APi Group Posts 14% Revenue Growth, 15% EBITDA Increase and Adds Four Acquisitions
APi Group reported record third-quarter results with revenues up 14% (10% organic) and adjusted EBITDA rising 15%, driven by its 21st consecutive quarter of double-digit inspection growth in North America and record backlog in both segments. The company completed four bolt-on acquisitions in the quarter (11 YTD) while maintaining net debt at roughly 2x adjusted EBITDA, underpinning capacity for further M&A and sustained double-digit EPS growth.
1. Record Third-Quarter Performance
APi Group delivered record third-quarter results with revenues rising 14% (10% organic) and adjusted EBITDA up 15%, driven by its 21st consecutive quarter of double-digit inspection growth in North America and a record backlog across fire, life safety and specialty services segments.
2. Bolt-On Acquisitions Strategy
The company completed four bolt-on acquisitions in the quarter, bringing the year-to-date total to eleven, targeting complementary businesses to enhance service offerings and geographic coverage, with free cash flow underpinning further M&A activity.
3. Financial Position and Growth Outlook
With net debt maintained at approximately 2x adjusted EBITDA, APi Group's conservative leverage supports ongoing investment in organic inspection growth, international operational improvements, margin expansion from service mix shifts and sustained double-digit EPS growth potential under CEO Russ Becker's leadership.