Elevated Facility Services Group, a leading provider of contractual maintenance and repair services in the elevator and escalator industry, has been acquired by APi Group for $570 million. This acquisition represents a strategic move by APi Group, which is based in New Brighton and provides life safety, security, and specialty services to the construction and construction-related industries through multiple operating companies.
With approximately 600 employees across 18 states, Elevated Facility Services Group generates about $220 million in annual sales. The company has higher margins compared to APi’s other businesses, making it an attractive acquisition for the long-term shareholder value goals of the company.
APi Group sees this acquisition as an opportunity to expand further into the fragmented elevator and escalator services industry, which is estimated to be over $10 billion in total market size. By acquiring Elevated Facility Services Group, APi Group aims to complement its strategy of cross-selling services from inspection and monitoring to repair and maintenance across its portfolio.
The deal is expected to close in the second quarter of 2024 after receiving shareholder and regulatory approvals. With this acquisition, APi Group will enhance its position as a leading provider of life safety, security, and specialty services in the construction and construction-related industries.