APi Group Corporation to Acquire Elevated Facility Services: L Squared Capital Partners Marks Eighth Successful Exit

L Squared Capital Partners has revealed the forthcoming acquisition of Elevated Facility Services by APi Group Corporation (NYSE: APG), marking the firm’s eighth portfolio exit since its establishment in 2014. The transaction, slated for closure in Q2 2024, represents a significant milestone in the private equity landscape for the elevator and escalator services sector.

Remarkable Growth Trajectory Under L Squared Capital Partners Ownership

The partnership between L Squared Capital Partners and Elevated demonstrates substantial operational transformation over a seven-year holding period. Revenue expansion serves as the clearest indicator of success: the company grew from approximately $60 million in 2017 to an anticipated $220 million for the current year—a nearly fourfold increase. This expansion was methodically achieved through dual strategies of organic development and strategic consolidation.

L Squared Capital Partners executed 15 add-on acquisitions during its ownership tenure, systematically consolidating the fragmented elevator and escalator maintenance market. Beyond financial metrics, the firm invested significantly in three core areas: leadership development, technological infrastructure, and organizational culture. These investments directly strengthened Elevated’s competitive positioning and customer retention.

“The foundation we built prioritized sustainable growth over short-term gains,” noted Sean Barrette, Partner at L Squared Capital Partners. “Elevated’s leadership, particularly Matt Biskaduros and his team, executed our thesis flawlessly by creating a differentiated service proposition that earned customer loyalty and attracted industry talent.”

Why APi Group Corporation is the Ideal Strategic Partner

The acquisition by APi Group Corporation reflects strategic alignment in multiple dimensions. Both organizations prioritize long-term customer relationships through contractually mandated services across diverse industries. APi, a global provider of life safety, security, and specialty services with over 500 worldwide locations, brings substantial operational scale and infrastructure that complements Elevated’s specialized expertise.

Matt Biskaduros, Elevated’s leadership lead, emphasized the transition: “L Squared Capital Partners provided crucial strategic resources and support as we built Elevated into one of America’s premier independent elevator and escalator service providers. APi’s scale and resources position us to accelerate growth initiatives while maintaining our service excellence standards.”

Market Opportunity and Long-Term Implications

The elevator and escalator maintenance, repair, and modernization sector remains highly fragmented, presenting continued consolidation opportunities. L Squared Capital Partners’ seven-year performance with Elevated—combining disciplined operational management, targeted acquisitions, and culture-focused leadership—illustrates the value creation potential in this essential services vertical.

APi Group Corporation’s acquisition of Elevated signals continued sector consolidation among sophisticated buyers. For the broader industry, this transaction underscores sustained demand for specialized facility services and the premium valuations that disciplined operational execution commands in the market.

The pending transaction is contingent on customary closing conditions and regulatory approval. Financial advisors to the transaction include Piper Sandler & Co., Vedder Price P.C., PwC, and EY-Parthenon.