ESI Acquires Bounds Elevator, based in New Orleans, Louisiana

GRAND RAPIDS, Mich. and NEW ORLEANS, April 1, 2024 /PRNewswire/ -- Elevator Service LLC ("ESI"), a leading elevator service platform in the Midwest and Southeast, has acquired Bounds Elevator ("Bounds"), an independent service provider in the New Orleans market, from its owner and founder Tim Bounds.

The acquisition of Bounds strengthens ESI's market position as the #1 independent elevator service provider in the Local 16 market. This investment marks ESI's seventh add-on acquisition in the last two years, and ESI's second in the Southern Louisiana and Mississippi markets following its acquisition of A-1 and Pinnacle Elevator in October 2023.

Bounds was founded in 2019 by Tim Bounds, a 25-year industry veteran and New Orleans native. Bounds' culture of service excellence, customer-first approach, and uncompromising commitment to quality has been recognized by customers in New Orleans and led to the Company's strong growth over the last five years.

Bounds will join A-1 and Pinnacle Elevator to create ESI's combined platform in the New Orleans market. All three companies share the same approach to customer quality, and the combined company of A-1, Pinnacle, and Bounds will be led by the best management team and mechanic talent in the market. Tim will join ESI's local leadership team together with Justin Schulte, Mike Luscy, Darrin Loup, and Mike Lizana. Justin Schulte partnered with A-1 in 2020 alongside Gary Songy (Founder, 30-year industry veteran) and Mike Lizana (Operations/Sales leader, 20-year industry veteran). In 2022, Justin partnered with Pinnacle alongside Mike Luscy (Founder, 30-year industry veteran) and Darrin Loup (Operations/Sales leader, 20-year industry veteran). ESI is thrilled to have Tim Bounds and the rest of the Bounds' team join the ESI platform.

ESI completed its investment in Bounds with financial backing from Carroll Capital, a Greenwich-based family office which originally invested in ESI in 2019. Since then, Carroll Capital has supported ESI in completing seven add-on acquisitions and launching five greenfield markets. ESI will continue its growth by partnering with leading independents in attractive markets and recruiting talented elevator mechanics, executives, and salespeople.

Ice Miller served as legal counsel to ESI and Carroll Capital on the transaction, with FTI serving as accounting advisor. The Bank of Montreal (BMO) provided debt financing to ESI.

About ESI

Elevator Service Holdings ("ESI"), headquartered in Grand Rapids, MI, is an elevator service platform that operates in ten markets and performs elevator maintenance, repair, testing, modernization, and installation for the commercial, municipal, industrial, and residential markets. ESI's companies have decades of heritage in their markets and are operated by their locally based leadership and highly skilled technician teams. ESI continues to be an independent company that is proud to provide high-quality elevator service that keeps its customers' buildings running efficiently with the utmost respect for customers' operations.

ESI operates in the markets of Grand Rapids, Milwaukee, Detroit, Toledo, Columbus, Madison, Minneapolis, St. Louis, Dayton, New Orleans, Baton Rouge, and the Mississippi Gulf Coast. For additional information, visit www.ESIelevator.com/

About Bounds Elevator

Bounds Elevator has been providing elevator maintenance, repair, modernization, and new equipment installation in the New Orleans and Mississippi markets since 2019. For additional information, visit www.boundselevator.com/

SOURCE Carroll Capital