ESI Acquires Bounds Elevator

Contributed by BSM Staff

GRAND RAPIDS, MI -- Elevator Service LLC, an elevator service platform in the Midwest and Southeast, has acquired Bounds Elevator, an independent service provider in the New Orleans market.

The acquisition of Bounds strengthens ESI's market position as the #1 independent elevator service provider in the Local 16 market. This investment marks ESI's seventh add-on acquisition in the last two years, and ESI's second in the Southern Louisiana and Mississippi markets following its acquisition of A-1 and Pinnacle Elevator in October 2023.

Bounds was founded in 2019 by Tim Bounds, a 25-year industry veteran and New Orleans native. His culture of service excellence, customer-first approach, and uncompromising commitment to quality has been recognized by customers in New Orleans and led to the company's strong growth over the last five years.

Bounds will join A-1 and Pinnacle Elevator to create ESI's combined platform in the New Orleans market. All three companies share the same approach to customer quality, and the combined company of A-1, Pinnacle, and Bounds will be led by the best management team and mechanic talent in the market.

Tim will join ESI's local leadership team with Justin Schulte, Mike Luscy, Darrin Loup, and Mike Lizana. Justin Schulte partnered with A-1 in 2020 alongside Gary Songy (Founder, 30-year industry veteran) and Mike Lizana (Operations/Sales leader, 20-year industry veteran).

In 2022, Justin partnered with Pinnacle alongside Mike Luscy (Founder, 30-year industry veteran) and Darrin Loup (Operations/Sales leader, 20-year industry veteran). ESI is thrilled to have Tim Bounds and the rest of the Bounds' team join the ESI platform.

ESI completed its investment in Bounds with financial backing from Carroll Capital, a Greenwich-based family office which originally invested in ESI in 2019. Since then, Carroll Capital has supported ESI in completing seven add-on acquisitions and launching five greenfield markets. ESI will continue its growth by partnering with leading independents in attractive markets and recruiting talented elevator mechanics, executives, and salespeople.

Ice Miller served as legal counsel to ESI and Carroll Capital on the transaction, with FTI serving as accounting advisor. The Bank of Montreal (BMO) provided debt financing to ESI.

Elevator Service Holdings, headquartered in Grand Rapids, MI, is an elevator service platform that operates in ten markets and performs elevator maintenance, repair, testing, modernization, and installation for the commercial, municipal, industrial, and residential markets.

ESI operates in the markets of Grand Rapids, Milwaukee, Detroit, Toledo, Columbus, Madison, Minneapolis, St. Louis, Dayton, New Orleans, Baton Rouge, and the Mississippi Gulf Coast.

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