LOS ANGELES, May 8, 2020 (Newswire.com) - Los Angeles-based private investment firm Pacific Avenue Capital Partners, LLC (“Pacific Avenue”) announced that it has successfully completed the sale of Unitec Elevator (“Unitec” or the “Company”) to Arcline Investment Management (“Arcline”). Headquartered in New York, Unitec Elevator is one of the largest and most experienced providers of elevator maintenance, modernization, and code compliance services to New York City and the surrounding boroughs. Pacific Avenue acquired Unitec Elevator in August 2019 from United Technologies Corp. (UTX).
Christopher Sznewajs, Founder and Managing Partner of Pacific Avenue, 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.”
Jake Lammers, President of Unitec, and the Unitec management team were instrumental in the carve-out and strategy execution.
Jake stated, “We were pleased to have worked with Chris and the Pacific Avenue team. They were professional, aggressive and, most importantly, provided the tools for us to succeed. We are proud of what we have achieved and look forward to the next chapter of Unitec with Arcline.”
The sale of Unitec marks Pacific Avenue’s first portfolio company exit since its founding in 2017 and represents the twelfth transaction for Pacific Avenue. Honigman LLP served as legal counsel to Unitec and Pacific Avenue with respect to the sale. Terms of the transaction were not disclosed.
About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners, founded by Chris Sznewajs, is a Los Angeles-based private investment firm. Pacific Avenue, in conjunction with its operating executives, partners with exceptional management teams to assist businesses in unlocking value and reaching their full potential. Pacific Avenue is focused on corporate divestitures and other special situations in the lower middle market. Through our collaborative approach, we partner with strong management teams and industry operators to drive strategic change and capture transformational upside. For more information, please visit www.pacificavenuecapital.com
Source: Pacific Avenue Capital Partners