News | October 2020
New Indian Component Manufacturers’ Association
In India, the Elevator & Escalator Component Manufacturers' Association of India (EECMAI) was founded in September.
Arcline Investment Management (“Arcline”), a private equity firm with $1.5 billion of committed capital, has acquired American Elevator & Machine Corporation (“American Elevator” or “the Company”).
Originally established in 1902, American Elevator is an independent provider of elevator maintenance, modernization and installation upgrade services in New York City.
Mike Hoover, President of American Elevator, said, "Thirty-seven years after my family purchased the Company, we seek to build on our strong foundations and pursue new opportunities."
Arcline commented, "We are delighted to welcome the Company to our growing elevator services portfolio, and look forward to supporting their future development, through complementary investments in technology and acquisitions." Lift Business Advisors, Inc., of Danville, California, facilitated the transaction.
Arcline also announced an investment in D&D Elevator Maintenance ("D&D Elevator" or "the Company"). Founded in 1981, D&D Elevator is provider of elevator maintenance, repair, modernization and new installation services across New York State.
Bobby Schaeffer, CEO and President of D&D Elevator, said, "We have achieved a sustained period of robust growth, which requires substantial resources to ensure we can continue to provide high-quality service to our customers. This significant investment provides us with necessary, long-term stability and the backing to continue our success story."