Hi all - thank you—Road To Carry crossed 10k subscribers this week! We look forward to continuing to develop this unique community of investors. That will include more thoughtful content as well as events (like the ones announced in the middle of this article)!
Before we dive into this week’s topic,
Road To Carry is proudly supported by WithCoverage
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As you acquire and grow, the insurance piles up. Every deal brings its own carriers and overlapping policies. Traditional brokers get paid on commission, so the more you spend, the more they make. No one is incentivized to fix it but WithCoverage is flipping the script:
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Other PE investors are already saving 20%+ on insurance.
"WithCoverage has been a valuable partner, delivering cost savings while ensuring our portfolio companies have high-quality coverage. Responsive, knowledgeable, and highly practical." Ross Chukerman, Senior Vice President, Gryphon Investors
This article was supported by RTC’s new Research Analyst Matt Adler. If you are a rising college junior or senior with IB/PE experience interested in working directly with me to support RTC’s research, check out the internship description.
State of Play
In April 2026, two of the “big 4” elevator OEMs (original equipment manufacturers) KONE and TK Elevator announced a combination, valuing TK Elevator at $34 billion. Sellers? Advent and Cinven. Implied multiple? ~18x EBITDA.
It’s been some time since I’ve begun hearing about elevator service roll ups. And when a large transactions like this happens at the OEM-level, it doesn’t go unnoticed by the Road To Carry analysts.
Today we’re going to delve into the world of elevator services, focusing on Elevated Facility Services as the case study. Elevated was an independent (vs. OEM) elevator services provider which had gone through 3 different PE sponsors across two decades and recently sold to APi Group in 2024 at a ~13x multiple.
When elevators go down, it’s one of the most frustrating things (as experienced by many NY high-rise renters in the RTC readership!), but that’s exactly what makes this unglamorous industry so attractive to PE.
Let’s dive in.