L Squared Capital Partners, together with Longview Asset Management, has partnered with Oracle management to recapitalise the company.
Financial terms of the transaction have not been disclosed.
Oracle represents L Squared’s sixth platform investment over the last three years. Founded in 2004 with 22 branch locations across 13 states, Oracle is the largest independent provider of elevator maintenance, repair, and modernisation services across all major brands of equipment. L Squared’s investment provides a long-term capital base to support the company’s national expansion strategy through both de novo branches and acquisitions.
“Oracle is pleased to partner with the L Squared team to drive the next phase of Oracle’s growth as the leading independent alternative to the Big Four elevator manufacturers,” says Paul Belliveau, president and CEO of Oracle Elevator. “L Squared’s long-term investment horizon will allow us to make further investments in our people and continue growing our geographic footprint while providing the highest level of service to our customers.”
Oracle plans to accelerate investment in its base of technicians and service representatives through both professional development as well as a new state-of-the-art training facility. These investments will further reinforce Oracle’s customer service and ensure that Oracle technicians are continually trained on the latest elevator equipment and technology.
“We have been extremely impressed by Oracle’s track record of growth and commitment to high quality customer service and safety,” says Sean Barrette, partner of L Squared. “Our family office capital base and long-term investment horizon is well suited to support Oracle’s geographic expansion, investment in its people and technical expertise, and pursuit of accretive acquisitions.”
Since its founding, Oracle has completed 18 acquisitions of independent elevator companies. This transaction provides capital to continue Oracle’s acquisition strategy.
“We are thrilled to partner with Paul and the team at Oracle,” says Jeff Farrero, managing partner at L Squared. “We are committed to providing the capital and strategic resources to accelerate growth and enhance Oracle’s position as the leading independent elevator maintenance company.”
L Squared Capital Partners, Longview Asset Management and the Oracle management team contributed the equity for the transaction. Twin Brook Capital Partners led the debt financing to support the recapitalisation along with co-lenders NXT Capital and Varagon Capital Partners.
Vedder Price served as legal counsel to L Squared.
BB&T Capital Markets served as an adviser and Cohen Gigsby served as legal counsel to Oracle.
The L Squared deal team was comprised of Sean Barrette, Jeff Farrero, and Tyler Huez.
