APi Group acquires Evergreen Fire and Security for ~$55M in revenue

APi Group Corporation (NYSE: APG) has closed the acquisition of Evergreen Fire and Security, a systems integrator headquartered in Tacoma, Washington, according to a company statement.

Founded in 2000, Evergreen provides electronic security and fire life safety solutions, including intrusion detection, access control, video surveillance, and fire alarm and detection services. The acquisition is expected to add approximately $55 million in annual revenue to APi's North American Safety business.

APi said the deal is expected to be accretive to its "10/16/60+" shareholder value creation framework.

Russ Becker, APi's President and Chief Executive Officer, said the acquisition "marks a meaningful step toward adding electronic security expertise and scale to our North American Safety business."

Becker also provided a broader business update, noting that first-half momentum has carried into the third quarter, increasing the company's confidence in its third-quarter and full-year outlook. Year-to-date, APi has deployed $1.7 billion of capital, including bolt-on and platform acquisitions, business investments, and $250 million in share repurchases. The company said $750 million remains under its current repurchase authorization.

APi Group operates more than 600 locations across over 20 countries, offering fire and life safety, electronic security, elevator and escalator, and infrastructure services.

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