Large restaurant, grocery, and retail chains depend on a lot more than customer traffic to grow their business.

Their locations need working coffee machines, fryers, plumbing, electrical systems, lights, refrigeration-adjacent equipment, and a steady flow of repairs and preventative maintenance. A service problem at one store is inconvenient. The same problem across hundreds of locations is a brand, revenue, and operating issue.

That is the market Elevate Service Group  (TSXV: SERV) (FSE: Y19) is targeting.

The company is building a national, technology-enabled facilities-management platform for commercial customers that want fewer vendors and more reliable and sophisticated service across dispersed locations. 

Its model combines plumbing, electrical, LED lighting, foodservice equipment supply and repair, preventative maintenance, general repairs, and renovations under a single operating umbrella.

In plain terms, Elevate wants to become the company a national chain calls first, not just when a problem occurs, but when it wants to plan, maintain, and improve its facilities, and build a strategic relationship within facilities management with its key vendors.

“We seek to provide facility management rather than facility services … less reactive work with a deeper partnership approach with preventative maintenance, innovation, and delivering solutions,” said Paul Bissett, CEO of Elevate Service Group. 

Elevate became public in November 2025 through a reverse takeover with AIM6 Ventures. The go-public transaction included its foundational acquisitions of Infinity Group Construction and First Choice Maintenance, two established national facilities-services businesses with longstanding commercial relationships.

Management then moved quickly.

In January, it acquired Ontario-based Charged Electric Services, adding licensed electricians, a regional operating base, and more capacity to self-perform work rather than subcontract it. In April, Elevate added Think Green Solutions, establishing a national LED-lighting and energy-optimization vertical, and JJ&A Mechanical, strengthening the company’s plumbing, heating, and gas capabilities in Greater Vancouver and the Fraser Valley.

The May acquisition of TFI Food Equipment Solutions was transformative as it brought exclusive regional distribution and servicing rights, national service capacity, and relationships with customers including McDonald’s, Tim Hortons, Circle K, Loblaws, Dairy Queen, and KFC.

Taken together, Elevate’s acquired businesses generated approximately C$90 million in historical revenue and C$10.7 million in estimated EBITDA on a pro forma basis. 

“TFI accelerated three years of organic growth opportunities into just six months,” Bissett said.

The most important part of the Elevate thesis is what happens after the acquisitions close.

The company’s centralized platform is designed to bring work orders, customer locations, technician availability, subcontractor coverage, equipment data, and dispatch onto a single system. Its geo-intelligence tool maps customer sites and company resources to help optimize routing, scheduling, and technician utilization.

That is particularly valuable in Canada, where a national customer may need comparable service standards in both major cities and smaller or remote communities.

“They prefer a national solution where you can get comparable service and comparable pricing in downtown Toronto that you can get in Thunder Bay,” Bissett said. 

The other major value-creation lever is technician internalization.

Elevate has about 130 licensed electricians, plumbers, equipment technicians, and general repair personnel, alongside a network of pre-qualified subcontractors.  That is potentially material for margins. One analyst estimates internal technician work can generate margins above 60%, compared with roughly 15% to 20% for subcontracted work.

The strategy is therefore to use acquisitions not only to gain revenue and customers, but also to build sufficient density in each region to employ more internal technicians, reduce subcontractor reliance, and improve service consistency, said Bissett.

Facilities management is a large, fragmented, and increasingly outsourced market. Canaccord estimates Canada’s facilities-management market at more than US$30 billion and notes that more than 95% of the country’s plumbing, heating, air-conditioning, and electrical contractors have fewer than 50 employees. 

That fragmentation creates a large pool of regional businesses that may be attractive acquisition candidates, particularly those with established customers, skilled tradespeople, recurring service revenue, and specialized capabilities such as HVAC, fire protection or security systems.

The average acquisition multiple across Elevate’s six completed transactions is about 3.5x EBITDA. Analysis suggests that, if Elevate can continue to buy businesses in the 3.5x to 4.0x EBITDA range while trading at a higher public-market valuation, each C$1 deployed on acquisitions could create approximately C$2 in equity value. 

Canaccord forecasts Elevate revenue of C$68.5 million in 2026, C$94.8 million in 2027, and C$104.3 million in 2028, with adjusted EBITDA of C$6.4 million, C$12.3 million, and C$13.8 million, respectively. 

Beacon’s forecasts are more aggressive, calling for C$77 million of revenue and C$9 million EBITDA in 2026, rising to approximately C$109 million and C$15 million, respectively, in 2027. 

Those differing forecasts underline that Elevate remains an early-stage execution story. But it now has scale, a fuller service suite, institutional capital, and a defined route to growth that were not visible when it first listed.

Institutional interest was reinforced by the recent closing of an upsized C$10-million equity offering at C$1.90 per share, strengthening Elevate’s balance sheet as it integrates recent acquisitions and prepares for its next phase of growth.

“The additional capital gives us further flexibility to integrate the businesses we have acquired, invest in the people and systems that support customers, and continue building the platform through disciplined acquisitions,” said Bissett.

Following Elevate Service Group’s Top Pick selection at CEM’s TSX Venture Growth Capital Event in Kelowna, CEO Paul Bissett discussed the company’s operating model, the next stage of its strategy and what investors should watch.

“Some were surprised by the scale and scope of the business, and that they had not heard of it before.

We went public in November and spent the first six months focused on acquisitions and the business. When we came up for air, we had a story to tell based on what we had done, not simply what we were going to do.

There is always room for higher-risk speculation, but there is also room for fundamental businesses like ours that are growing. It is still early, and we are still under the radar.”

“We have mapped every customer location we have serviced, the history of the work calls, company people, assets, technicians, and overtime rates.

That turns a national network of service calls, customers, technicians, equipment and subcontractors into actionable operating data.

At the service level, it helps Elevate prioritize work according to urgency and customer impact … distinguishing a cosmetic repair from a flooded washroom or a failed coffee machine that is directly affecting a restaurant’s sales.

At the management level, it shows where technician density, overtime, and subcontractor use justify adding in-house capacity. That allows us to make better hiring, dispatch and routing decisions, improve response times, and capture more of the margin that would otherwise go to subcontractors.”

“The true recurring number is probably 20% to 30% in preventative maintenance, and that is something we will be investing in to increase.

Customers are telling us they would like fewer emergency service calls and more predictable preventative maintenance. They see the value in that and believe it can lower their overall spend.”

If it is not truly recurring, it is reoccurring. When you have thousands and thousands of locations, there is a network effect … on any given day or week, you are likely going to be busy across the network.”

CEM will return to Ontario this fall for its 14th Annual Muskoka Capital Event, scheduled for September 25–27, 2026, at the JW Marriott Rosseau Muskoka Resort. The sold out Muskoka Capital Event will connect growth companies with active investors and capital-markets professionals through structured one-on-one meetings, informal conversations and targeted networking opportunities.

CEM’s 2027 Capital Event Series registration opens September 10th!

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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