Welcome to our dedicated page for Api Group news (Ticker: APG), a resource for investors and traders seeking the latest updates and insights on Api Group stock.
APi Group Corporation (APG) provides essential life safety systems and critical infrastructure services across commercial and industrial sectors worldwide. This news hub offers investors and industry professionals centralized access to official corporate announcements and market developments.
Discover timely updates on safety service innovations, infrastructure project milestones, and strategic business decisions. Our curated feed includes earnings reports, regulatory filings, partnership announcements, and operational expansions across APG's network of 40+ specialized companies.
Key coverage areas include fire protection system advancements, HVAC technology updates, utility maintenance programs, and safety compliance initiatives. The repository serves as a vital resource for tracking APG's dual focus on integrated occupancy solutions and large-scale infrastructure maintenance.
Bookmark this page for direct access to verified information about APG's North American and international operations. Regularly updated content ensures stakeholders maintain current awareness of this industry leader's activities in highly regulated technical environments.
APi Group (NYSE: APG) has completed its acquisition of Elevated Facility Services Group for approximately $570 million. Elevated, based in Tampa, Florida, and operating in over 18 states, is expected to generate about $220 million in annual revenue with an adjusted EBITDA margin of 20%. This acquisition marks APi's entry into the $10+ billion U.S. elevator and escalator services market and is anticipated to boost the company’s financial profile.
APi has raised its full-year 2024 guidance, now expecting net revenues between $7,150 and $7,350 million, and adjusted EBITDA between $875 and $925 million. The company projects organic revenue growth of 5% to 9% in the second half of the year and expects to achieve record profitability. APi's acquisition strategy, supported by a strong balance sheet, aims to drive further growth in the fragmented market.
APi Group (NYSE: APG) successfully completed debt refinancing, resulting in substantial cash interest savings of approximately $12 million annually. The refinancing included an upsizing and repricing of term loans due 2029, with a 50 basis points reduction in the borrowing rate. The company incurred approximately $2,257 million of incremental term loans due 2029 to refinance existing loans, repay outstanding loans, and fund general corporate purposes, including the pending acquisition of Elevated Facilities Services Group. The transaction closed on May 10, 2024, with an expected net leverage ratio of approximately 2.8x and a weighted average maturity of about 5 years. Additionally, APi will be participating in a fireside chat at the Bank of America Industrials Conference on May 14, 2024.
APi Group reported strong first quarter financial results for 2024, with record net income of $45 million (up 73% year-over-year) and adjusted EBITDA of $175 million (up 19% year-over-year). The company simplified its capital structure by retiring all outstanding Series B Preferred Stock and entered a new service market with an agreement to acquire Elevated Facility Services Group. APi remains focused on margin expansion initiatives and targets a 13% adjusted EBITDA margin by 2025. The company is excited about its pipeline of opportunities and aims to deliver on both its 2024 plan and long-term targets.
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