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East Coast Servicer 3Phase Elevator Merges with California´s Specialized Elevator
Friday 21 January 2022

Massachusetts, US-based elevator and escalator services provider 3Phase Elevator and California-based Specialized Elevator Services Holdings have merged, creating the largest nationwide independent union elevator services company in the United States, the companies said.

Existing 3Phase investor Berkshire Partners has made a strategic growth investment in the combined company, including acquiring CIVC Partners' stake in Specialized.

Both companies said their management teams are investing significantly in the transaction. Other terms were not disclosed.

Specialized Elevator Services Holdings operates under the brand names Specialized Elevator, 24 Hour Elevator, and San Francisco Elevator.

The existing management teams of both 3Phase and Specialized will remain in place, including Donovan McKeever, founder of San Francisco Elevator and current president of Specialized.

McKeever will continue to serve as president of Specialized, a division of 3Phase Elevator, and will be responsible for leading the company's western markets.

Following the merger, the business will employ more than 390 members of the International Union of Elevator Constructors and service more than 20,000 elevator and escalator units.

William Blair and company served as exclusive financial advisor to Specialized and CIVC Partners and Kirkland and Ellis LLP served as its legal counsel. Jeffries LLC served as financial advisor to Berkshire Partners and 3Phase on the transaction and Ropes and Gray LLP served as legal counsel.

Founded in 1997 and headquartered in Canton, Mass., 3Phase Elevator is a leading independent provider of elevator and escalator maintenance, repair, and modernization services across 18 states and the District of Columbia.

The company has grown in part through 13 acquisitions of other independent elevator and escalator services providers, including 10 over the past year. 3Phase maintains more than 20,000 units for building owners and property managers.

Specialized Elevator Services Holdings was formed in 2019 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, Specialized provides its services to the three largest metropolitan areas in California covering 90% of the state's elevator units.
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Date Published: 21/01/2022

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