APi Group Acquires Onyx-Fire for $190M, Raises 2026 Revenue Guidance
Event summary
- APi Group completed the acquisition of Onyx-Fire on June 8, 2026, adding $190M in annual revenue.
- Onyx-Fire is a leading inspection-first provider of fire and life safety services in Canada.
- APi raised its 2026 revenue guidance to $8.575B–$8.775B and adjusted EBITDA to $1.165B–$1.225B.
- The acquisition is expected to be accretive to APi's '10/16/60+' shareholder value creation framework.
The big picture
APi Group's acquisition of Onyx-Fire strengthens its position in the non-discretionary, regulatory-driven safety services sector. The deal aligns with APi's strategy of expanding its asset-light, recurring revenue business model. With a strong balance sheet, APi is well-positioned to pursue further accretive M&A opportunities and share repurchases.
What we're watching
- Integration Execution
- How APi will integrate Onyx-Fire's operations and realize expected synergies.
- Canadian Market Expansion
- Whether APi can sustain growth in the Canadian market through Onyx-Fire's platform.
- M&A Strategy
- The pace at which APi continues its bolt-on acquisition strategy to enhance its safety services portfolio.
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