M&A Remains Hot In The Fire And Safety Space: APG Closes WTech

Research evidence excerpt

M&A Remains Hot In The Fire And Safety Space: APG Closes WTech

USA | Infrastructure

APi Group Corporation EquityJulyResearch13, 2026

ESTIMATE CHANGEM&A Remains Hot In The Fire And Safety Space:

RATING BUYAPG Closes WTech

PRICE $41.36^

We're out updating our estimates for Wtech, a leader in the fire and safety

space in Europe, and the third major acquisition closed by APG this year. We PRICE TARGET | % TO PT $52.00 | +26%

believe each of the acquisitions completed exemplify the company's ability to 52W HIGH-LOW $49.99 - $33.40

be the acquirer of choice in the industry, its scale advantage, and its disciplined FLOAT (%) | ADV MM (USD) 87.2% | 131.83

accretive acquisition strategy. We think all the acquisitions support mgmt.'s MARKET CAP $18.2B

ability to achieve their 10/16/60 strategy. Reiterate Buy. TICKER APG ^Prior trading day's closing price unless otherwise

noted.

Wtech Acquisition Complete. Announced earlier this year for 324mm euros, APG closed on the

Wtech acquisition on July 1, 2026. Based in Europe, Wtech is a leader in the fire and safety space and

FY (Dec) CHANGE TO JEFe JEF vs CONS

is a comprehensive provider of fire protection, suppression, and detection solutions in the region.

2026 2027 2026 2027

We view sprinkler and suppression services as a key growth opportunity within APi's international

business. The company is headquartered in Ireland but services several markets in Europe including REV +1% +2% +1% +1%

the UK, Ireland, Spain, Germany, and the Nordic regions. Our sense is mgmt. will operate Wtech EPS +2% +3% NM NA

within its international segment. All in, we're constructive on the acquisition as it (1) supports

mgmt.'s ability to hit their 2028 target of $10bn in revenue, and 16% EBITDA margins, (2) enhances 2026 ($) Q1A Q2 Q3 Q4 FY