ESI Acquires Metro Elevator

Elevator Service LLC (ESI), a leading elevator service provider in the Midwest, announced that it has acquired Metro Elevator, Inc., a leading independent services provider in the Minneapolis and St. Paul, Minnesota, markets, from owners Brad and Sue Hanson. Metro Elevator was founded in 1990 to create a company dedicated to providing customers in the Twin Cities market with quality maintenance, repair and modernization services and to be a great place to work for mechanics and colleagues. Since its founding, Metro Elevator has gained more than 350 customers. The Hansons selected ESI for the next phase of Metro’s growth based on the alignment of the two companies’ cultures and ESI’s track record of successfully integrating acquired companies into its platform. ESI completed its investment in Metro Elevator with financial backing from Carroll Capital, a Greenwich-based family office that originally invested in ESI in 2019. Ice Miller served as ESI and Carroll Capital’s legal counsel on the transaction. The Maven Group served as financial advisors to Metro Elevator, and Frost Brown Todd served as its legal counsel. This investment marks ESI’s fourth add-on acquisition in the last two years. ESI now operates in nine markets across the Midwest.