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New York, NY (September 23, 2024) – Cobalt Service Partners (“Cobalt”), a commercial access solutions platform backed by Alpine Investors (“Alpine”) announced today its acquisition of Automatic Entrances of Wisconsin (“AEW”), Wisconsin’s leading automatic door installation and service provider. AEW is Cobalt’s ninth acquisition since launching in December of 2023, and its eighth acquisition of 2024.
AEW was founded by Bill Holcomb in 1976 when he and his wife acquired a failing automatic door distributor and refocused the business. Bill brought on a young salesman, Jay Walt, in 1978, and Bill and Jay grew the business consistently but thoughtfully over the subsequent decades.
“We grew the business with two guiding principles,” said Holcomb. “First, ‘Service feeds sales…which feeds service,’ and second, ‘Treat the customer the way you would expect if you were the customer.’” Guided by these principles, AEW has solidified its position as Wisconsin’s premier automatic door business.
After over a century of combined experience in the industry, Holcomb and Walt began thinking about selling the business. They wanted to see the brand and legacy of AEW live on and wanted to ensure that the AEW team and customers would be in good hands. They also were looking for a fresh perspective and access to resources so that AEW could continue growing and meeting the ever-evolving needs of the market.
They ultimately decided to partner with Cobalt because they felt Cobalt’s philosophy aligned with these objectives. “The arrival of Cobalt into the marketplace offered a respectful approach to the culture we had fostered, and their commitment to the employees that built our business matched our wishes,” said Holcomb and Walt. “Cobalt also offered high level assistance to meet the ever-changing demands of today’s workplace. With Cobalt’s vision, resources, and commitment to the future, we feel confident our legacy is secure.”
“We couldn’t be more excited to welcome Jay, Bill, and the whole AEW team into Cobalt,” said Anthony Gonzalez, Co-CEO of Cobalt. “Jay and Bill have built a behemoth in the automatic door market by taking great care of their people and by providing excellent service to customers. We’re eager to double down on what made AEW great and are grateful for the opportunity to support the AEW team through this exciting next chapter.”
Coinciding with the transaction, Holcomb has retired after nearly 50 years as AEW’s owner, and Walt will continue with the business. Over time, Cobalt will look to supplement the AEW team with additional leadership talent to help support its continued growth.
About Automatic Entrances of Wisconsin
AEW is a leading provider of automatic door installation and service throughout Wisconsin. AEW provides its customers with best-in-class automatic door products including ADA swing door operators, revolving doors, portals, optical turnstiles, and more, and has won numerous national recognitions, including the Stanley Chairman’s Cup for over 30 consecutive years. For more information, visit www.aewinc.net.
About Cobalt Service Partners
Cobalt Service Partners buys and builds market-leading access solutions businesses. Cobalt offers founders a long-term home for their business; and through its commitment to people, technology, and unwavering stewardship, Cobalt aims to secure legacies and unlock possibility. For more information, visit www.cobaltsp.com.
About Alpine Investors
Alpine Investors is a people-driven private equity firm committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in the software and services industries. Alpine’s PeopleFirst strategy includes a talent program that allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine has $17 billion in assets under management and has three offices in San Francisco, New York, and Salt Lake City. For more information, read the full disclaimers including, but not limited to, third-party statements and certifications and Alpine Operations Group.
