Question · Q3 2025
Ethan, on behalf of Tomo Sano from JPMorgan Chase & Co., inquired about the current status of APi Group's M&A pipeline, including any prioritization of specific geographies or service lines for future bolt-on acquisitions. He also asked about labor availability, technician retention, wage pressures, and capacity constraints, particularly concerning investments in the sales team.
Answer
President and CEO Russ Becker indicated a consistent M&A cadence, prioritizing culture and fit, with a primary focus on North America safety (fire protection, electronic security, and elevators) due to market readiness, while also pursuing international opportunities based on country-specific capabilities and larger strategic deals. Regarding labor, Mr. Becker reported strong retention (over 90%) attributed to the company's purpose and investment in its workforce. He emphasized proactive recruitment from non-traditional sources and robust training programs, asserting that labor availability should not be an excuse for growth limitations.