API Group Corporation will acquire Elevated Facility Services Group, a leading provider of contract services for all major brands of elevator and escalator equipment. This is stated in the media reports.
Elevated will be acquired by APi from a fund managed by L Squared Capital Partners for approximately $570 million in cash, including working capital and other standard adjustments.
Elevated Facility Services is a company providing elevator maintenance solutions. It offers repair, modernization, replacement of hydraulic cylinders and engines, inspection, cosmetic repairs and other services. The company serves healthcare, education, hospitality and other industries.
APi Group is an American company providing products and services in the field of fire protection, occupational safety and health, as well as maintenance and repair services for industrial infrastructure. The company operates in more than 20 countries. The company's shares are traded on the New York Stock Exchange.
