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PE-backed Vantage to acquire Thames Valley Controls

Vantage Elevator Solutions, which is backed by Golden Gate Capital, has agreed to acquire Thames Valley Controls from Dewhurst plc. No financial terms were disclosed. UK-based TVC is a provider of elevator control and monitoring solutions.

PRESS RELEASE

BRONX, N.Y.–(BUSINESS WIRE)–Vantage Elevator Solutions (“Vantage”), a leading North American designer, manufacturer and distributor of elevator components and systems, and a portfolio company of Golden Gate Capital, today announced that it has entered into an agreement to acquire Thames Valley Controls (“TVC”) from Dewhurst plc. TVC will continue to be led by Managing Director Richard Young and will remain headquartered in Flint, United Kingdom.

Established in 1971, TVC supplies best-in-class elevator control and monitoring solutions to customers across the United Kingdom. TVC’s Ethos Two controllers are designed to facilitate rapid and accurate installation with straightforward control and maintenance, providing a high-quality end-user experience. TVC also offers the Ethos Navigator, a complete Hall Call Destination control system. This innovative system utilizes destination dispatching algorithms to ensure the shortest time to destination for passengers, maximizing passenger movement and efficiency for building owners.

Ron Cauchi, President and CEO of Vantage, said, “We are excited to welcome TVC’s talented team to Vantage’s group of companies. This acquisition provides us with a robust growth platform in the attractive UK market and deepens our product portfolio and development capabilities in controls and remote monitoring products. We are very impressed by TVC’s strong reputation for accessible technology, customized design solutions, and outstanding customer service.”

Richard Dewhurst, Chairman at Dewhurst, said, “TVC has played an important part in the Dewhurst portfolio, but we believe that Vantage will give TVC greater opportunities to grow and prosper. We have worked with Vantage on lift fixtures in North America and distribute some of their product ranges in Australia, so we have known their team for many years and we believe that they will offer great potential for scale in the lift controller business going forward.”

Richard Young, Managing Director at TVC, added, “We are pleased to join Vantage and leverage our respective markets and engineering capabilities. As part of Vantage, we will have the opportunity to create the next generation of industry-leading lift controllers.”

About Vantage Elevator Solutions
Vantage Elevator Solutions is North America’s leading independent manufacturer of elevator components and systems for new equipment applications, equipment upgrade projects and service replacement parts. Vantage is comprised of six business units including GAL Manufacturing Company and GAL Canada; Hollister-Whitney Elevator Corporation; Elevator Controls Corporation; Courion; and Bore-Max. Through its brands, Vantage supplies almost all electro-mechanical devices used in contemporary elevators – system controllers; cab-lifting traction machines; closed-loop door operators and door equipment; user-friendly, in-car control panels and buttons; custom-fabricated structural platforms; heavy-duty freight doors; hydraulic jacks and pump units; and a range of innovative safety devices. Vantage sells its products to a diverse range of customer types including hundreds of independent elevator contractors, in addition to several well-known multi-national elevator companies. Founded in 1927, the Vantage group employs approximately 1,000 staff in multiple locations across the United States and Canada.

About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, Tronair, Cole-Parmer and ANGUS. For more information, visit www.goldengatecap.com