APi Group, a construction engineering company, agreed to acquire Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m. "We have long viewed the elevator and escalator service market as very attractive due to highly recurring nature of the business, driven by non-discretionary, statutorily driven demand. We believe Elevated is the perfect opportunity for APi to expand into this adjacent and attractive market, creating a platform from which to execute our bolt-on M&A strategy. I believe our strength in operating a branch-led operating model makes APi the perfect owner for Elevated and businesses like it," Russ Becker, APi President and CEO.