APi Group acquires Elevated Facility Services for ~$570M; provides preliminary Q1 2024 guidance

APi Group Corp

Acquisition of elevator/escalator services provider Elevated for ~$570M cash; expected to close Q2 2024.
Elevated adds ~$220M annual revenue, accretive to adjusted EPS, enhances EBITDA margin and free cash flow.
Preliminary Q1 2024 net revenue $1.590-$1.610B, adjusted EBITDA $172-$177M, adjusted free cash flow ahead of prior year.
Expands TAM by ~$10B, shifts business mix toward 60% recurring services; net leverage target under 2.5x.

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