Toronto, Ontario--(Newsfile Corp. - April 15, 2026) - Elevate Service Group Inc. (TSXV: SERV) ("Elevate" or the "Company") is pleased to announce that it has completed the previously-announced acquisition of Think Green Solutions Inc. and affiliated entities (collectively "Think Green"). The Company also announces it has acquired JJ&A Mechanical Ltd. ("JJ&A") and confirms the full-time appointment of Mr. Frank Guo as Chief Financial Officer.
Think Green Solutions Acquisition
Elevate is pleased to announce it has completed the acquisition of Think Green Solutions, as initially announced on March 12, 2026. Think Green represents a foundational component of Elevate's national platform strategy, providing a scalable, high-margin vertical with attractive and complementary revenue streams. Think Green is a national provider of turnkey energy-efficient LED lighting and control solutions, delivering design, supply, installation, and service for retrofit and new construction projects. Think Green is recognized for high-performance products engineered for extended life cycles that exceed market standards, ensuring long-term reliability and strong return on investment for multi-site commercial and industrial clients, built on a "Light it Once, Light it Right" philosophy. The acquisition of Think Green establishes a scalable, national lighting and energy optimization segment within Elevate and accelerates its strategy of building a vertically-integrated facility services business.
Think Green serves a broad range of applications including manufacturing, distribution centers, office environments, exterior and site lighting, retail, and sports facilities. The business is built on long-term relationships with multi-site customers, supported by a repeatable national execution model that drives consistency, retention, and expansion across Canada, with a growing presence in the United States. The decision to join Elevate reflects a strategic alignment to scale these capabilities, leveraging additional capital, infrastructure, and platform support to unlock the next stage of growth.
Think Green has demonstrated strong growth over recent years with average revenues for 2024 and 2025 of approximately $6.3 million and EBITDA margins in the 22-24% range, driven by disciplined focus on controlled, sustainable growth and strong operational performance.
The total consideration of $5,150,000 consists of $1,350,000 in cash at closing, $600,000 in deferred payments based on revenue generation, $1,450,000 in Elevate common shares (representing 909,100 shares, with 50% released from lock-up after one year and 50% released after two years) and a $1,750,000 promissory note (subject to customary closing adjustments) with a three-year term accruing interest at 2%, 3% and 4% in each respective year. The acquisition is expected to be immediately accretive to earnings and supportive of margin expansion.
The founders and owners of Think Green are experienced entrepreneurs and operators based in Cambridge, Ontario. The owners are entering into new employment agreements with Elevate and will continue to oversee operations and sales efforts, while assuming additional responsibilities across Elevate.
Dennis Devey, Founder and Co-Owner of Think Green
Dennis Devey is the Founder and Co-Owner of Think Green Solutions and a seasoned entrepreneur with over 30 years of experience building companies. He has a proven track record of bringing high-value products and services to market through disciplined execution and hands-on leadership. A recognized B2B sales specialist, he has built his career on developing and executing direct-to-business strategies that drive revenue growth and unlock energy-saving potential across North America. Mr. Devey specializes in direct B2B sales execution, client retention and structured processes that bypass traditional distribution channels, delivering value to end users across a network of large, multi-location organizations.
Robert Whiteside, President and Co-Owner of Think Green
Robert Whiteside is the President and Co-Owner of Think Green Solutions and a seasoned investor and operator with experience across venture capital, merchant banking and turnaround advisory. His background covers multiple sectors including manufacturing, medical products, technology, renewable energy, and real estate development. He leads Think Green's growth strategy through structured systems, processes and operational controls. He previously served as an associate professor at the University of Guelph in Biophysics and Clinical Studies and holds degrees in Science, Engineering, and an MBA from the University of Waterloo, Queen's University, and the University of Toronto, respectively.
