APi Group Enters New, Adjacent Service Market with Acquisition of Elevated Facility Services Group - Seite 2

Becker continued, “We remain focused on creating sustainable shareholder value by delivering on our '13/60/80' targets and believe the addition of Elevated to the APi family will strengthen our ability to deliver on these targets. Elevated and APi are aligned from a culture, values, and fit perspective. Each business prioritizes investing in its people throughout the organization, including the men and women in the field. Our global team of 29,000 leaders is excited to welcome our new teammates from Elevated to the APi family.”

Matt Biskaduros, Elevated’s Chief Executive Officer, added: “This is a transformative milestone for Elevated and its team members. Over the past 20 years, we have built a people-focused business with a deeply loyal customer base. APi is well known as a long-term owner of businesses, with a reputation of caring for and developing its team. Partnering with APi will provide us with a perfect platform on which to invest in our business and grow. I’d like to thank all of our Elevated teammates for their ongoing dedication to the business and hope they share in my excitement as we look forward to the next stage of our growth as part of the APi family.”

The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions and regulatory approvals. A presentation with additional detail about Elevated and the transaction can be found on the investor relations section of the Company’s website.

Preliminary, Unaudited First Quarter 2024 Results

For the first quarter 2024, the Company updates its prior guidance provided on February 28, 2024, and expects net revenues will range between $1.590 - $1.610 billion, adjusted EBITDA will range between $172 - $177 million, and adjusted free cash flow ahead of last year and in line with the seasonality of cash flow generation of our business.

These preliminary results are based on the Company’s current estimate of its results for the first quarter ended March 31, 2024, and remain subject to normal accounting procedures and are subject to change. A reconciliation is not provided for guidance on this measure as the Company is unable at this time to predict the amounts to be adjusted, such as the GAAP tax provision.

About APi:

APi is a global, market-leading business services provider of life safety, security and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders to deliver innovative solutions for our customers. More information can be found at www.apigroupcorp.com.