Newport Beach-based L Squared Capital Partners and Chicago-based Longview Asset Management LLC purchased service provider Oracle Elevator for an undisclosed amount.
Incline Equity Partners of Pittsburgh sold its stake, and L Squared is now the controlling shareholder, with stakes also from Oracle Elevator management and Longview Asset Management.
Torrington, Conn.-based Oracle Elevator has bought 18 elevator companies since its 2004 founding. It plans to buy three to five companies per year for $1 million to $15 million each.
Oracle is the largest independent service provider in the U.S., with 22 locations in 13 states.
L Squared was founded in 2014 and usually invests $20 million to $100 million per transaction for about six to 10 years. It’s backed by family offices in the U.S.
The L Squared deal team was comprised of Partner Sean Barrette, Jeff Farrero and Tyler Huez. Twin Brook Capital Partners led the debt financing along with co-lenders NXT Capital and Varagon Capital Partners. BB&T Capital Markets served as an adviser to Oracle.
—Peter J. Brennan
