Align Capital Partners said Sept. 17 that it completed the majority recapitalization of Southwest Elevator Company. Financial terms weren’t announced. Southwest, of Fort Worth, Texas, provides preventative maintenance, repair, and modernization services for elevators and escalators.
Align Capital Partners Provides a Lift to Southwest Elevator; Launches VTS Platform
CLEVELAND and DALLAS, September 17, 2019 – Align Capital Partners (“ACP”) announced today that it completed the majority recapitalization of vertical transportation services (“VTS”) provider Southwest Elevator Company (“Southwest” or “the Company”). Third generation VTS operator, Tom Cavinder, will remain with the Company as CEO and lead its national buy-and-build growth strategy.
Headquartered in Fort Worth, Texas, Southwest is an independent union provider of preventative maintenance, repair, and modernization services for elevators and escalators. The Company services properties throughout the Dallas-Fort Worth (“DFW”) metroplex across a variety of end-markets.
“Alongside our dedicated service team at Southwest, I’m excited for our next phase of growth with ACP,” said Mr. Cavinder. “I chose to partner with Align given their depth of resources, related sector experience, and our shared vision for executing an aggressive growth strategy within the VTS space.”
The VTS industry has many attractive attributes given fragmentation among independent operators and the non-deferrable, safety and compliance driven demand for services. ACP’s investment in Southwest will accelerate the Company’s growth efforts in Texas and quickly enable national expansion through both strategic add-ons and greenfielding new locations.
“We’re thrilled to be working with an industry veteran like Tom in our pursuit to build a national, independent VTS company,” said ACP Managing Partner Steve Dyke. “Tom brings with him a lifetime of industry knowledge and relationships that are the foundation of our investment in this sector.”
Operating Partner John Dupuy, Vice President Kurt Smentek, and Associate Bill Zaccardelli worked alongside Mr. Dyke on the transaction.
Southwest Elevator Company provides elevator / escalator services for property owners and managers in the DFW metro area across a variety of end markets, including commercial offices, educational facilities, medical centers, museums, and restaurants. Southwest is committed to excellence, total customer satisfaction, and continued support delivered via its QEI certified mechanics. For more information, visit southwestelevator.com.
About Align Capital Partners
Align Capital Partners is a growth-oriented private equity firm that partners with business owners and management teams to create shared success. ACP brings experience, resources, and a $326 million committed fund to help companies accelerate their growth, to the benefit of management, employees, and the firm’s investors. ACP makes control investments in lower-middle market business services, specialty manufacturing, and value-added distribution companies. Southwest marks ACP’s eighth platform company investment completed in three years. For more information, visit aligncp.com.