Allied Elevator is Fort Point Capital’s Sixth Investment in the Commonwealth of Massachusetts
September 12, 2018
Fort Point Capital (“Fort Point”) is off to a strong start, announcing its first add-on acquisition for portfolio company 3Phase Elevator (“3Phase” or the “Company”) less than four months after its initial investment. On August 22nd, 3Phase acquired Allied Elevator (“Allied”), a Danvers, Massachusetts-based provider elevator repair and maintenance services throughout the Boston metro area. The transaction closed just 100 days after Fort Point’s initial partnership with 3Phase.
“We selected Fort Point because of their experience and ability to help us grow,” said Mike Strachan, CEO at 3Phase. “Their support in closing this first acquisition certainly shows that we made the right decision.”
3Phase Elevator is the leading independent provider of elevator and escalator maintenance, repair, and modernization services in the New England market. The Company was founded in 1996.
“This acquisition strengthens us for further growth by enhancing our technical capabilities, with the addition of Ron Tremblay and his team at Allied, providing us the capacity to expand our reach throughout New England,” said Paul Lipson, Partner with Fort Point. “There are a lot of great companies out there like Allied, we are eager to continue building 3Phase both through deeper customer relationships and acquisitions.”
About 3Phase Elevator
3Phase Elevator is the leading independent provider of elevator maintenance, repair, and modernization services to the New England market. 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. To date, Fort Point Capital has completed six acquisitions of Massachusetts-based companies. Please contact Fort Point at (617) 303-2121 or visit www.fortpointcapital.com.