APi Group Corporation has entered into a definitive agreement to acquire Elevated Facility Services Group from a fund managed by L Squared Capital Partners for $570 million.

APi Group Corporation (NYSE:APG) has entered into a definitive agreement to acquire Elevated Facility Services Group from a fund managed by L Squared Capital Partners for $570 million on April 12, 2024. Elevated will provide APi a platform from which to expand its bolt-on M&A strategy in the fragmented elevator and escalator services space. The acquisition is expected to contribute ~$220 million in annual revenue and to be accretive to APi?s ?13/60/80?

shareholder value creation framework driven by Elevated?s strong EBITDA margin profile, ~70% of revenue from inspections, service and repair, and an asset light business model driving strong adjusted free cash flow conversion. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2024. Cleary Gottlieb acted as legal advisor to APi Group Corporation (APi).