Skip to main content

Acquisition Establishes Platform in Elevator Service Market

Carroll Capital LLC (“Carroll Capital”) announced today that it has acquired Elevator Service LLC (“Elevator Service” or “ESI”) in partnership with its management team from Nate McFadden. Elevator Service, based in Grand Rapids, is the market-leading independent elevator services provider in West Michigan. ESI’s highly trained union technicians perform best-in-class preventative maintenance and testing, mission-critical repair, and highly sophisticated elevator modernizations. ESI’s coverage area includes Grand Rapids, Lansing, Ann Arbor, Kalamazoo and Battle Creek. In its next stage of development, ESI looks to continue to expand its market share across Michigan and will also look to add-on other independents in attractive markets.

Brian F. Carroll, Managing Partner of Carroll Capital, said, “We are excited to partner with the management team of ESI to continue the successful growth of ESI and build a regional leader in the elevator services sector. Elevator service is a highly attractive sector – a mission critical service offering with regulatory and replacement cycle-driven demand and a highly recurring revenue business model. Within that sector, ESI is a best-in-class service provider that has strong market positioning and a loyal customer base in its local West Michigan market, with the highest market share of any independent elevator service company.”

ESI maintains and repairs the elevators for many of the more noteworthy and largest public and private-sector customers throughout Michigan. ESI has completed successful modernization projects in numerous marquee buildings which showcase ESI’s high degree of technical sophistication. Brett McCay, President of Elevator Service, said, “ESI has built its strong reputation in the market by focusing on its customers and employees. Our field technicians are second to none and provide excellent customer service and strong technical expertise. We are excited to partner with Carroll Capital and believe their resources and business-building capabilities will enable us to accelerate the growth of the business, while continuing to provide world class service to the market.”

Nate McFadden, owner of Elevated Technologies Inc., which continues to provide services to the Federal Government, said of the decision to select Carroll Capital, “We were in the fortunate position to have multiple strong potential partners to choose from. Carroll Capital distinguished themselves from the beginning as the clear choice. This decision was driven by their stand-out business acumen and their demonstrated commitment to preserving the special culture that exists at ESI. The management team was unanimous in the decision to pursue this engagement with Carroll Capital.”

The joint vision for ESI is to become the regional market leader in independent elevator service, serving locations across the Great Lakes region with the same quality service and operating rigor that ESI provides to its current West Michigan market. In its partnership with ESI’s management team, Carroll Capital will provide support and capital for the development and execution of ESI’s growth strategy and execution of add-on acquisitions.

Owner Nate McFadden also thanked the consultant who facilitated the deal: “Maven Group was instrumental in the successful investor engagement, negotiation, due-diligence, and closing. Dominik Sachsenheimer has tremendous command of the industry, knows the right potential qualified partners, and skillfully navigates the complexities of an acquisition. Professional, competent, and engaged, at each phase of the process Maven exceeded expectations.”

To learn more about ELEVATOR SERVICE, Inc, please visit:

To learn more about Maven Group, LLC, please contact us directly:
Dominik Sachsenheimer (561) 225-3320,
Bill Beaury (239) 253-4500,

About Carroll Capital
Carroll Capital is a family investment office established by Brian F. Carroll to develop a concentrated portfolio of market-leading, niche businesses with a differentiated product, service, technology or offering that is mission critical to customers. Carroll Capital focuses on companies with defendable business models, strong growth prospects, attractive margin potential and high returns on capital. The firm partners with existing management teams to empower them to accelerate growth and maximize profitability. Carroll Capital is a completely flexible investors with regard to investment structure, time horizon and partnership capabilities. Prior to founding Carroll Capital, Mr. Carroll spent over two decades at Kohlberg Kravis Roberts & Co. (KKR) in New York and London, where he was a Partner of the firm and served on its Investment Committee.

Contact: Leigh Johnson, (203) 742-9993,