Pacific Avenue Capital Partners Acquires New Platform Unitec Elevator in a Corporate Divestiture from United Technologies
The transaction marks Pacific Avenue's tenth acquisition in the past twenty-four months.
Los Angeles, CA (PRUnderground) September 10th, 2019
Los Angeles-based private investment firm Pacific Avenue Capital Partners, LLC (“Pacific Avenue”) announced that it has completed the acquisition of Unitec Elevator (“Unitec” or the “Company”) from United Technologies Corp. (UTX). Unitec Elevator is one of largest and most experienced providers of elevator maintenance, modernization, and code compliance services in New York City and the surrounding boroughs.
“We are excited about the acquisition of Unitec Elevator and the opportunity to build on its reputation for high-quality customer service and a world-class focus on safety. We plan to invest heavily in the business to ensure Unitec is well positioned to scale through both organic growth and add-on M&A” said Chris Sznewajs, Founder and Managing Partner at Pacific Avenue. “This transaction is another great example of Pacific Avenue’s ability to partner with corporate sellers in order to navigate complex carveouts.”
Unitec Elevator serves over 2,600 elevators under maintenance with more than fifty-five active modernization projects. Unitec’s management is supported by more than forty dedicated maintenance teams, seventeen testing and repair teams, and sixty modernization technicians.
“I am excited to partner with Chris and the Pacific Avenue team. I am confident we will continue to deliver the reliable and attentive service our customers have come to expect. Our commitment to safety and creating a fulfilling work environment for our employees remains unchanged,” stated Jake Lammers, the President and GM of Unitec Elevator.
The addition of Unitec Elevator to the Pacific Avenue Capital portfolio represents the tenth transaction in the past twenty-four months and comes on the heels of two recently announced “add-on” acquisitions. In July 2019, Pacific Avenue acquired Novo Health Systems’ Salt Lake facility as an add-on to the Sterile Process Services of America (“SPSA”) platform. In September 2019, Pacific Avenue added Staheli Laundry Services to the Emerald Textiles platform.
Bridge Bank, a division of Western Alliance Bank, provided the debt financing for this transaction. Honigman acted as Buyer’s transaction counsel and Stradling Yocca Carlson & Rauth acted as Buyer’s financing counsel. Terms of the transaction were not disclosed.
About Pacific Avenue Capital
Pacific Avenue Capital Partners, LLC, founded by Chris Sznewajs, is a Los Angeles-based private investment firm that is focused on corporate divestitures and other special situations in the lower middle market. Our extensive M&A and operations experience allows us to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Our senior team has closed over 50 transactions, including 25 corporate divestitures, across a multitude of industries. Through our collaborative approach, we partner with strong management teams to drive strategic change and assist businesses in reaching their full potential. Pacific Avenue acquires controlling interests in businesses across multiple industries including industrials, business services, healthcare services, and building products. Pacific Avenue’s current portfolio companies have more than $950 million in combined revenue. For more information, please visit www.pacificavenuecapital.com