“Calder did a fantastic job in lining up potential buyers for my 40-year-old business. They were thorough, precise, and extremely professional on all levels! I had a specific type of buyer in mind and expressed my concerns in finding this ideal candidate, but undaunted in their search, they delivered the perfect candidate/buyer that met my expectations. I am grateful for their due diligence on behalf of both parties.”
– Dennis Gadacz, Founder, Midstates Elevator Company, Mishawaka, Indiana (Seller)“It was a pleasure to work with Scott and Calder Capital, particularly once we got out of the initial automated emails loop and started actually talking. Scott was well-informed and responsive, and helped make things go smoothly.”
– Allison Allgaier, President, Phoenix Modular Elevator, Mount Vernon, Illinois (Buyer)
Transaction Summary
Calder Capital, a nationwide Mergers and Acquisitions Advisory firm, is proud to announce the successful acquisition of Midstates Elevator of Mishawaka, Indiana, by Phoenix Modular Elevator of Mount Vernon, Illinois.
The Acquisition Story
Founded in 1985 by Dennis Gadacz as Michiana Lift Equipment, Midstates Elevator Company is a trusted provider of elevator installation and service across Indiana. The Company specializes in residential elevators, material lifts, platform lifts, wheelchair lifts, and dumbwaiters. As Dennis prepared for retirement to spend more time with his family, he engaged Calder Capital’s Sell-Side team to find a buyer committed to preserving the Company’s legacy and supporting its next phase of growth.
Phoenix Modular Elevator (“PME”), a nationally recognized manufacturer and installer of modular elevator systems, acquired Midstates Elevator Company as part of its continued growth strategy. PME’s modular elevator solutions are designed to improve accessibility while reducing lead times and construction complexity, making Midstates a strong strategic fit given its established regional presence and service expertise. PME has completed installations across 34 states and four Canadian provinces.
Allison Allgaier, President of Phoenix Modular Elevator shared, “Dennis built a strong team and a solid business. Phoenix is honored to continue this legacy and excited to add them to our family and help them further their growth.”
Calder Capital’s Transaction Team and Sale Process
Scott Nicholson of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Midstates Elevator. Serving as Lead Analyst was Riley Hagen of Calder Capital.
Calder’s Sell-Side team generated strong market interest throughout the sale process, distributing 158 Confidential Information Memorandums (CIMs) to qualified buyers and receiving six offers. Midstates Elevator was brought to market in September, a Letter of Intent was executed in October, and the transaction successfully closed in December. Overall, the sale process was completed in four months, with the transaction closing just two months after the Letter of Intent was signed.
Gadacz stated, “Calder did a fantastic job in lining up potential buyers for my 40-year-old business. They were thorough, precise, and extremely professional on all levels! I had a specific type of buyer in mind and expressed my concerns in finding this ideal candidate, but undaunted in their search, they delivered the perfect candidate/buyer that met my expectations. I am grateful for their due diligence on behalf of both parties.”
Allgaier shared, “It was a pleasure to work with Scott and Calder Capital, particularly once we got out of the initial automated emails loop and started actually talking. Scott was well-informed and responsive, and helped make things go smoothly.”
Scott shared, “It was an absolute pleasure to work with Dennis on selling his business. I am confident in Allison’s ability to take Midstates Elevator to the next level and am looking forward to how she grows the company.”
“We want to congratulate Dennis and the Midstates Elevator team, along with Allison and Phoenix Modular Elevator, on reaching this milestone,” commented Garrett Monroe, Calder’s Sell-Side Managing Director. “Calder Capital has a long track record of helping service business owners achieve successful exits, and this transaction demonstrates how a focused, well-run process can deliver strong outcomes for all parties.”
Calder Capital served as the Exclusive Sell-Side Mergers and Acquisitions Advisor to Midstates Elevator Company.
About Midstates Elevator Company
Founded in 1985, Midstates Elevator Company is an Indiana-based elevator installation and service provider serving residential and commercial customers statewide. The Company specializes in Division-14 products, including residential elevators, platform lifts, wheelchair lifts, material lifts, and dumbwaiters. To learn more, please visit MidstatesElevatorCompany.com.
About Phoenix Modular Elevator
Phoenix Modular Elevator is a Mount Vernon, Illinois-based manufacturer of modular elevator systems designed to improve accessibility while reducing lead times and construction complexity. To learn more, please visit PhoenixModularElevator.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
