We are pleased to share the sale of our client, Elevator Service Company, Inc., to Cibes Lift Group. The deal closed October 31, 2023.
Elevator Service Company (ESC) is headquartered in Torrington, Connecticut and offers a wide range of home lifts, platform lifts and LULA elevators (limited use, limited application). The company also services, modernizes, maintains, and tests lifts throughout Connecticut, New York, Rhode Island, and Massachusetts. ESC was founded in 2000 and has 25 co-workers.
Headquartered in Gävle, Sweden Cibes Lift Group (with multiple locations worldwide) was founded in 1947, in Stockholm, Sweden, when Civil Engineer Bertil Svedberg founded the company Elektroborg AB, which later on would become Cibes AB (Civilingenjör Bertil Svedberg = Cibes). Today, the Cibes Lift Group is one of the world’s leading manufacturers of screw-driven, modular platform lifts and exports lifts to 72 countries.
“Elevator Service Company is an important addition to the Cibes Lift Group, strengthening our position in the U.S. We are really looking forward to delivering an even stronger product and service portfolio to new and existing customers and expanding our U.S. business together with Elevator Service Company,” says Per Lidström, CEO of Cibes Lift Group.
Following the completion of the transaction, Elevator Service Company will be a wholly owned subsidiary of Cibes Lift Group, but will maintain its strong brand. The business will be run by newly appointed Managing Director, Matthew Montgomery, previously Head of Sales for Elevator Service Company.
Current majority owner and CEO, Steven Roth, will leave the business but will support Matthew and the business during a transitional period.
”By choosing Cibes Lift Group as our partner, I’m confident in a prosperous future and a stable environment for our valued employees,” said Steven Roth, Owner and CEO of Elevator Service Company.
Roth added, “This acquisition solidifies Elevator Service Company's transition from private ownership into a larger group of lift companies, instilling trust and opening doors to a multitude of benefits for our business and employees. The financial stability gained through this transition will not only fortify our market position but also fuel our growth trajectory."
Generational Equity Executive Managing Director, M&A-Technology Practice Leader, David Fergusson, and his team, led by Senior Managing Director Mergers & Acquisitions, Terry Mackin, with the support of Vice President, M&A, Tristan Keeffe, successfully closed the transaction. Senior Managing Director Ashok Tandon established the initial relationship with ESC.
"Our clients not only built a great company but also grew their customer base within a valuable geographic space that includes Connecticut, New York, Massachusetts, and Rhode Island", said Mackin. “This made Cibes Lift Group the perfect acquirer for their ongoing push into the successful and growing U.S. market."
If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Engineering, Contracting & Construction M&A Deals page.
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