Minnesota firm closes $570M deal for Tampa elevator company

A $570 million acquisition of  Tampa elevator maintenance and repair firm Elevated Facility Services Group has closed. 

The new owner, according to a statement, is New Brighton, Minnesota-based APi Group Corp., a publicly traded business services and contracting company. The deal was paid for through a fund managed by L Squared Capital Partners, according to a statement from APi.  

Elevated, which provides contractually based services for all major brands of elevator and escalator equipment, has some 600 employees and serves customers in over 18 states, API says. The acquisition is expected to contribute about $220 million in annual revenue at an approximate 20% adjusted EBITDA margin. 

“Today we welcome our 600 new teammates to the APi family and begin our work leveraging the opportunities created by this acquisition,” APi President and CEO Russ Becker says in the release. “We are excited to collaborate with Elevated and its talented leadership team as we expand into the $10+ billion U.S. elevator and escalator services market.”

The acquisition was first announced in April. APi had $6.92 billion in revenue in 2023.