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November 2, 2023

Torrington home elevator business acquired by Swedish company

Elevator Service Co. Residential elevators sold and installed by Elevator Service Co.
By Greg Bordonaro

Torrington-based home elevator provider Elevator Service Co. has been acquired by a Swedish company. 

Gävle, Sweden-based Cibes Lift Group has purchased Elevator Service Co. for an undisclosed sum. 

The sale closed on Oct. 31, according to M&A firm Generational Equity, which said it represented Elevator Service Co. in the deal.

Elevator Service Co. sells and installs a wide range of home and platform lifts in addition to providing maintenance and testing services. 

The company was founded in 2000, and had 25 employees at the time of the sale, according to Generational Equity. It serves customers in Connecticut, New York, Rhode Island and Massachusetts. 

Cibes Lift Group makes screw-driven, modular platform lifts and exports lifts to 72 countries. Elevator Service Co. is now a wholly owned subsidiary of Cibes Lift Group, but will maintain its brand, the companies said. 

Elevator Service Co. will be run by newly appointed Managing Director Matthew Montgomery, who was previously head of sales. Former majority owner and CEO Steven Roth has left the business, but will support Montgomery during a transitional period.

“This acquisition solidifies Elevator Service Company's transition from private ownership into a larger group of lift companies, instilling trust and opening doors to a multitude of benefits for our business and employees,” Roth said. “The financial stability gained through this transition will not only fortify our market position but also fuel our growth trajectory."
 

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