Key Takeaways
- • H.I.G. Capital has merged Action Elevator and All City Elevator into EverRise Lift Group, creating a multi-regional independent elevator service and modernization platform spanning the Mid-Atlantic and Upper Midwest markets.
- • Christopher Smith, former executive at Otis Worldwide and Schindler Elevator, has been appointed CEO of EverRise, bringing direct experience from the industry's largest manufacturers to lead the combined entity.
- • The US elevator service market is valued at $6.5 billion to $8.0 billion with annual growth of 6% to 7%, while the modernization segment (worth $2.5 billion to $3.0 billion) is expanding at 8% to 10% annually—H.I.G.'s target for EverRise's growth strategy.
- • Independent elevator service providers have gained approximately five percentage points of market share since 2019, eroding the historically dominant 65% to 70% market share held by the four major manufacturers (Otis, KONE, Schindler, and TK Elevator).
- • H.I.G. plans to grow EverRise through expanded modernization capabilities, technology investments, talent acquisition, and add-on acquisitions; Action Elevator alone has acquired three Washington DC-area companies since H.I.G.'s September 2024 acquisition.
Summary
H.I.G. Capital has completed the merger of Action Elevator and All City Elevator into EverRise Lift Group, positioning the combined company as an independent, multi-regional platform in the fragmented US elevator services market. The transaction consolidates two regionally established providers: Action Elevator, headquartered in Millersville, Maryland, which serves the Baltimore, Washington DC, Northern Virginia, and Delmarva markets; and All City Elevator, based in Minneapolis, which operates across Minnesota, western Wisconsin, and the eastern Dakotas. EverRise will offer comprehensive vertical transportation services including installation, maintenance, repair, modernization, escalator servicing, 24-hour emergency response, and compliance inspections across commercial, residential, healthcare, education, and municipal sectors.
H.I.G. acquired Action Elevator from Align Capital Partners in September 2024, at which time the company served approximately 500 customers. Since the H.I.G. acquisition, Action has accelerated consolidation efforts by acquiring three Washington DC-area elevator service companies in 2025: Century Elevator, Gen-L Elevator, and Elevator Technologies. Christopher Smith, who became Action's executive chairman in 2024 following prior roles at Otis Worldwide and Schindler Elevator, assumes the CEO role at EverRise. Smith stated that the combination delivers "a broader footprint, deeper technical bench strength, and the same unwavering focus on safety, reliability, and non-proprietary equipment," positioning EverRise to compete against the integrated manufacturer-operators that dominate the sector.
The elevator services market presents a compelling investment thesis for private equity. The overall US market is valued between $6.5 billion and $8.0 billion, growing at 6% to 7% annually. Notably, the modernization segment—which replaces aging controllers, motors, and cab components without full elevator replacement—represents $2.5 billion to $3.0 billion in value and is expanding at 8% to 10% per year, making it the fastest-growing segment. According to STEER Partners, four integrated manufacturers (Otis, founded 1853; KONE, founded 1910; Schindler, founded 1874; and TK Elevator, acquired 2020 by Advent International and Cinven) historically controlled 65% to 70% of the US service market. However, independent providers have captured approximately five percentage points of market share since 2019, reflecting a structural shift toward non-proprietary service providers that offer building owners choice and reduce dependency on original equipment manufacturers.
The independent elevator services sector remains highly fragmented, with more than 800 independent companies operating across North America, creating a fertile M&A environment. Private equity has actively invested in the sector, with STEER counting 38 platform acquisitions between 2019 and 2023. Recent transactions include Berkshire Partners' acquisition of 3Phase Elevator (June 2021), Century Park Capital Partners' recapitalization of Total Access Elevator (April 2024), and Thompson Street Capital Partners' growth investment in ATIS (September 2024). Rahul Vinnakota, managing director and co-head of H.I.G. Advantage, noted that the merger accelerates H.I.G.'s strategy of building a leading national independent elevator services provider. H.I.G. plans to expand EverRise's modernization capabilities, invest in technology and field operations, and pursue additional add-on acquisitions, positioning the platform to capture share from fragmented regional competitors while capitalizing on the secular growth in modernization services.
H.I.G. acquired Action Elevator from Align Capital Partners in September 2024, at which time the company served approximately 500 customers. Since the H.I.G. acquisition, Action has accelerated consolidation efforts by acquiring three Washington DC-area elevator service companies in 2025: Century Elevator, Gen-L Elevator, and Elevator Technologies. Christopher Smith, who became Action's executive chairman in 2024 following prior roles at Otis Worldwide and Schindler Elevator, assumes the CEO role at EverRise. Smith stated that the combination delivers "a broader footprint, deeper technical bench strength, and the same unwavering focus on safety, reliability, and non-proprietary equipment," positioning EverRise to compete against the integrated manufacturer-operators that dominate the sector.
The elevator services market presents a compelling investment thesis for private equity. The overall US market is valued between $6.5 billion and $8.0 billion, growing at 6% to 7% annually. Notably, the modernization segment—which replaces aging controllers, motors, and cab components without full elevator replacement—represents $2.5 billion to $3.0 billion in value and is expanding at 8% to 10% per year, making it the fastest-growing segment. According to STEER Partners, four integrated manufacturers (Otis, founded 1853; KONE, founded 1910; Schindler, founded 1874; and TK Elevator, acquired 2020 by Advent International and Cinven) historically controlled 65% to 70% of the US service market. However, independent providers have captured approximately five percentage points of market share since 2019, reflecting a structural shift toward non-proprietary service providers that offer building owners choice and reduce dependency on original equipment manufacturers.
The independent elevator services sector remains highly fragmented, with more than 800 independent companies operating across North America, creating a fertile M&A environment. Private equity has actively invested in the sector, with STEER counting 38 platform acquisitions between 2019 and 2023. Recent transactions include Berkshire Partners' acquisition of 3Phase Elevator (June 2021), Century Park Capital Partners' recapitalization of Total Access Elevator (April 2024), and Thompson Street Capital Partners' growth investment in ATIS (September 2024). Rahul Vinnakota, managing director and co-head of H.I.G. Advantage, noted that the merger accelerates H.I.G.'s strategy of building a leading national independent elevator services provider. H.I.G. plans to expand EverRise's modernization capabilities, invest in technology and field operations, and pursue additional add-on acquisitions, positioning the platform to capture share from fragmented regional competitors while capitalizing on the secular growth in modernization services.
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