APi Group closes $570M acquisition of Elevated Facility Services, raises FY guidance

APi Group Corp

Acquired Elevated Facility Services Group for ~$570M from L Squared Capital Partners.
Elevated expected to contribute ~$220M annual revenue at ~20% adjusted EBITDA margin; expands into $10B+ elevator/escalator market.
FY2024 net revenue guidance raised to $7,150-$7,350M (from $7,050-$7,250M); adjusted EBITDA raised to $875-$925M.
Interest expense guidance lowered to ~$145M; adjusted free cash flow conversion ~70% unchanged.
Acquisition accelerates business mix shift to 60% of revenues from inspection, service, and monitoring.

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