Beckwith Elevator has been acquired by the Otis Elevator division of United Technologies
BOSTON, MA, August 1998 – Beckwith Elevator, a family-owned business, announced this month that it has been acquired by Otis Elevator, the world’s largest elevator manufacturer and service company. Mirus Capital Advisors (fka RCW Mirus) represented the family shareholders of the Company.
In Fiscal 1997, Beckwith generated approximately $20 million in revenues, but the company’s historical revenue performance showed significant cyclicality. During the sale process, Mirus identified a number of strategic assets but put particular emphasis on Beckwith’s unique ability to design and service custom elevators. Because of its focus in Boston, Beckwith is highly skilled at designing and retrofitting elevators into old buildings – small elevators, multi-door elevators, and uniquely shaped elevators.
Mirus Capital Advisors positioned Beckwith as not only a market share leader in Boston, but as a “custom elevator design group” for Otis. Otis could use Beckwith’s expertise to design, install, and service custom elevators in other older cities, such as Philadelphia, New York, and Chicago. Otis bought Beckwith for $34 million in cash, which represented one of the highest relative valuations ever reported for an elevator company.
Mirus Capital Advisors is a mid-market investment bank with over 25 years of experience closing deals for companies valued from $10 million to $100 million. Our industry knowledge and global reach affords us with access to, and relationships with, the best buyers for your business – and our focus on the intangibles that drive value for a buyer makes it possible for us to close a deal that exceeds your expectations for value and liquidity while safeguarding your business from many of the distractions of the M&A process.Back to Transactions