APi Group Has Entered Into A Definitive Agreement To Acquire Elevated Facility Services; Transaction Is Expected To Close In Q2 2024, No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
APi Group Corporation (NYSE:APG) has agreed to acquire Elevated Facility Services, a leading provider of elevator and escalator maintenance services. The deal, expected to close in Q2 2024, marks L Squared's eighth exit since 2014. Elevated has seen significant growth, with net revenue increasing from ~$60 million in 2017 to an expected ~$220 million in the current year, thanks to strategic investments and 15 add-on acquisitions. The acquisition is subject to regulatory approval and customary closing conditions.
April 16, 2024 | 1:03 pm
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APi Group's acquisition of Elevated Facility Services is expected to significantly enhance its service offerings in the elevator and escalator maintenance sector, reflecting a strategic expansion and potential revenue growth.
The acquisition of Elevated Facility Services by APi Group is a strategic move to expand its market presence in the elevator and escalator maintenance industry. Given Elevated's significant revenue growth from $60 million in 2017 to an expected $220 million, this acquisition is likely to positively impact APi Group's financial performance and operational efficiency in the short term. The deal's closure in Q2 2024 and its subject to regulatory approvals suggest a positive outlook, assuming smooth transaction completion.
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