Business
Elevate Service Group Closes Acquisition of TFI Food Equipment Solutions, a Leading Foodservice Equipment Distributor and Service Provider
Acquisition increases Elevate's pro forma revenues by approximately 80% to $90 million, nearly do...
About this update from Elevate Service Group Inc
[{"type":"text","content":"Elevate Service Group Closes Acquisition of TFI Food Equipment Solutions, a Leading Foodservice Equipment Distributor and Service ProviderAcquisition increases Elevate's pro forma revenues by approximately 80% to $90 million, nearly doubles Elevate's internal technician base, and embeds Elevate inside thousands of locations operated by Canada's most recognized restaurant, grocery and convenience brandsToronto, Ontario--(Newsfile Corp. - May 7, 2026) - Elevate Service Group Inc. (TSXV: SERV) (\"Elevate\" or the \"Company\") is pleased to announce that it has completed the previously-announced acquisition (the \"Acquisition\") of Taylor Freezers Inc. (dba \"TFI Food Equipment Solutions\") (\"TFI\"). The Acquisition was completed on May 6, 2026.Following completion of the Acquisition, Elevate has added over 60 field equipment technicians, exclusive equipment distribution rights for Taylor, Henny Penny and Franke Coffee Systems, and trusted relationships with thousands of customer locations operated by McDonald's, Tim Hortons, Circle K, Loblaws, Dairy Queen, KFC, and other leading Canadian foodservice and retail brands.The Acquisition increases Elevate's pro forma revenue base by 80% to approximately $90 million including $5 million of recurring subscription revenue under TFI's Total Care program. Additional information regarding TFI, the transaction terms, and the strategic rationale are set out in the Company's news release dated May 1, 2026.\"We are pleased to have completed this transformational acquisition\" said Paul Bissett, Chief Executive Officer of Elevate. \"TFI brings scale, exclusive supplier relationships, and deep technical specialization to Elevate, and provides a strong foundation for organic growth and the continued execution of our national platform strategy.\"\"TFI is the fourth acquisition Elevate has completed since our public listing in November 2025, and reinforces our conviction in the consolidation opportunity ahead,\" said Romeo Di Battista Jr., Executive Chairman of Elevate. \"We continue to see a robust pipeline of acquisition opportunities across our target service lines and remain focused on disciplined capital allocation to drive long-term value for shareholders.\"As part of the Acquisition, Elevate issued a total of 365,000 common shares including 50,000 consideration shares, 240,000 shares to employ...