APi Group buys Evergreen Fire and Security, adding $55M in revenue
What's the deal? APi GroupDealroom has a profile for this one. Try Dealroom → (NYSE: APG) has closed its acquisition of Evergreen Fire and SecurityDealroom has a profile for this one. Try Dealroom →, a systems integrator based in Tacoma, Washington. Terms were undisclosed. The deal expands the electronic security capabilities of APi's North American Safety business.
What each side brings: Founded in 2000, Evergreen provides electronic security and fire life safety services, including intrusion detection, access control, video surveillance, and fire alarm and detection. APi is a global business services company with more than 600 locations in over 20 countries, spanning fire and life safety, electronic security, elevator and escalator, and infrastructure work.
The numbers: Evergreen is expected to contribute roughly $55 million in annual revenue and be accretive to APi's "10/16/60+" shareholder value creation framework.
Why now? The acquisition is part of a busy year of dealmaking. APi has deployed $1.7 billion of capital year-to-date, including bolt-on and platform acquisitions, business investments, and $250 million of share repurchases, with $750 million remaining under its authorization.
What's the endgame? APi is adding electronic security scale to its safety segment. Chief executive officer Russ Becker called Evergreen "an excellent cultural fit, with a talented team and long-standing customer relationships," describing the deal as "a meaningful step toward adding electronic security expertise and scale to our North American Safety business."
The context: APi is marking its 100-year anniversary in 2026 and its debut on the Fortune 500. Becker said first-half momentum carried into the third quarter, raising confidence in the full-year outlook, and that the M&A pipeline "remains robust."
The signal: The deal reflects continued consolidation in the fragmented fire and security services market, where large operators use steady cash flow to roll up regional integrators. For APi, buying culturally aligned businesses at attractive multiples while repurchasing shares signals a dual approach to deploying capital as it scales its safety franchise.
Image credit: Ervins Strauhmanis
