Backed by Carroll Capital, ESI Acquires Toledo Elevator

Elevator Service LLC (ESI), a leading Midwest elevator service provider headquartered in Grand Rapids, Michigan, has acquired Toledo Elevator & Machine Co., Inc., the largest independent elevator service provider in the Toledo, Ohio, and Detroit, Michigan, markets. Announced on March 25, the deal had financial backing from Greenwich, Connecticut-based Carroll Capital and was done in close partnership with Toledo Elevator owner and President Jason Gwin, who will continue in his role. Founded in 1923, Toledo Elevator employs union technicians who perform preventive maintenance, testing, repair, modernization and installation. The largest elevator service provider in northwest Ohio, Toledo Elevator expanded into the Detroit market in 2013 under the City Elevator of Michigan brand. ESI was founded more than 30 years ago and has been family-owned since its inception. Its core markets are Grand Rapids, Milwaukee, Toledo and Detroit. Gwin observed that “ESI brings value by enabling future growth through investment into the business, our people and our customers.”