NEW YORK, April 3 (Korea Bizwire) — Transel Elevator & Electric, Inc., d/b/a TEI Group, the largest independently owned and operated vertical transportation company serving the New York tristate area, is pleased to announce that Analogue Holdings Limited (HKG:1977), a leading electrical and mechanical engineering service provider in Hong Kong with substantial operations in Macau and mainland China, has acquired 51% of equity interests in the company. This represents Analogue Holdings Limited’s first foothold in North America with TEI now operating as an indirect non-wholly owned subsidiary of Analogue Holdings Limited.
TEI’s principal management team will retain their roles as long-term equity partners supported by the company’s highly experienced team of over 300 vertical transportation employees. This will further ensure the continued success of TEI as it journeys into a new growth phase with its new equity partner Analogue Holdings Limited.
“The entire TEI team is extremely excited to partner with Analogue Holdings Limited and we collectively look forward to capitalizing on the myriad new business development and expansion opportunities that lie ahead,” said Mark Gregorio, Managing Partner and President, TEI Group. “Together with the support and added resources of our new partners at Analogue Holdings Limited, we will further expand our presence in the New York metropolitan area and implement new growth strategies to take our services nationwide.”
“We are pleased to announce that Analogue Holdings Limited has acquired a 51% equity position in TEI which will allow us to better execute our New Technology, New Market and New Business Mode strategy,” said Dr. Poon Lok To Otto, Chairman of Analogue Holdings Limited. “Our core operating philosophies align very well with TEI, and this acquisition provides a steppingstone to expand our business in the U.S.A., and ultimately on a global basis.”
“Mark and I will remain intimately involved in every aspect of TEI’s current and future business with the intent of preserving the unique culture we’ve created at the company over the years,” said Michael Staub, Partner and Executive Vice President, Operations, TEI Group. “Our partnership with Analogue Holdings Limited significantly accelerates our evolving business model and expansion plans, providing our dedicated team with new and exciting opportunities.”
Since Analogue Holdings Limited’s successful listing on the main board of The Stock Exchange of Hong Kong Limited last year, it has been seeking new opportunities to further strengthen all aspects of its business segments. According to the Elevator Report 2017 issued by the New York City Department of Buildings, New York has approximately 84,000 elevators, claiming to be the largest stock in North America, as well as the oldest stock in the world. In view of this potential for significant revenue growth, Analogue Holdings Limited considers the acquisition of TEI as a significant strategic business decision that will further accelerate Analogue Holdings Limited’s global growth.
Ryan LaMarca / LRG Marketing
Source: Transel Elevator & Electric, Inc. via GLOBE NEWSWIRE