Axis Elevators is a London-headquartered lift installation and maintenance business. In 2005 Meridian Equity backed the incumbent management team to buy the business from its shareholders BancBoston Capital.
Over a period of 10 years, Meridian worked closely with management to improve shareholder value. This was achieved through appropriate investing in the business, namely recruiting the right people, professionalising the operations, and also successfully integrating a bolt-on acquisition made in 2008 which gave the enlarged business a far greater geographical presence.
In 2015, having more than tripled Axis’ profits, the management team expressed a desire to realise their investment, having felt that they had taken the business as far as they could. The entire business was sold to Otis, part of the NYSE-quoted group, United Technologies Corporation.
The disposal enabled both Meridian Equity and the management to generate significant gains and we wish to thank the entire management team for their consistently outstanding performance during the time of our involvement.