New York, NY (September 22, 2020) – Kencor Elevator Systems, Inc. (“Kencor Elevator”) of West Chester, PA has been recapitalized by Arcline Investment Management (“Arcline”) of San Francisco, CA. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Kencor Elevator.
Karen Kennedy, CEO of Kencor Elevator and daughter of founder Richard Kennedy, said, “We are a company committed to quality and customer service. Our people are our greatest asset, contributing to our core values of safety, integrity, respect, dedication, and education. This investment will provide them with opportunities for further growth and development.”
Commenting on behalf of Arcline, C. Mark Boelhouwer stated, “Kencor Elevator is highly regarded as a business, with a strong reputation for exceptional customer service. The addition of the Company to Arcline’s elevator services portfolio significantly expands our regional coverage, and perfectly complements our other portfolio companies, in particular Jersey Elevator (Aberdeen, NJ), and D&D Elevator (Elmsford, NY).”
Kencor Elevator (www.kencorelevator.com) provides elevator maintenance, repair, modernization, and new construction services in the Mid-Atlantic region. Kencor Elevator’s mission is to promote the safe and efficient operation of vertical transportation systems through the professional and timely delivery of construction, maintenance and repair services by an educated and experienced workforce.
Arcline Investment Management (www.arcline.com) is a private equity firm with $1.5 billion in committed capital, investing in niche, market-leading companies with a declared passion for growth. Arcline approaches investment from multiple perspectives, but with a single vision – to identify and unlock the breakout potential in their portfolio companies. Some of Arcline’s primary interest areas include Industrial Technology, Specialty Materials, Aerospace & Defense, Personal Care, Medical Products and Life Sciences.
Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $10 to $450 million.