CIVC Partners has formed Specialized Elevator Services Holdings, a provider of elevator maintenance, repair, and modernization services in California. The company was formed via CIVC’s recapitalization of San Francisco Elevator, Ascent Elevator and Specialized Elevator. No financial terms were disclosed. Lift Business Advisors served as financial adviser to San Francisco Elevator, Ascent Elevator and Specialized Elevator on the deal.
DUBLIN, CA — CIVC Partners, L.P. (“CIVC”), a Chicago-based middle market private equity firm, is pleased to announce the formation of Specialized Elevator Services Holdings (“SESH” or the “Company”). The Company was formed through the recapitalization of San Francisco Elevator, Ascent Elevator, and Specialized Elevator to create a leading independent provider of elevator maintenance, repair, and modernization services in California and one of the largest independent providers in the country. With offices in the Bay Area, Los Angeles, and San Diego, SESH provides its services to the three largest metropolitan areas in California covering 90% of the state’s elevator units.
The existing management teams will remain in place following the investment and will maintain a meaningful ownership position in the Company. Donovan McKeever, the founder of San Francisco Elevator, will remain a significant owner and serve as President of SESH. CIVC recruited Robert Williams, who brings more than 30 years of industry and managerial experience, to be CEO of the platform. Greg Goulette, the former CEO of a CIVC portfolio company, has been brought on as Executive Chairman to support the development of the platform.
Robert Williams said, “I am excited to partner with the teams at San Francisco Elevator, Ascent Elevator, and Specialized Elevator to continue building on their remarkable success through a combination of organic growth and acquisitions.” Donovan McKeever added, “management and CIVC share a consistent vision for a service-first model focused on providing high-quality, consistent, and reliable services to customers.”
J.D. Wright, a partner at CIVC, commented, “This is a unique opportunity to bring together leading independent elevator service providers and create one of the largest platforms in the country. We have been targeting the industry for several years searching for the right platform and are thrilled to get to work with Robert, Greg, Donovan and the rest of the management team.”
The investment in SESH builds on CIVC’s experience with facility services companies. Representative investments within this focus area include Yellowstone Landscape (commercial landscape maintenance), Kellermeyer Building Services (contract janitorial cleaning services), and The Brickman Group (commercial landscape maintenance).
Ropes & Gray LLP served as legal advisor to CIVC. Lift Business Advisors served as financial advisor to San Francisco Elevator, Ascent Elevator, and Specialized Elevator.
About CIVC Partners, L.P.
CIVC Partners is a Chicago-based private equity firm investing in high growth middle market companies in the business services and financial services sectors. Since 1989, the team has invested approximately $1.7 billion in 65 platform companies and currently invests from CIVC Partners Fund V. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.