H.I.G. Capital Completes Acquisition of Action Elevator

H.I.G. Capital Completes Acquisition of Action Elevator

Rahul Vinnakota
Managing Director
Head of North American Industrials
rvinnakota@hig.com

Steven Kozhimala
Principal
skozhimala@hig.com

H.I.G. Capital
1271 Avenue of the Americas
22^nd Floor
New York, NY10020
P 212.506.0500
hig.com

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Action Elevator (“Action” or the “Company”), a leading independent provider of elevator services. As part of the transaction, Action’s leadership team will remain in place and have a significant ownership stake in the recapitalized business. Terms of the transaction were not disclosed.

Founded in 2012 and headquartered in Millersville, Maryland, Action Elevator provides elevator maintenance, repair, and modernization services to customers throughout the Mid-Atlantic. The Company serves approximately 500 customers in the commercial, healthcare, education, municipal, and residential sectors. Concurrent with this transaction, Action acquired Century Elevator, a leading provider of elevator services in the Washington D.C. market.

John Marshall Sr., Founder and CEO of Action Elevator, commented, “We are very excited about partnering with H.I.G. to support Action’s next growth phase. The Company has an incredible opportunity to expand both organically and via acquisition, and H.I.G.’s experience and resources will help us continue to scale our business, while remaining committed to providing outstanding customer service and an exceptional work environment for our employees.”

“We are thrilled to partner with John Marshall Sr. and his team. Action has a proven track record of delivering the highest quality elevator services to its customers,” added Rahul Vinnakota, Managing Director and Head of North American Industrials at H.I.G. “We look forward to supporting the team’s organic and acquisition-driven growth strategy across its current and adjacent geographies.”

Lincoln International and Piper Sandler & Co. served as financial advisors, and McDermott Will & Emery served as legal counsel to H.I.G.

About Action Elevator

Action Elevator is a regional independent elevator services company serving building owners and property managers throughout the Mid-Atlantic region. The Company offers maintenance, repair, and modernization services critical to the operational safety and uptime across the elevator lifecycle. For more information, please visit actionelevator.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and affiliates.