Toronto’s Cantech Elevators Acquired by KONE

After 22 years of steady growth and consistent improvement, Toronto-based Cantech Elevators has been acquired by KONE, announced Lift Business Advisors, which acted as M&A advisor to Cantech in negotiations leading to the successful completion of the deal, finalized in August. Cantech was founded by Kevin Chan in 2003 as a “customer-first, detail-driven” elevator service provider. He was later joined by co-owner Mike Leitch, with the company continuing to expand and build on its core principles. Chan, now Cantech general manager (GM), said the company began working with Lift Business Advisors more than three years ago to explore a range of potential acquirers. In the end, said Leitch, now GM, Lift Business Advisors found “buyers who would keep our legacy and our people at the heart of this transaction” and carry the business forward.