APi Group Acquires Elevated Facility Services Group

APi Group Corp., headquartered in New Brighton, Minnesota, announced it has entered into a definitive agreement to acquire Tampa, Florida-based Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from a fund managed by L Squared Capital Partners for approximately US$570 million in cash. The transaction will expand APi’s position as a provider of safety services focused on non-discretionary, regulatory driven applications. Elevated’s focus on the elevator and escalator services space complements APi’s existing capabilities in life safety, fire protection and security, expanding APi’s total addressable market by approximately US$10 billion and creating a long-term cross-selling opportunity. The majority of Elevated’s net revenues come from non-discretionary services – inspections, service, and repair – strengthening APi’s service offering and allowing the business to drive strong financial results and free cash flow in variable macroeconomic environments. Elevated will also provide APi a platform from which to expand its bolt-on M&A strategy in the vertical-transportation services space.