PNC Equity Buys Oracle Elevator

PNC Equity Partners has acquired Oracle Elevator Co., a Dover Plains, N.Y.-based provider of elevator services. The seller was Jupiter Partners, while Oracle was advised by Sperry, Mitchell & Company. No financial terms were disclosed.

PRESS RELEASE

Oracle Elevator Company (“Oracle”) of Dover Plains, NY, a portfolio company of New York-based Jupiter Partners LLC, has been acquired by PNC Equity Partners of Pittsburgh, PA.

Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Oracle.

Oracle Elevator Company (www.oracleelevator.com) is a leading provider of high-margin elevator maintenance, repair, and modernization services to commercial and residential customers. The Company focuses on the “after-market service” segment of the elevator industry, a $7 billion domestic market. Oracle provides a full spectrum of services, from monthly maintenance and general repair to complete modernization of outdated elevators. Oracle was founded in 2004 by William T. Miller, with financial backing from Jupiter Partners.

Jupiter Partners (www.jupiterpartners.com) is a private investment firm which invests in management buyouts, industry consolidations and growth capital opportunities. Jupiter has organized three funds with total invested capital of $600 million. Capital has been deployed in 13 portfolio companies in distribution, business, and consumer services.

PNC Equity Partners (www.pncequity.com) was founded in 1982 as the private equity affiliate of PNC Financial Services Group. PNC Equity has invested nearly $1 billion in over 100 companies, with a long track record of successful results. The firm makes long-term investments in middle-market companies, whose management teams have the steadiness of experience and the vision to grow.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 – $450 million.