Hadfield joins the 3Phase family of independents, adds a strong presence in Pittsburgh and Harrisburg markets
3Phase Elevator, a leading independent elevator and escalator services provider, today announced that it has merged with Hadfield Elevator, a leading independent elevator services provider in Central and Western Pennsylvania. The merger allows 3Phase to provide geographically contiguous service to customers across Pennsylvania from Philadelphia to Pittsburgh. The Hadfield brand – known to the Pittsburgh area for more than 80 years – and its team will remain unchanged.
Hadfield Elevator offers a full suite of elevator services, focusing on modernization, maintenance, repairs, and new installations. The company was founded in Pittsburgh by Alex Hadfield in 1930 and is currently led by Bob Hadfield Jr. In 2014, Hadfield opened its Harrisburg, PA branch led by Rick Wood and quickly became the area’s leading independent. From there it has expanded into the State College and surrounding areas. Hadfield Jr. and Wood will continue to lead the Greater Pittsburgh and Harrisburg markets, respectively, and are equity owners in the combined company. The company has earned a strong reputation for its outstanding customer service, and in 2019 it received an investment from Hartwood Point Holdings, an investment firm founded by Ben Rizzo.
“I am excited to merge my family’s namesake company with 3Phase because they are known for the same commitment to customer service and are a like-minded independent elevator company,” said Hadfield Jr. “The combined team will accelerate Hadfield’s growth. I’d also like to thank Ben who helped us tremendously with process improvements over the past two years that allowed us to capture the significant growth we did and ultimately enabled this exciting new partnership with 3Phase.”
“Hadfield is known for being a collaborative solution provider to our customers and we follow through on our commitments,” added Wood. “We’re able to deliver on our promises because we attract the best talent as an employer of choice in the greater Harrisburg and Pittsburgh markets. Our new partnership with 3Phase and the technology systems they add will only strengthen that advantage.”
“We feel very fortunate that Bob, Rick and Ben picked 3Phase as its partner to support Hadfield in its next chapter of growth,” said Mike Strachan, CEO of 3Phase Elevator. “Our combined companies will leverage Hadfield’s strong team of people and brand, and 3Phase’s technology and additional resources as we grow with customers across Pennsylvania.”
“It has been a privilege being partners with Bob and Rick over the past two years and I am excited about Hadfield’s future as part of the 3Phase family of independents.” said Rizzo.
Maven Group served as financial advisor to Hadfield Elevator, and Harvey & Company served as financial advisor to 3Phase and Berkshire Partners.
Ben Rizzo added “After thoroughly researching selling my elevator business myself, and interviewing multiple experienced investment bankers in the industry, Maven Group was the clear choice. I had high expectations based on the Maven reputation and those expectations were far exceeded. After delivering a targeted set of qualified buyers whose plans for the company aligned with where I wanted to see it go, Maven Group followed through with meticulous management of LOI negotiations, due diligence, and closing while constantly looking out for my interests every step of the way in areas I would have overlooked.”
To learn more about Maven Group, LLC, please contact us directly:
Dominik Sachsenheimer (561) 225-3320, dominik@mavenequity.com
Bill Beaury (239) 253-4500, bill@mavenequity.com
www.mavenelevator.com
About 3Phase Elevator
Founded in 1996, and headquartered in Canton, Mass., 3Phase Elevator is a leading independent provider of elevator and escalator maintenance, repair, and modernization services in 14 states across the eastern United States. The company is built on a foundation of exceptional customer service and has more than 8,500 units in its care. For additional information, visit www.3phaseelevator.com.
About Berkshire Partners
Berkshire Partners, a Boston-based firm, has 35 years of investment history. Berkshire Private Equity has made more than 130 private equity investments since its inception and has a strong history of partnering with management teams to grow the companies in which it invests. Stockbridge, the firm’s public equity affiliate, was founded in 2007 and seeks to make public equity investments in high-quality companies with strong competitive positions and long-term growth prospects. The firm invests in business services & technology, communications, consumer, healthcare and industrials companies. For additional information, and to see a full list of the firm’s private equity investments, visit www.berkshirepartners.com.
