API Group Completes Acquisition of Elevated Facility Services Group

Minnesota-headquartered APi Group Corp. on June 5 announced the completion of its previously announced acquisition of Tampa, Florida-headquartered Elevated Facility Services Group for approximately US$570 million from a fund managed by L Squared Capital Partners. APi said the acquisition establishes “a new statutorily mandated service platform in the highly attractive elevator and escalator services space.” It is expected to shift APi’s business mix toward 60% of revenues from inspection, service and monitoring. As a provider of contractually based services for all major brands of elevator and escalator equipment, Elevated has approximately 600 employees and serves customers in more than 18 states. The company is expected to contribute roughly US$220 million in annual revenue for APi.

Get more of Elevator World. Sign up for our free e-newsletter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

BOY DIES IN “OLD AND POORLY MAINTAINED” ELEVATOR IN INDIA

Boy Dies in “Old and Poorly Maintained” Elevator in India

Cho Jae-cheon, CEO of Hyundai Elevator, left, and Yoon Jeong-il, head of Hyundai E&C's purchasing division, sign an MoU at Hyundai E&C's headquarters in Jongno-gu, Seoul; image courtesy of Hyundai Elevator

Hyundai Elevator Signs Modular Elevator Commercialization MoU

The circa-1985 elevators on SkyTrain’s Expo Line are being replaced with new KONE units; image courtesy of TransLink via X.

40-Year-Old SkyTrain Elevators Being Replaced in Canada

TKE OWNERS SELECT FINANCIAL ADVISORS FOR PLANNED IPO

TKE Owners Select Financial Advisors for Planned IPO

CIA TO SHOWCASE CANOPEN LIFT AT INTERLIFT

CIA To Showcase CANopen Lift at Interlift

Both events will be held at Maestro’s Caterers in the Bronx; image courtesy of Maestro’s Caterers.

ECNY Events To Be Held on Same Day in Same Location

KAPOK 88 ACHIEVES LIFTINSTITUUT CERTIFICATION

Kapok 88 Achieves Liftinstituut Certification

WINNERS OF INAUGURAL ELLIES EUROPE COMPETITION ANNOUNCED

Winners of Inaugural Ellies Europe Competition Announced