New Brighton-based APi Group has completed the process of listing its shares on the New York Stock Exchange, a move it hopes gives its shares more visibility and the company more opportunities to continue building its company through mergers and acquisitions.
“Listing the shares of APi on the NYSE is another important step in the ongoing evolution and growth of the company,” said APi’s president and CEO, Russ Becker, in a news release last week. Company shares started trading on Wednesday under the stock symbol APG.
Last fall, the APi Group was acquired by a publicly listed special-purpose acquisition group, J2 Acquisition Group, for $2.9 billion. J2 was registered in the British Virgin Islands; its shares traded over the counter and various other exchanges.
In addition to the NYSE listing, the company is now registered in Delaware.
APi Group, which will continue to be based in New Brighton, provides life safety, specialty and industrial services through 40 different businesses that have more than 200 locations, mostly in North America. APi grew through acquisitions of industrial services companies. It had been privately held until the acquisition by J2.
Today APi Group has about 14,700 employees and combined annual revenue in 2019 of $4.1 billion, making it among the 20 largest public companies in Minnesota.
“APi Group has gotten to a scale where it will get the attention it deserves as a public company; it will create acquisition opportunities for us,” said Martin Franklin, a director of J2 since its inception and now co-chairman of APi Group, in an interview with the NYSE.
On Oct. 1, J2 closed on its acquisition of APi Group and adopted its name. Since then shares were listed over the counter under a different symbol and on the London Stock Exchange.
In a related move, the company will be canceling its listing on the London exchange effective May 30.