JJ&A Mechanical Acquisition
Elevate also announces that it has acquired JJ&A Mechanical Ltd. ("JJ&A"), a commercial plumbing services contractor based in British Columbia, serving the Greater Vancouver Area and Fraser Valley, strengthening its presence in Western Canada and advancing its strategy of internalizing skilled trades capabilities. JJ&A was founded in 2020 by Justin Ralph, who was previously General Manager at a multi-trade contractor. He built JJ&A into a robust operating platform with long-term customer relationships, including with Elevate's operating companies, having supported Infinity Group Construction and First Choice Maintenance with subcontracting services. JJ&A enhances Elevate's ability to self-perform plumbing services in key Western markets, reducing reliance on subcontractors, improving service consistency, and supporting margin expansion across the platform.
The purchase price for JJ&A Mechanical is $745,000, consisting of approximately $145,000 in cash and $600,000 in common shares (350,000 shares). The shares are subject to a phased lockup release schedule with 20% of the shares released each year over the five years following closing. JJ&A Mechanical has historically generated approximately $2 million of annual revenues with 10% EBITDA margins.
The acquisition of JJ&A Mechanical is strategically important to internalize service delivery, capture additional margin at the platform level, and strengthen regional coverage across Canada. In conjunction with the acquisition, Justin Ralph is signing a new employment agreement with Elevate and will assume an operational leadership role for all of British Columbia.
CFO Appointment
Elevate also announces that, further to its press release dated January 2, 2026, Mr. Frank Guo has been appointed full-time Chief Financial Officer. Mr. Guo's appointment reflects Elevate's continued focus on strengthening its financial infrastructure as the Company scales. In this role, he will lead financial reporting, integration of acquired businesses, and capital markets readiness.
Stock Option and Employee Share Issuance
In conjunction with the employment agreements described above for Think Green, JJ&A and the CFO appointment, Elevate has granted a total of 320,000 stock options under the Company's omnibus incentive plan dated November 10, 2025. Each option has an exercise price of $1.65 per common share with a term ranging from three to five years. The stock options are subject to vesting periods ranging from six months to three years. The stock option grants are intended to align management and key operators with long-term shareholder value creation. Elevate has also applied to issue 290,000 common shares under agreements to key employees. The shares issued will be subject to lock-ups extending one to five years and remain subject to approval of the TSX Venture Exchange.
Security Solutions Acquisition Update
Further to the press release dated November 19, 2025, Elevate has elected not to proceed with the previously disclosed acquisition of an Ontario-based security solutions provider. This decision reflects the Company's disciplined approach to capital allocation and continued focus on high-quality, strategically aligned opportunities. Elevate continues to evaluate additional opportunities in the commercial security solutions vertical.
Elevate Service Group Inc.
Elevate is a national facilities management and essential commercial services platform focused on consolidating and modernizing this fragmented sector. Through its operating companies, Elevate brings over 20 years of experience as a trusted partner to national, blue-chip customers. Elevate's strategy is to integrate a portfolio of profitable operating businesses across a scalable, national platform supported by shared infrastructure, technology, and operational best practices. This approach drives efficiencies, expands service offerings, and enhances customer outcomes while extending Elevate's geographic reach. Elevate trades on the TSX Venture Exchange under the ticker "SERV".
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses the Proposed Acquisition and the expected benefits thereof, and other predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that regulatory approvals for the proposed acquisition will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: failure to receive regulatory approvals for the proposed acquisition; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.
Cautionary Note Regarding Non-IFRS Measures
This press release makes reference to certain Non-IFRS measures that do not have a standardized meaning under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies. The Company includes these measures as a means of measuring financial performance. More specifically, the Company makes reference to the following Non-IFRS measures:
EBITDA is defined as earnings before interest, taxes, depreciation and amortization.
For further information, please contact:
Elevate Service Group
Paul Bissett, CEO
Frank Guo, CFO
info@elevateservicegroup.com
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SOURCE: Elevate Service Group Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292774
Source: Elevate Service Group Inc.
