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The pending sale marks the eighth overall exit since L Squared's formation in 2014
L Squared Capital Partners ("L Squared") announced today that APi Group Corporation (NYSE:APG) ("APi"), a global, market-leading business services provider of life safety, security, and specialty services has entered into a definitive agreement to acquire Elevated Facility Services ("Elevated" or "the Company"), a leading provider of elevator and escalator maintenance, repair, and modernization service. The transaction is expected to close in Q2 2024 and is subject to customary closing conditions and the receipt of regulatory approval.
"We are grateful for our highly successful partnership with Matt Biskaduros and the entire Elevated leadership team," said Sean Barrette, Partner at L Squared. "Matt and the leadership team positioned Elevated for robust growth during our ownership period by providing a superior value proposition to customers and a leading culture that attracted top talent to join the team. We believe that APi and Elevated's cultures align well and that APi will be an ideal long-term home for the Elevated team."
A core tenet of L Squared's investment thesis was capitalizing on the opportunity in the highly fragmented elevator and escalator maintenance, repair, and modernization market. L Squared was steadfast in the execution of the thesis through strategic investments in a world class leadership team, technology, and a culture that prioritized the development of its people. These investments resulted in a differentiated value proposition for customers who rewarded Elevated with high loyalty and increasing levels of business over the years. This strong organic growth was augmented by L Squared through the execution of an acquisition effort where we completed fifteen add-on acquisitions during our seven-year holding period. The result of these efforts was strong growth in net revenue from ~$60 million in 2017 to ~$220 million expected for the current year while also driving significant improvements to operational efficiency.
"I am grateful to the L Squared team for the substantial support and strategic resources they have provided over the years as we built Elevated into one of the largest and most respected independent elevator and escalator service providers in the country," said Matt Biskaduros. "We are excited to begin our next chapter of growth with APi, who is well positioned to provide us with the additional resources and scale necessary to accelerate our momentum and drive future success."
L Squared and Elevated were advised on the transaction by Piper Sandler & Co., Vedder Price P.C., PwC, and EY-Parthenon.
Posted In: APG
