Firm invests in leading elevator and escalator service provider in New England. Recruits longtime industry leader as CEO.
April 23, 2018
Fort Point Capital has invested in 3Phase Elevator, an East Bridgewater, Massachusetts based independent provider of maintenance, modernization, and repair services for all major brands of elevator and escalator equipment. The Company maintains over 1,300 elevators in Massachusetts and adjacent states.
"3Phase is excited to partner with the Fort Point team to drive the next phase of growth as the leading independent alternative to the OEMs in the Boston market," said Mike Strachan, the new CEO of 3Phase Elevator. "Fort Point Capital’s services industry focus and partnership approach will enable us to invest in our people and continue growing our geographic footprint while providing the highest level of service to our customers." Mike Strachan joined the company as CEO at the close of the transaction, after a number of years advising the business. Mr. Strachan has over 30 years of industry experience, including general management positions at KONE and Thyssenkrupp.
3Phase plans to accelerate investment in its technicians, service representatives, and customer management platform. These investments will further reinforce 3Phase’s industry-leading customer service and ensure that the company continues to differentiate its offerings from the overall industry.
"We have been extremely impressed by 3Phase’s track record of growth and commitment to high quality customer service and safety," said Paul Lipson, Partner at Fort Point Capital. "Our track-record of investing in companies with a skilled labor force where there are opportunities to grow organically and through accretive acquisitions lines up nicely with the 3Phase strategic plan."
"We look forward to working with Fort Point and leveraging talent and investments that will enable us to pursue our continued growth strategy," said Jeff Hannon, founder of 3Phase Elevator. "We will be able to accelerate the expansion of our offerings and increase staff to support our rapidly growing customer base." Jeff Hannon and Keith Galizio, the senior managers of 3Phase, will continue as owners and employees of the company following the close of the transaction.
"3Phase is an incredible company and offers a wonderful foundation for even more rapid growth," said Fort Point Partner Brooke Ablon. "Working under the leadership of Mike Strachan, with the support and guidance of its founders is a recipe for continued success, straight out of the Fort Point Capital playbook."
About 3Phase Elevator
3Phase Elevator is the leading independent provider of elevator maintenance, repair, and modernization services 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. Fort Point Capital is currently investing from FPC Small Cap Fund I. Please contact Fort Point at (617) 303-2121 or visit www.fortpointcapital.com.