When Dennis Gadacz was ready to sell his 40-year old company, he turned to Calder Capital's team to find a buyer.
Within four months, Phoenix Modular Elevator of Mount Vernon, Illinois, acquired his business, Midstates Elevator of Mishawaka. Midstates installs and maintains commercial and residential elevators.
“Calder did a fantastic job in lining up potential buyers for my 40-year-old business,” Gadacz said in a press release.
He was concerned about finding a buyer before deciding to sell.
“I had a specific type of buyer in mind and expressed my concerns in finding this ideal candidate, but undaunted in their search, they delivered the perfect candidate/buyer that met my expectations,” he said. “I am grateful for their due diligence on behalf of both parties.”
Of six offers, Phoenix met Gadacz's expectations for a buyer. He wanted a company that would preserve the company's legacy and grow the business.
Phoenix Modular Elevator manufactures and installs elevator systems in 34 states and four provinces in Canada. Midstates fits its growth stretegy.
“Dennis built a strong team and a solid business,” said Allison Allgaier, president of Phoenix Modular Elevator. “Phoenix is honored to continue this legacy and excited to add them to our family and help them further their growth.”
Midstates went to market in September, with a letter of intent by October and closing in December.
“I am confident in Allison’s ability to take Midstates Elevator to the next level and am looking forward to how she grows the company,” said Scott Nicholson, Calder Capital's lead mergers and acquisitions adviser to Midstates Elevator.
Allgaier purchased Infinite Access’s assets in 2009, which was rebranded as Phoenix Modular Elevator. The company originally started in the mid-1990s in response to the Americans with Disabilities Act.
