Evergreen Fire and Security, founded in 2000 and headquartered in Tacoma, Washington, provides intrusion detection, access control, video surveillance and fire alarm and detection services.
APi Group Corp. (NYSE: APG) has completed its acquisition of Evergreen Fire and Security, a Tacoma, Washington-based systems integrator specializing in electronic security and fire life safety solutions.
Founded in 2000, Evergreen provides end-to-end services including intrusion detection, access control, video surveillance and fire alarm and detection. The company has more than 25 years of experience in the security and fire life safety markets.
APi said the acquisition expands the electronic security capabilities of its North American Safety business by adding technical expertise and a broader range of service offerings.
Evergreen is expected to contribute approximately $55 million in annual revenue and be accretive to APi’s “10/16/60+” shareholder value creation framework, according to an announcement.
“We are excited to welcome the Evergreen team to the APi family and believe Evergreen has found a strong, long-term home within APi,” said Russ Becker, APi president and CEO. “Evergreen is an excellent cultural fit, with a talented team and long-standing customer relationships.”
Becker said the acquisition represents a step toward adding electronic security expertise and scale to APi’s North American Safety business and builds on the company’s merger and acquisition activity this year.
APi has deployed $1.7 billion in capital year to date, including bolt-on and platform acquisitions, investments in its business and $250 million in share repurchases. The company has $750 million remaining under its current share repurchase authorization.
Becker said APi’s M&A pipeline remains robust and that its free cash flow generation and balance sheet provide the company with flexibility to continue pursuing acquisitions.
“Our ‘10/16/60+’ shareholder value creation framework remains our north star, and I am confident in our leaders’ ability to execute our strategy, drive strong organic growth, expand margins, and deliver against our long-term targets,” Becker said.
APi Group provides services across its Safety Services and Specialty Services segments, including fire and life safety, electronic security, elevator and escalator and infrastructure services. The company operates more than 600 locations in over 20 countries.