3Phase Excel Elevator Acquires Low Rise Elevator
Leading Elevator Provider in the Eastern United States Acquires Philadelphia Market Leader
August 17, 2020
3Phase Excel Elevator Corp. (“3Phase”), an independent provider of maintenance, modernization, and repair services for all major brands of elevator and escalator equipment, announced the acquisition of Low Rise Elevator, Inc. (“Low Rise”). The acquisition of Low Rise, based in the Philadelphia metro area, represents a deeper expansion of 3Phase vertical transportation business in the Mid-Atlantic Region.
“3Phase’s acquisition approach continues to ensure the shared success of the customers and employees. Low Rise is a strong competitor in the Philadelphia market. Their customer-first approach and track record really impressed the 3Phase leadership team,” stated Mike Strachan, CEO of 3Phase.
Mark Myers of Low Rise stated, “Low Rise is an independent business and our customers choose us for their ability to reach us 24 hours a day, 7 days a week. As a fellow independent elevator company, 3Phase approaches business the same way, and that is why we are excited to join them.” Following the close of the transaction Mr. Myers will be the Branch Manager for 3Phase covering the states of PA, DE, MD, and VA.
Mr. Strachan added, “3Phase Elevator is quickly becoming the acquisition partner of choice for the best elevator companies in the Eastern United States.” In August 2018, 3Phase expanded its presence in New England through the add-on acquisition of Allied Elevator Corp. This was followed by acquisition of Excel Elevator in December 2019, which brought the company into key markets down the I-95 corridor. Low Rise is the next logical step as we bring together great service providers in these markets.”
“We are pleased that our goal of building the leading independent elevator company resonated with Mark and the Low Rise team. They will be a great addition to the 3Phase family,” said Paul Lipson, Partner at Fort Point Capital and Chair of 3Phase.
Kirkland & Ellis and BlumShapiro advised 3Phase and Fort Point. Law Offices of Joel B. Albert, PC advised Low Rise Elevator.
About 3Phase Elevator
3Phase Elevator is the leading independent provider of elevator maintenance, repair, and modernization services. The Company was founded in 1996. For additional information, please visit www.3phaseelevator.com.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point Capital is a private equity firm that invests in lower middle market, service-oriented companies in partnership with strong management teams.