Carroll Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	Up to $15M S2
Deal types	Platform, Add-on, Minority S2
Sectors	HVAC, Plumbing & Electrical, Construction Services, Healthcare Services

What Carroll Capital buys

Carroll Capital is a Greenwich, Connecticut family office started in 2017 by Brian Carroll, a former KKR partner. It invests the family's own money rather than a fund, so it has no fixed exit deadline and keeps a small, concentrated set of companies. It looks at lower middle market businesses with up to $15 million of EBITDA, prefers to take majority control, and will consider a minority stake. It is flexible on size when a company is an add-on to something it already owns.

The firm wants recurring maintenance and repair work that customers cannot do without. Its target list covers elevator service, commercial plumbing, generator service, industrial maintenance, water and wastewater treatment, testing and inspection, and a range of niche component makers. Today it owns Elevator Service Inc. (ESI), a Midwest and Southern elevator platform held since 2019; Ensemble Therapy, a California pediatric therapy provider; and Charlie's Plumbing in Houston, bought in September 2026. Small elevator companies most often join through ESI.

Recent deals

Announced in the 24 months before October 27, 2026.

Date	Company	Type	Sector	Source
September 2026	Charlie's PlumbingMajority control of a 24/7 commercial plumbing service and repair company in Houston	Platform	HVAC, Plumbing & Electrical	Source
Aug 2026	East ElevatorChicago elevator service company added to ESI, its first location in the Chicago market; the founder stays on through the transition	Add-on	Construction Services	Source
Jul 2026	American Elevator (Indiana)Anderson, Indiana elevator service provider partnered with ESI and combined with ESI Indiana under the American Elevator name	Add-on	Construction Services	Source
Jun 2026	Tristar ElevatorNashville elevator company partnered with ESI, keeping its local leadership	Add-on	Construction Services	Source
Sep 2025	Elevator TechnologyDetroit elevator service provider added to ESI's City Elevator of Michigan	Add-on	Construction Services	Source
Jun 2025	American Elevator (Oklahoma)Oklahoma City elevator company that took ESI into Oklahoma and Texas	Add-on	Construction Services	Source
Apr 2025	Ascend ElevatorWisconsin elevator service provider bought by Express Elevator, an ESI division in Milwaukee	Add-on	Construction Services	Source

Portfolio by sector

From the firm's portfolio page S3.

Commercial Plumbing

Charlie's Plumbing

Elevator Maintenance & Service

Elevator Service Inc. (ESI)

Multi-disciplinary Pediatric Autism Therapy

Ensemble Therapy

Past investments: Tellus

Greymont’s take

How Carroll Capital fits a seller

Carroll Capital suits the owner of a maintenance and repair business who wants a buyer with long patience and few competing priorities. Because it invests family money and holds only a handful of companies, the firm can give each one a lot of attention, and it has kept ESI for seven years so far. Elevator owners are the clearest fit: ESI has added at least six companies since April 2025, from Wisconsin to Tennessee, and the releases describe founders staying involved for a period and local names being kept.

A commercial plumbing, generator or industrial service owner could be a new platform, as Charlie's Plumbing was in 2026. Ask whether Carroll would buy your company directly or fold it into an existing business, and how long it expects to own it, since a family office has no fund deadline forcing a sale.

Questions owners ask

What size company does Carroll Capital buy?

Its stated limit is up to $15 million of EBITDA for lower middle market companies, with more flexibility on size when the company is an add-on to one it already owns.

Does Carroll Capital buy elevator companies?

Yes. Elevator service and maintenance is the first item on its target list, and its platform Elevator Service Inc. (ESI) has added companies in Chicago, Indiana, Tennessee, Detroit, Oklahoma and Wisconsin since April 2025.

Will Carroll Capital take a minority stake?

It prefers majority control but says it is open to minority investments. Its 2019 investment in Tellus, an electronic visit verification software company it exited in 2020, was a minority growth deal.

Sources

S1Carroll Capital: Firm Overview Accessed October 27, 2026
S2Carroll Capital: Our Investment Focus Accessed October 27, 2026
S3Carroll Capital: Portfolio Accessed October 27, 2026
S4Carroll Capital: Our Team Accessed October 27, 2026
S5Elevator Service, Inc. Acquires East Elevator, Entering the Chicago Market (August 18, 2026) Accessed October 27, 2026
S6Elevator Service, Inc. (ESI) news releases on PR Newswire Accessed October 27, 2026
S7Express Elevator Acquires Ascend Elevator (April 17, 2025) Accessed October 27, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Carroll Capital. Figures are as reported on the dates shown and may have changed. Request a correction