3 Phase Elevator and TEC Elevator, Inc. Announce Merger
Harvey & Company is engaged by 3Phase to conduct a thorough add-on acquisition search effort in the highly-fragmented elevator services industry. Harvey & Company has successfully initiated 11 transactions with 3Phase, assisting their growth into becoming the largest independent union elevator service company in the US. 3Phase’s most recent acquisition, TEC Elevator, is an excellent strategic fit and an opportunity to improve service to key customers in core geographic markets.
PENNSAUKEN, N.J. and CANTON, Mass., April 20, 2022 – TEC Elevator, Inc. (TEC) is pleased to announce that it has merged with the 3Phase Elevator Corp family of independent elevator companies, expanding the company’s presence in the Philadelphia, New Jersey, and Delaware market areas.
3Phase is a leading independent elevator and escalator services provider with offices across the United States. The TEC merger enables 3Phase and its major brand in the region, Excel Elevator & Escalator, to grow its service offerings and deepen its presence across the region.
3Phase Corp provides its partners with technical and financial support to be best in class elevator and escalator service providers in their markets. As such, each member of the 3Phase family of independent elevator service providers is ‘Powered by 3Phase’.
3Phase Corp provides its partners with technical and financial support to be best in class elevator and escalator service providers in their markets. As such, each member of the 3Phase family of independent elevator service providers is ‘Powered by 3Phase’.
TEC is a full-service elevator company based in Pennsauken, New Jersey. TEC has had a singular focus on providing its customers with the highest level of service across all segments of its operations. The merger will empower TEC with greater technical capabilities, broader product versatility, greater financial strength, and broader insurance coverages. The existing TEC team, led by Dave Hollingsworth, Rich McCormick and Jim McCabe, will continue to manage local operations and be available to our customers.
“We are excited to join the 3Phase family of independent elevator service providers and to partner with its existing team in the Philadelphia and New Jersey region,” said Dave Hollingsworth. “The 3Phase Team shares TEC’s commitment to our customers and quality service and will enhance our business with investments in technology and sound business processes which will help us further serve our customers.”
“TEC has an outstanding reputation with their customers and is a market leader among area independents,” said Mike Strachan, CEO of 3Phase Elevator Corp. “This merger expands and strengthens our mutual abilities to service our customers. As the TEC and 3Phase teams collaborate with each other in the Philadelphia and New Jersey markets, we will have an opportunity to enhance our service capabilities and responsiveness to our existing customers while also accelerating growth with new customers.”
Harvey & Company served as financial advisor to 3Phase for this transaction.
About 3Phase Elevator
Founded in 1997, and headquartered in Canton, Massachusetts, 3Phase is a leading independent provider of elevator / escalator maintenance, repair, and modernization services in 18 states and the District of Columbia. The company has grown in part through 15 acquisitions of other independent elevator / escalator providers. 3Phase maintains more than 22,000 units for building owners and property managers. The company is built on a foundation of exceptional customer care and service. To learn more about 3Phase, visit www.3phaseelevator.com.
