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.