Stout Advises Arcline on the Acquisition of Pride & Service Elevator
Stout announced that its client, Arcline Investment Management, L.P. (“Arcline”), a growth-oriented private equity firm with $1.5 billion of committed capital, has acquired Pride & Service Elevator, Inc. (“Pride & Service”), a leading provider of elevator maintenance, repair, and related services. Stout served as exclusive financial advisor to Arcline in connection with this transaction.
Founded in 1983 and subsequently acquired by the Todd family in 2010, Pride & Service is an independent provider of elevator design, maintenance, repair, modernization, and related value-added services across the New York-New Jersey-Connecticut tri-state area, with office locations in New York and Cranford, NJ.
"Pride & Service has a strong history of delivering true value to our clients,” said Christopher Todd, President of Pride & Service. “This investment provides us with the ability to further develop our service capabilities, while having access to a wealth of resources through Arcline’s investments in the elevator sector.”
Michael Hoover, President of American Elevator & Machine Corp., a recent Arcline acquisition, added, “We have known Pride & Service for many years and have always respected them as a formidable competitor, with a deserved reputation for their quality and customer support. The opportunity to work alongside them, as part of our expanding collective of service businesses, adds strength to our combined future potential.”
“It was a pleasure to work with both the Arcline team and Pride & Service to facilitate this transaction and bring about an exceptional result,” said Stout Managing Director Steve Rathbone, who led the deal execution. Stout’s Steve Simone assisted in the deal.
Locke Lorde LLP served as the legal advisor and deal counsel to Arcline.
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