APi Group Corporation

Overview

APi Group Corporation is a global provider of fire and life safety, electronic security, elevators and escalators, and related specialty services. The company combines a recurring revenue base with a decentralized operating model and a broad geographic footprint.

Core offerings

• Fire and life safety: design, installation, inspection, service, and monitoring of fire protection and life safety systems.
• Electronic security: systems design, installation, maintenance, and monitoring.
• Elevators and escalators: installation, service, and maintenance.
• Specialty services: contracting, fabrication and distribution, and infrastructure and utility services.

Go-to-market approach

• Inspection-first strategy to grow recurring service revenue through ongoing inspections, maintenance, and monitoring.
• End markets include high-tech services, advanced manufacturing, healthcare, fulfillment and distribution centers, critical infrastructure, and government.

Scale and capabilities

• Approximately 29,000 employees.
• More than 500 locations across 20+ countries, with facilities in the U.S., France, the United Kingdom, Australia, the Netherlands, and 15+ other countries.
• As of December 31, 2025: about 50 owned facilities and around 500 leased facilities.
• Global footprint supports national and multi-site account work and cross-border service delivery.

Segments and structure

• Safety Services: life safety and fire protection solutions, electronic security systems, and elevators/escalators (design, install, inspect, service, monitor).
• Specialty Services: contracting, fabrication and distribution, and infrastructure and utility services.
• These two segments are the primary reportable segments.

Customers and market position

• Diversified customer base; no single customer accounted for more than 5% of 2025 total net revenues.
• Serves public and private sector customers, from multinational accounts to single-location companies.
• Long-standing customer relationships support recurring revenue through inspections, servicing, and monitoring.

Growth strategy and acquisitions

• Disciplined acquisitions program: 140 acquisitions completed since 2005, targeted to expand service offerings, geographic reach, and capabilities.
• Integration focus: maintain continuity, apply the inspection-first approach, and drive margin improvements after acquisition.
• Organic growth: expand inspection, service, and monitoring revenue; disciplined project selection; cross-selling across a broad service offering.
• Decentralized operating model supported by a leadership development program (Building Great Leaders®), procurement scale, and cross-brand collaboration to access larger, more complex projects.

Financial snapshot (selected items)

• Debt and capital structure (as of December 31, 2025): consolidated debt of $2,157 million principal under credit facilities; senior notes of $614 million; other indebtedness of approximately $5 million.
• Equity and stock: 4,000,000 shares of Series A Preferred Stock outstanding (convertible into 6,000,000 shares of common stock on the last day of 2026; dividends payable in cash or common stock at APG’s option). 15,787,149 shares of common stock available for issuance under the 2019 Equity Incentive Plan (as of December 31, 2025). In April 2024, the company issued 18,975,000 shares of common stock in a public offering to partially fund the Elevated acquisition and for general corporate purposes.
• Goodwill and intangibles: goodwill reported at $3,167 million as of December 31, 2025.
• Headquarters: New Brighton, Minnesota. Global operations across North America, Europe, Asia-Pacific, and other regions.

Operations and governance

• Operates as a holding company; operating cash is generated primarily by subsidiaries and distributions to the parent depend on subsidiary performance and legal/tax considerations.
• Ongoing ERP implementations and cloud system transitions with related execution risks.
• Emphasis on governance, safety, and risk management, including a formal cybersecurity program and multinational compliance posture.

Summary

APi Group delivers a broad set of safety and infrastructure services through a decentralized model, with a focus on recurring revenue from inspections and service work. The company has an extensive geographic footprint, a long history of acquisitions, and a workforce of roughly 29,000 people supported by a sizable balance sheet and goodwill position.