Pacific Avenue Capital sells Unitec Elevator to Arcline Investment
Pacific Avenue Capital Partners, a Los Angeles-based private investment firm, has closed the sale of Unitec Elevator to Arcline Investment Management.
Financial terms of the deal were not revealed.
Based in New York, Unitec Elevator is engaged in providing maintenance, modernization, and code compliance services pertaining to elevators across New York City, and the surrounding boroughs.
Pacific Avenue Capital Partners acquired Unitec Elevator in August 2019 from United Technologies.
Christopher Sznewajs – Founder and Managing Partner of Pacific Avenue Capital Partners said: “The sale of Unitec demonstrates the effectiveness of Pacific Avenue’s investment playbook. We successfully executed a complex carve-out from a Fortune 100 corporation, providing speed and certainty to the Seller.
“Once under our ownership, we were able to quickly and seamlessly stand-up the business. We partnered with a talented management team, with assistance from Pacific Avenue operating partner Charles Veniez, to re-position the business towards higher margin and stickier customers. I could not be more excited about the outcome and congratulate the new owner, Arcline.”
According to Pacific Avenue Capital Partners, the sale of Unitec Elevator marks its first portfolio company exit since its founding about three years ago and marks its 12th transaction. Honigman was the legal counsel to Unitec Elevator and Pacific Avenue Capital Partners regarding the transaction.
Arcline Investment Management stated: “Unitec has an excellent reputation, strong management team, best-in-class capabilities, and a high-quality portfolio of elevators under maintenance. We are excited to partner with the Company to support its next phase of growth through investments in technology and acquisitions.”