Expansion into Three New States and Additional Density in Key Markets
March 2, 2021
Fort Point Capital’s (“Fort Point”) vertical transportation services platform 3Phase Elevator (“3Phase” or the “Company”) announced today the merger with Eagle Elevator (“Eagle”), a long-standing competitor in the Northeast. The combination of these leading players further consolidates 3Phase’s position in the high-density major metropolitan markets across the northeastern United States.
Eagle Elevator provides elevator modernization, maintenance, and repair services for property owners and managers located in the New England and New York Metropolitan areas. Family-owned and operated since 1994, Eagle is a full-service elevator company with customers across a variety of end markets, including healthcare, municipal, grocery and commercial.
“My family and I are excited to partner with 3Phase, who we have known for decades as a great competitor, and to continue as owners of the combined company,” said Eagle’s Co-Founder and President Daniel Wrenn. “I look forward to the new role of District Manager for the New England market, with my brothers continuing their work in the field operations.”
“3Phase is thrilled to partner with Dan, Paul, and Joe Wrenn, as well as the entire Eagle team,” said Mike Strachan, CEO of 3Phase Elevator. “Together, 3Phase and Eagle form the largest independent vertical transportation company providing full-service offerings to building owners and operators in 12 contiguous states from Maine to Virginia, as well as Florida.”
“We are excited to welcome Eagle to the 3Phase family,” said 3Phase Chair and Fort Point Partner Paul Lipson. “In the past three years, Mike Strachan and his team have built 3Phase into both the employer of choice, with exceptional mechanics and field staff, and acquirer of choice for independent elevator companies. The service-first culture resonates with owners who decide to join 3Phase, rather than continue independently or sell to an OEM. We are thankful for their trust and partnership.”
BMO Sponsor Finance provided debt financing for the transaction. Kirkland & Ellis and CLA LLP advised 3Phase and Fort Point. Pullman & Comley and Lift Business Advisors advised Eagle.
About 3Phase Elevator
3Phase Elevator is the leading independent provider of elevator and escalator maintenance, repair, and modernization services in thirteen states across the eastern United States. 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.