Align Capital Partners’ Fort Worth-based Southwest Elevator Company has had a busy year. The elevator services platform today announced the closing of three major deals that will fuel its expansion: a merger with Action Elevator Company, a tuck-in of Avery Elevator, and the opening of two new branch locations.
In September 2019, Align Capital Partners (ACP) made an initial investment in Southwest, completing a majority recapitalization of the vertical transportation services provider. Since then, Dallas- and Cleveland-based ACP has been working to expand the brand and take it national.
That’s what the growth-oriented private equity firm is designed to do—partner with local companies to help stimulate growth in its respective cities.
To date, Southwest’s main focus has been on providing elevator and escalator services for property owners and managers in the Dallas-Fort Worth area. Its preventative maintenance, repair, and modernization services can be found in a variety of locations, from commercial offices and educational facilities to medical centers and museums.
Last year, ACP said its initial investment in Southwest would go to accelerating its growth efforts in Texas to quickly enable an expansion plan.
A little over a year later, the two companies have done just that. Southwest’s new branches in Las Vegas and Miami allow the company to enter into Southern Florida and Las Vegas, and its deals with Action Elevator and Avery Elevator opens up the Mid-Atlantic states and beyond.
“Align and Southwest are excited to welcome Action and Avery to the Southwest family of elevator service companies,” ACP Co-founder Steve Dyke said in a statement. “We will remain focused on our aggressive expansion strategy and are enthusiastic about the opportunity to grow this exciting company.”
Action Elevator provides services—elevator modernization, maintenance, repair, new construction—for property owners and managers in the Baltimore-Washington area and Delmarva Peninsula. Founded in 2012, the full-service elevator company is family owned and operated, currently by a third-generation elevator executive, John Marshall, Sr., who has a track record of best-in-class elevator services.
With the closing of the deal, Action will continue to operate under its already established name.
“Southwest is thrilled to partner with John, his sons and their talented team of employees to serve attractive markets. Under John’s leadership, we’ll provide additional resources to the team and continue expanding geographically; both organically and through additional add-on acquisitions,” Southwest’s Founder and CEO Tom Cavinder said in a statement. “Both locations are fully operational at this point and we look forward to providing our customers there with world class service.”
From its headquarters in Washington, D.C., Avery has been offering quality elevator maintenance and repair services since 1980. In recent years, the company says its main business has been the construction, modernization, maintaining, and servicing of vertical transportation equipment.
“Our management team is looking forward to partnering with Southwest and continuing our strong growth and unmatched legacy of excellent elevator service in the Mid-Atlantic region and beyond,” Marshall, the founder and president of Action, said in a statement. “Furthermore, we are very excited about the addition of Avery Elevator in our DC market.”
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