Toronto, Ontario--(Newsfile Corp. - May 7, 2026) - Elevate Service Group Inc. (TSXV: SERV) ("Elevate" or the "Company") is pleased to announce that it has completed the previously-announced acquisition (the "Acquisition") of Taylor Freezers Inc. (dba "TFI Food Equipment Solutions") ("TFI"). The Acquisition was completed on May 6, 2026.

Following completion of the Acquisition, Elevate has added over 60 field equipment technicians, exclusive equipment distribution rights for Taylor, Henny Penny and Franke Coffee Systems, and trusted relationships with thousands of customer locations operated by McDonald's, Tim Hortons, Circle K, Loblaws, Dairy Queen, KFC, and other leading Canadian foodservice and retail brands.

The Acquisition increases Elevate's pro forma revenue base by 80% to approximately $90 million including $5 million of recurring subscription revenue under TFI's Total Care program. Additional information regarding TFI, the transaction terms, and the strategic rationale are set out in the Company's news release dated May 1, 2026.

"We are pleased to have completed this transformational acquisition" said Paul Bissett, Chief Executive Officer of Elevate. "TFI brings scale, exclusive supplier relationships, and deep technical specialization to Elevate, and provides a strong foundation for organic growth and the continued execution of our national platform strategy."

"TFI is the fourth acquisition Elevate has completed since our public listing in November 2025, and reinforces our conviction in the consolidation opportunity ahead," said Romeo Di Battista Jr., Executive Chairman of Elevate. "We continue to see a robust pipeline of acquisition opportunities across our target service lines and remain focused on disciplined capital allocation to drive long-term value for shareholders."

As part of the Acquisition, Elevate issued a total of 365,000 common shares including 50,000 consideration shares, 240,000 shares to employees and consultants being retained, and 75,000 shares with respect to services previously provided to TFI. The common shares issued are subject to lockups ranging from four months to five years.

About 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 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 any required regulatory approvals will be received and that the anticipated benefits of the Acquisition, including cross-selling opportunities and accretion to earnings, will be realized. 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 required regulatory approvals, including TSX Venture Exchange acceptance of the Acquisition; failure to realize the anticipated benefits of the Acquisition; integration risks; 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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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/296370

Source: Elevate Service Group Inc.