APi Group, a New Brighton-based company with approximately 29,000 employees and $6.9 billion in total revenue, is planning to invest $570 million to enter the elevator and escalator business through the acquisition of Elevated Facility Services Group. This acquisition represents the largest one for APi Group since purchasing Chubb’s fire and security business for $3.1 billion.
Elevated Facility Services Group, based in Tampa, Florida, has approximately 600 employees across 18 states and generates about $220 million in annual sales through contractual maintenance and repair services. The company has higher margins compared to APi’s other businesses, making it a strategic move in line with the long-term shareholder value goals.
The elevator and escalator services industry is fragmented, with a total market estimated to be over $10 billion. APi Group sees the acquisition of Elevated Facility Services Group as a key step in expanding further into this industry. The deal is expected to close in the second quarter of 2024 after receiving shareholder and regulatory approvals.
APi Group provides life safety, security, and specialty services to the construction and construction-related industries through multiple operating companies. The acquisition of Elevated Facility Services Group complements APi’s strategy of cross-selling services from inspection and monitoring to repair and maintenance across its portfolio. With this acquisition, APi Group aims to increase its market share and expand its service offerings in the elevator and escalator industry.
