L SQUARED CAPITAL PARTNERS / Longview Asset Management take majority stake in ELEVATED FACILITY SERVICES
Context
On 16 May 2017, private equity sponsors L Squared Capital Partners and Longview Asset Management executed a definitive leveraged recapitalization of independent vertical transportation provider Oracle Elevator. Incumbent management rolled over a significant equity interest alongside the institutional sponsors, ensuring leadership alignment to support the company’s nationwide expansion. The transaction marked L Squared’s sixth platform investment over a three-year period. The investment thesis centers on building a scaled, non-OEM service platform capable of competing directly against multinational equipment manufacturers. The recapitalization provides the growth equity and balance-sheet capacity necessary to execute programmatic bolt-on acquisitions of founder-led competitors, open greenfield/de novo branch locations, and invest in field-level technical engineering capabilities across high-density routes. Debt financing was arranged by Twin Brook Capital Partners, which served as administrative agent and lead lender on the senior credit facility, with NXT Capital and Varagon Capital Partners participating as co-lenders. Vedder Price served as legal counsel to L Squared Capital Partners. Oracle Elevator was advised by financial adviser BB&T Capital Markets, with Cohen & Grigsby acting as legal counsel.
ELEVATED FACILITY SERVICES, which reported an EBITDA margin of in 2017, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).
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Target
Specialist in elevator and escalator equipment maintenance, Elevated Facility Services Group provides contractually based technical services for all major vertical transportation brands. The operating model primarily relies on executing non-discretionary, statutorily mandated safety inspections, alongside scheduled mechanical repairs and ongoing service regimens for commercial building infrastructure. By maintaining an asset-light operational framework, the enterprise concentrates exclusively on the recurring service segment of the vertical transportation market, distinctly bypassing heavy manufacturing or new equipment installations. Under the executive leadership of Chief Executive Officer Matt Biskaduros, the organization coordinates a highly skilled technical workforce deployed to address continuous regulatory requirements. With an operational track record spanning over two decades, the technical service provider focuses on building localized density within the highly fragmented elevator and escalator maintenance space. The corporate architecture prioritizes localized field operations, establishing a deeply entrenched customer base through long-term service agreements driven by the continuous operational necessity of modern building mobility systems.
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Other operations with ELEVATED FACILITY SERVICES
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2024 | API GROUP | ELEVATED FACILITY SERVICES | UNITED STATES | Maintenance |
REFERENCES
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Press release: view release
Target: elevated facility services
Acquirer: l squared capital partners / longview asset management