Madison, Minneapolis, St. Louis, Dayton, and New Orleans. For additional information, visit www.ESIelevator.com/

About Allrise Elevator Company

Allrise Elevator Company has been providing elevator maintenance, repair, modernization, and new equipment installation since 2014. For additional information, visit www.allriseelevatorcompany.com/

SOURCE Carroll Capital