ESI Announces Sixth Add-On Acquisition

Elevator Service LLC (ESI) has acquired Allrise Elevator Co., a leading independent service provider in the greater St. Louis market. This investment is ESI’s sixth add-on acquisition in the last two years. ESI now operates in nine Midwestern markets and one market in the Southeast. Following the acquisition, Allrise will continue to operate with the same branding. Allrise was founded in 2013 and has since become the fastest growing elevator service provider in St. Louis. As Allrise continues to grow, ESI was brought in as a new partner for the company to better position Allrise for future success. Following the acquisition, the Allrise team of mechanics, administrators and executives will continue in their current roles. Chris Cerny has been president of ESI’s greenfield strategy in the St. Louis market, and he will step into the role of president of Allrise. ESI completed its investment in Allrise with financial backing from Carroll Capital, a Greenwich-based family office which originally invested in ESI in 2019. Since then, Carroll Capital has supported ESI in completing six add-on acquisitions and launching five greenfield markets. Ice Miller served as legal counsel to ESI and Carroll Capital on the transaction, with FTI serving as accounting advisor. The Bank of Montreal (BMO) provided debt financing to ESI.