APi Group (APG) -- Strategic Growth and Segment Realignment | Maran Capital 2024 Q4

Positioning for Long-Term Growth with Upcoming Catalysts

Apr 13, 2025

Summary

Transitioning to an asset-light business model focused on high-margin services.
Management incentivized to maximize stock price by year-end 2026.
Potential segment split to highlight core Life Safety business.
Strong historical performance with a market cap growth from sub-$1 billion to ~$10 billion.
Upcoming investor day to outline strategic initiatives for future growth.

In Maran Capital’s Q4 2024 letter, APi Group (APG, Financial) was highlighted as a key holding, reflecting the fund's confidence in its strategic growth and realignment efforts. The company has evolved from a sub-$1 billion market cap, pink-sheet listed entity to a ~$10 billion market cap, NYSE-listed company. This transformation underscores its potential as a long-term, buy-and-build compounder, with several catalysts on the horizon.

"As we look to 2025 and beyond, we have great confidence in the business, our backlog, our balance sheet and our ability to continue to evolve APi into an even lower CapEx asset-light business focused on high-margin statutorily mandated services." — Maran Capital Management, Q4 2024 Fund Letter

Read full letter at gurufocus Maran Capital 2024 Q4 page.

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