Otis Acquires Eight Urban Elevator Locations

Otis acquired eight Urban Elevator Service locations in the U.S., Maven Group, which served as financial advisor to Urban Elevator, announced on April 21. All eight locations will be under the ownership and operation of Otis, while several locations will retain Urban Elevator branding. Established in 1985 in Chicago, Urban Elevator will maintain ownership of its three Illinois and Indiana locations. Otis Americas President Tracy Embree said the acquisition enables Otis to provide a broad range of modernization solutions and service offering to fuel its service-driven model. “The Urban Elevator team is well-respected within our industry, and we welcome their colleague to Otis,” Embree said. Urban Elevator CEO Tim Cook thanked all its dedicated employees and said he is proud to continue the company legacy.