A Grand Rapids elevator service company is continuing its growth streak and expanding its Midwest footprint in St. Louis with its sixth additional acquisition in the past two years.
Elevator Service Inc., which Connecticut-based family office Carroll Capital acquired in 2019, in December announced the acquisition of Allrise Elevator Company, a maintenance and installation company located in St. Charles. Mo., in the greater St. Louis.
Terms of the deal were not disclosed.
Founded in 2013, Allrise provides a variety of elevator and escalator related services to customers in the St. Louis and greater Missouri markets.
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Chris Cerny, who has served as president of ESI's Greenfield Strategy in St. Louis, will now serve as president of Allrise to oversee day-to-day operations and oversee the company's local growth strategy.
“I look forward to leading the local Allrise team as we continue to grow our services, modernization and new construction activities in the greater St. Louis area and mid-Missouri markets,” Cerny said in a statement. “Allrise and ESI share the same core values and principles, and my team looks forward to continuing to exceed customer expectations and deliver exceptional service.”
Going forward, Allrise will operate under the same name and branding. ESI's leadership plans to retain its team of engineers, managers and executives during the transition.
ESI completed the Allrise deal with financial backing from Carroll Capital, the family office that acquired ESI in 2019 and has increased ESI repair and maintenance footprint in several Midwestern states and the Southeast.
ESI partnered with national law firm Ice Miller, management consulting firm FTI Consulting and Bank of Montreal (BMO) on the deal.
Allrise deal noted Third acquisition of ESI in 2023. The company announced in September 2023 the acquisition of Metro Elevator Inc. based in St. Paul, Minn., an elevator service provider in the Twin Cities market. In October, ESI also announced the acquisition of independent service providers A-1 Elevator Service and Pinnacle Elevator, serving the south Louisiana and Mississippi markets.
“As we pursue our growth strategy in the Midwest and Southeast, I think our ESI team will continue to stand out as the best partner for leading independent elevator service businesses,” said Lin He, managing director of Carroll Capital.
With the new acquisition, ESI now operates in a total of 10 markets in Michigan, Ohio, Wisconsin, Minnesota, Missouri and Louisiana.
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