Strengthened balance sheet and proposed credit facility position Elevate to accelerate its disciplined acquisition strategy and expand its national facility services platform
Toronto, Ontario--(Newsfile Corp. - July 16, 2026) - Elevate Service Group Inc. (TSXV: SERV) (FSE: Y19) ("Elevate" or the "Company") is pleased to announce the closing of its previously announced bought deal private placement of 5,264,000 common shares in the capital of the Company (each, a "Common Share") at a price of $1.90 per Common Share (the "Issue Price") for aggregate gross proceeds of approximately $10.0 million (the "Offering"). As previously announced on June 26, 2026, the Offering was upsized from $7.0 million based on strong investor demand. Beacon Securities Limited ("Beacon") acted as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Canaccord Genuity Corp. and Raymond James Limited (together with Beacon, the "Underwriters").
The Company has also signed a term sheet with its Schedule I Canadian banking partner for a proposed credit facility of up to $25 million (the "Acquisition Facility") to provide committed and flexible financing for future acquisitions. The proposed terms of the Acquisition Facility are outlined below and are expected to be finalized in a definitive agreement by early August 2026. Utilization of the Acquisition Facility will remain consistent with the Company's conservative approach to senior leverage. The completed Offering and proposed Acquisition Facility significantly increase the Company's financial capacity to execute on its disciplined acquisition strategy.
Elevate intends to continue pursuing high-quality, profitable businesses with recurring customer relationships, attractive margins and platform synergy opportunities. The Company's strategy is focused on technical service businesses with experienced management teams that complement existing operations, add capabilities, and support expansion across attractive markets serving national customers.
"The strong institutional demand for this financing, together with the continued support of our banking partner, reinforces confidence in the long-term opportunity to consolidate Canada's fragmented facility services sector," said Paul Bissett, Chief Executive Officer of Elevate. "With a strengthened balance sheet and access to committed acquisition capital, we are positioned to execute on an active pipeline of opportunities while maintaining a disciplined approach to capital allocation and leverage."