APi Group announced a definitive agreement to acquire Onyx‑Fire Protection Services Inc., a Canada‑based inspection‑first provider of fire and life safety services. The transaction, expected to close in the second quarter of 2026, will add 18 branches and an estimated $190 million in annual revenue to APi’s portfolio.
Onyx‑Fire, founded in 1988 and headquartered in Mississauga, Ontario, has built a diversified customer base and a culture of outstanding people. More than half of its revenue comes from inspection, service and monitoring, making it a strong fit for APi’s “10/16/60+” value‑creation framework, which prioritizes high‑margin, recurring revenue streams.
Onyx‑Fire was previously owned by funds managed by Blackstone Tactical Opportunities, and TorQuest Partners had a controlling stake in April 2026. The acquisition expands APi’s footprint in Canada, a large and fragmented market that is growing rapidly. By adding Onyx‑Fire’s 18 branches, APi will strengthen its presence in key regions and increase its recurring revenue mix, supporting the company’s goal of having 60 % or more of net revenue from inspection, service and monitoring by 2028.
APi’s recent performance underscores the strategic fit of the deal. In Q4 2025 the company reported earnings per share of $0.44 versus analyst expectations of $0.40 and revenue of $2.12 billion versus $2.09 billion, driven by strong demand across its core segments. Management has guided 2026 net revenues of $8.4 billion to $8.6 billion and adjusted EBITDA of $1.14 billion to $1.20 billion, reflecting confidence in continued growth and margin expansion.
“We are excited to welcome the Onyx‑Fire team to the APi family. Onyx‑Fire has built a strong business that is inspection‑first at its core, with outstanding people, a great culture, and a loyal, diversified customer base. Canada is a large, highly fragmented, and fast‑growing fire and life safety market. This acquisition is a meaningful step forward in our North American growth strategy,” said Russ Becker, APi’s President and CEO.
“Our technicians are on the front lines every day, protecting lives and property across Canada, and they will now do that work as part of a global, market‑leading fire and life safety organization whose purpose is to build great leaders. Onyx‑Fire has built a strong foundation, but the opportunity ahead is significant, and I am confident that as part of APi, the best is still to come,” added Bryan Chew, Onyx‑Fire’s CEO.
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