Acquisitions, growth distinguish market.
Innovation Industries Acquires VCI
Russellville, Arkansas-based Innovation Industries, Inc., a privately held manufacturer of elevator fixtures and components, announced on August 30 it acquired Virginia Controls Inc. (VCI) of Richmond, Virginia, from longtime owner and outgoing President Fred Landon. Landon said Innovation stood out from other potential buyers due to its reputation and its products being a good fit. Established in 1967, VCI supplies elevator- and escalator-control products and accessories for systems ranging from two-landing hydros to traction elevators that travel 500 ft.
Observing that all VCI employees and its Richmond headquarters will be retained, Innovation President and CEO Paul Horney said:
“We are excited to add elevator controls to our product line. As a complementary product to our. . . fixture lines, VCI will [allow] opportunities to provide a more complete elevator solution. In addition, this acquisition allows us to focus on continued product development that will assure the health of our company going forward. The addition of VCI’s technical expertise, excellent products and loyal customer base are a great complement to Innovation and [subsidiary] Monitor Elevator Products’ product lines and sales network.”
Independence Elevator Acquires Alkap Elevator Services
Independence Elevator Co., an independently owned and operated company serving New Jersey and northeastern Pennsylvania, has acquired Alkap Elevator Services, Inc., which does business primarily in northern New Jersey. Specializing in the installation, modernization and maintenance of hydraulic elevators, Alkap was founded in 1983 by Al Kapr and was incorporated by Al Kapr and his son, Bill Kapr, in 1984. Based in Lebanon, New Jersey, Independence Elevator is a union shop incorporated in 2008 and led by President Amy DiPaolo, who said the acquisition will allow the company to become a larger player. Welcoming Bill Kapr and Alkap customers to the team, DiPaolo stated: “Construction and modernization are still booming, and this [acquisition] keeps our maintenance in line with our growth [in the area].”
Growth Prompts Expansion of Mitsubishi Electric in Dallas
Steady growth in Texas has prompted the expansion of the Dallas-Fort Worth office of the elevator and escalator division of Mitsubishi Electric US, Inc., the company announced in September. Since opening the office in 2017 (ELEVATOR WORLD, May 2017), Mitsubishi Electric has worked with building owners, architects and general contractors on vertical- transportation system design, installation and maintenance. Located at 196 Freeport Parkway, Suite 140 in Coppell, Texas, the new office provides additional warehouse and office space for a team that consists of “experienced, high-performing sales, engineering and service professionals.” Mitsubishi Electric Southern Region Director Rod Lynch said the office’s in-house engineering group has been key to its growth and customer satisfaction, and that “the office expansion demonstrates our continued commitment to the area. . . as it continues to grow.”
Private Equity Firm Boosts Southwest Elevator
Growth-oriented private equity firm Align Capital Partners (ACP) has completed a majority recapitalization of Southwest Elevator Co., a Fort Worth, Texas, provider of maintenance, repair and modernization services for elevators and escalators, Yahoo Finance reported in September. The capital infusion will allow Southwest to proceed with a national buy-and-build growth strategy. Tom Cavinder will remain as CEO for the company, which services properties throughout the Dallas-Fort Worth metroplex.
ACP’s investment is to accelerate Southwest’s growth in Texas and enable national expansion. “We’re thrilled to be working with an industry veteran like [Cavinder] in our pursuit to build a national, independent [vertical-transportation services] company,” said ACP Managing Partner Steve Dyke. “[Cavinder] brings with him a lifetime of industry knowledge and relationships that are the foundation of our investment in this sector.”
Marine Innovations Adds Dealers in Puerto Rico, Indiana
Tram and inclined-lift manufacturer Marine Innovations, Inc., based in Frazee, Minnesota, recently added two new dealers to its network: Deya Elevators of Guaynabo, Puerto Rico, and Dowty Construction of Morganstown, Indiana. Full-service contractor Deya serves clients throughout Puerto Rico and the Caribbean islands. It has added Marine Innovations’ incline lifts. Full-service contractor Dowty serves clients in Indiana and has added Marine Innovations’ incline trams.
Non-Gaming Resort in Las Vegas Takes Cues From the Past
Las Vegas Developer Lorenzo Doumani, whose family built the iconic La Concha Motel in the city in 1961, aims to start construction in May 2020 on a US$850-million, 60-story, non-gaming resort called Majestic Las Vegas that takes design cues from the La Concha’s Googie architecture, World Construction Network reported. Doumani received unanimous approval from local authorities for the plan, which includes 720 rooms, six standalone restaurants, a landscaped pool with 50 cabanas and a four-level, 70,000-ft2 fitness and wellness spa. The six-acre property was formerly occupied by a Clarion hotel and is directly across from the new Las Vegas Convention Center. Customizable sky suites will be available to corporate tenants on levels 51-60. Completion is anticipated in 2023.