TAMPA, FL & ATLANTA, GA – Oracle Elevator (“Oracle”), an L Squared Capital Partners (“L Squared”) portfolio company, is pleased to announce that it has acquired Atlanta based Premier Elevator (“Premier”), one of the most highly respected independent elevator companies in the country. Premier has a strong presence across Georgia, Florida, North Carolina, South Carolina, and Tennessee and will further enhance the combined company’s position as the leading independent alternative to the multinational elevator companies. Wallace Bertschin, Hugh Bertschin, and Robert Barber have joined Oracle’s senior management team and will remain material owners in the combined company. Phil Reid after 43 years in the industry will be retiring.
Further, Oracle’s state-of-the-art training center, Oracle Technical Training Center (“OTEC”), will be relocated to Atlanta, GA allowing it to leverage the strategic resources that Premier has in place furthering its mission of technician education and development as well as best-in-class field support. The combined company is committed to maintaining a leadership position in technician education, innovation, and customer satisfaction.
Paul Belliveau, CEO of Oracle Elevator, commented: “We are excited about the addition of Premier and its employees to the Oracle family! Premier’s reputation for dependable and professional service made them an ideal fit for Oracle and we are eager to embark on the future together. The Premier team has both a deep bench of strong technical knowledge and a culture of outstanding customer service. We look forward to continuing our growth together including rolling out bundled service offerings which includes automatic entrance maintenance and repair provided by the Oracle Entrance brand to Premier customers starting in 2021”
Oracle and Premier share an unwavering commitment to exceeding our customer needs. This “customer first” culture has led to being repeatedly selected as the provider of choice across industries that require 24/7/365 elevator services (“resident technicians”) including hospitals, airports, universities, e-commerce distribution facilities, and large hotels. With our increasing geographic footprint, depth of technical expertise, and flexibility provided by our merit-based labor strategy we look forward to continuing to grow these categories of our customer base.
Sean Barrette, Partner at L Squared and Oracle Board Member, commented. “Premier represents Oracle’s largest acquisition, to date, and is highly strategic from a geographic, customer base, and technical capabilities perspective. We are excited to have the Premier team join the Oracle family as we continue with our strategy to consolidate the highly fragmented independent elevator market.”
The Premier Elevator brand will continue to be used in the Atlanta and Nashville markets. In Florida, the Company will go to market using the combined branding of Premier – Oracle Elevator. In all other current Oracle territories, the company will use the Oracle Elevator brand.
Vedder Price served as legal counsel to Oracle Elevator and L Squared. Kilpatrick Townsend & Stockton LLP served as legal counsel to Premier Elevator.
About Oracle Elevator
Based in Tampa, Florida, Oracle is the largest independent provider of elevator maintenance, repair, and modernization services operating across 46 markets in 21 states by serving the owners and managers of airports, universities, hospitals, and premier properties. Oracle’s world-class corporate infrastructure combined with its state-of-the-art OTEC technician training and support facility, provide a compelling reason for building owners and facility managers to partner with Oracle. The company is backed by family office investors in partnership with employee shareholders. For additional information, please visit www.oracleelevator.com.
About L Squared Capital Partners
L Squared Capital Partners is an investment firm with offices in Newport Beach, CA, and Chicago, IL, that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Tech-Enabled Services & Software, Industrial Technology & Services, and Education Technology. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 60 years of combined experience investing in growing private companies. For additional information, please visit www.lsquaredcap.com.
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