APi Group’s $570 Million Elevator and Escalator Acquisition Aligns with Long-Term Shareholder Value Goals

APi Group is set to invest $570 million to enter the elevator and escalator business through the acquisition of Elevated Facility Services Group. This marks the largest investment for APi Group since purchasing Chubb’s fire and security business for $3.1 billion in 2019.

Based in Tampa, Florida, Elevated Facility Services Group has approximately 600 employees across 18 states. The company generates about $220 million in annual sales through contractual maintenance and repair services, making it a strategic move for APi Group to expand its portfolio.

APi Group provides life safety, security, and specialty services to the construction and construction-related industries through multiple operating companies, boasting approximately 29,000 employees and $6.9 billion in total revenue in the previous year. With the acquisition of Elevated Facility Services Group, APi Group aims to cross-sell services from inspection and monitoring to repair and maintenance across its portfolio.

The elevator and escalator services industry is highly fragmented, with a total market estimated to be over $10 billion. APi Group sees this acquisition as a key step in expanding further into this industry, aligning with its long-term shareholder value goals. The deal is expected to close in the second quarter of 2024 after receiving shareholder and regulatory approvals.