APi Group (APG) announced it has entered into a definitive agreement to acquire Onyx-Fire Protection Services (Onyx-Fire) from funds managed by Blackstone Tactical Opportunities.
The transaction for the Canadian inspection-first provider of fire and life safety services is expected to close in the second quarter of 2026.
Completion remains subject to customary closing conditions and required regulatory approvals.
Onyx-Fire is headquartered in Mississauga, Ontario, and operates 18 branches across Canada.
The company was founded in 1988 and earns over 50% of its revenues from inspection, service, and monitoring.
Onyx-Fire is expected to contribute approximately $190 million in annual revenue.
The business model is asset-light and focused on non-discretionary, regulatory-driven, recurring revenue opportunities.
Russ Becker, APi’s President and Chief Executive Officer, stated: “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.
“Bryan Chew, the CEO of Onyx-Fire, is a proven leader.
“We look forward to working with Bryan and all of the teammates at Onyx-Fire as they continue to focus on growing organically and through acquisitions in the Canadian market.”
The acquisition aligns with the APi shareholder value creation strategy driven by the EBITDA margin profile of the target company.
Bryan Chew, Onyx-Fire’s Chief Executive Officer, added: “As we considered the next chapter for Onyx-Fire, our priority was finding a partner that would strengthen the business we have built, while preserving the culture that has defined our success.
“APi met that standard in every respect.
“What I am most enthusiastic about is what this partnership means for our people.
“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.”
Blackstone’s Shary Moalemzadeh, Senior Managing Director, noted the strong focus on delivering high-quality service to customers.
Moalemzadeh expressed gratitude to the leadership team for their management of the business.
The transaction expands the reach of the acquiring organization within the Canadian safety services sector.
