Chicago-based middle-market investor CIVC Partners LP established Specialized Elevator Services Holdings, or SESH, by recapitalizing San Francisco Elevator, Ascent Elevator Services Inc. and Specialized Elevator.
The management teams at the three companies will stay intact and retain a meaningful ownership position in the new entity. San Francisco Elevator founder Donovan McKeever will become president of SESH, while industry veteran Robert Williams will be the CEO. Greg Goulette, the former CEO of a CIVC portfolio company, will be the executive chairman of SESH.
With offices in California's Bay Area, Los Angeles and San Diego, SESH will provide elevator maintenance, repair and modernization services to the three largest metropolitan areas that account for 90% of the elevator units in the state, CIVC said.
CIVC backs companies in the business services and financial services sectors.
Ropes & Gray LLP was CIVC's legal adviser. San Francisco Elevator, Ascent Elevator and Specialized Elevator received financial advice from Lift Business Advisors.