3Phase Elevator and Hadfield Elevator Announce Merger | Financial Buzz

3Phase Elevator and Hadfield Elevator Announce Merger

3Phase Elevator, a leading independent elevator and escalator services provider, today announced that it has merged with Pittsburgh-based Hadfield Elevator. The merger allows 3Phase to provide geographically contiguous service to customers across Pennsylvania from Philadelphia to Pittsburgh. The Hadfield brand and its team – known to the Pittsburgh and Harrisburg areas for more than 80 and seven years, respectively – will remain unchanged.

Hadfield Elevator has earned a strong reputation for its outstanding customer service and offers a full suite of elevator services, focusing on modernization, maintenance, repairs, and new installations. The company was founded in Pittsburgh in 1930 by Alex Hadfield and is currently led by Bob Hadfield Jr. In 2014, Hadfield opened its Harrisburg branch led by Rick Wood and quickly became the area’s leading independent provider. From there it has expanded into State College and surrounding areas. Hadfield Jr. and Wood will continue to lead the Greater Pittsburgh and Harrisburg markets, respectively, and are equity owners in the combined company. In 2019 the company received an investment from Hartwood Point, an investment firm founded by Ben Rizzo.

“I am excited to merge my family’s namesake company with 3Phase because they are known for the same commitment to customer service and are a like-minded independent elevator company,” said Hadfield Jr. “The combined team will accelerate Hadfield’s growth. I’d also like to thank Ben Rizzo who helped us tremendously with process improvements over the past two years that allowed us to capture the growth that ultimately enabled this exciting new partnership with 3Phase.”

“Hadfield is known for being a collaborative solution provider to our customers and for following through on our commitments,” added Wood. “We’re able to deliver on our promises because we attract the best talent as an employer of choice in the greater Harrisburg and Pittsburgh markets. Our new partnership with 3Phase and the technology systems they add will only strengthen our performance.”

“We feel very fortunate that Bob, Rick and Ben picked 3Phase as its partner to support Hadfield in its next chapter of growth,” said Mike Strachan, CEO of 3Phase Elevator. “Our combined companies will leverage Hadfield’s strong team of people and brand, along with 3Phase’s technology and resources as we grow with customers across Pennsylvania.”

“It has been a privilege being partners with Bob and Rick over the past two years and I am excited about Hadfield’s future as part of the 3Phase family of independents.” said Rizzo.

Maven Group served as financial advisor to Hadfield Elevator, and Harvey & Company served as financial advisor to 3Phase.

About 3Phase Elevator

Founded in 1996, and headquartered in Canton, Mass., 3Phase Elevator is a leading independent provider of elevator and escalator maintenance, repair, and modernization services in 14 states across the eastern part of the United States. The company is built on a foundation of exceptional customer service and has approximately 10,000 units in its care. 3Phase has completed eight acquisitions, including five this year, and in June 2021 received an investment from Boston-based investment firm Berkshire Partners. For additional information, visit www.3phaseelevator.com.

About Hadfield Elevator

Hadfield Elevator Company is an elevator and escalator maintenance, repair, modernization and construction company in Western and Central Pennsylvania, serving Pittsburgh, Harrisburg, State College, and surrounding areas. For additional information, visit www.hadfieldelevator.com.

About Hartwood Point

Pittsburgh-based Hartwood Point takes majority and minority positions in operator led buyouts and has a current portfolio of 10 investments spanning the US and UK. For more information, visit www.HartwoodPoint.com.

Contacts

Sarah Kulka

press@berkshirepartners.com

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