Read and download our Financial Code of Ethics, Code of Conduct and other governance documents. On average, employees at Terminix give their company a 2.9 rating out of 5.0 - which is 29% lower than the average rating for all companies on CareerBliss. The happiest Terminix employees are Sales Representatives submitting an average rating of 2.4 and Service Managers with a rating of 0.0.
Transaction transforms ServiceMaster Global Holdings into apure-play, global pest control business with sharpenedfocus
ServiceMaster Global Holdings will change its name toTerminix at closing
Roark Capital will be a strong and supportive owner ofServiceMaster Brands with ownership of the ServiceMastername
Proceeds to be used by Terminix for debt reduction, organicand inorganic investments in pest control and return toshareholders
ServiceMaster Global Holdings, Inc. (NYSE: SERV), a leadingprovider of essential services to residential and commercialcustomers in the termite, pest control, health-based cleaning andrestoration markets, today announced that, following a thoroughstrategic review process, it has entered into an agreement to sellits ServiceMaster Brands businesses to an affiliate of RoarkCapital, for $1.553 billion. The transaction is expected to closein approximately 30 to 60 days, subject to customary legal andregulatory closing conditions.
The transaction will position the Company’s two businesses,Terminix and ServiceMaster Brands, to pursue their own distinctstrategies and growth opportunities. Terminix will benefit fromenhanced management focus and resources for its global pest controlbusiness, while Roark Capital will provide ServiceMaster Brandswith a strong and supportive owner to build upon its leading marketpositions and trusted brand names.
ServiceMaster Brands includes a portfolio of residential andcommercial services brands such as ServiceMaster Restore,ServiceMaster Clean, Merry Maids, AmeriSpec, and Furniture Medic,which operate through a network of franchised and company-ownedbusinesses that generated $2,663 million in system-wide sales, and$256 million in revenue for the twelve-month period ended June 30,2020.
“This transaction represents a tremendous outcome for thestakeholders of both of our businesses,” said ServiceMasterChairman and interim CEO Naren Gursahaney. “Through thisdivestiture, Terminix will become a pure-play, global pest controlcompany, better positioned for the future. We look forward tocontinuing to advance our commitment to predictable, sustainablegrowth and profitability at Terminix through the cultural andoperational transformation of the business that is underway andremain focused on driving enhanced value for our shareholders,customers and employees.”
Mr. Gursahaney added, “ServiceMaster Brands is the largestfranchisor in commercial and residential services with over $2.6Bin system-wide sales in the large and growing restoration andhealth-based cleaning services industries. With a resilient marketposition, trusted brand names, and exciting new growth strategies,the business and its experienced teams and franchisees arewell-positioned for strong long-term growth. Roark Capital has astrong track record of supporting franchisees and dedicatingsubstantial resources to growing need-based services businesses,and we are confident that ServiceMaster Brands has a bright futureahead.”
“We are thrilled to welcome ServiceMaster Brands to our family,”said Mike Thompson, Managing Director at Roark Capital. “We areexcited to partner with the team and support ServiceMaster Brands’long-tenured and successful franchisees to realize the tremendousgrowth potential of these brands.”
The Company expects net proceeds of over $1.1 billion from thedivestiture after paying approximately $420 million in taxes. Theremaining proceeds, net of fees, will be earmarked for reduction ofdebt to achieve its target leverage ratio of between 2.5 and 3.0times Adjusted EBITDA, continued investment in its core pestcontrol and termite businesses to drive organic growth andproductivity, accretive acquisitions to further strengthen itsbusinesses, and continued ongoing returns to shareholders.
Third Quarter 2020 Outlook
Third-quarter 2020 continuing operations revenue guidance isaffirmed between $495 million and $515 million. Third-quarter 2020continuing operations Adjusted EBITDA guidance is affirmed between$80 million and $90 million. Third-quarter 2020 ServiceMasterBrands revenue guidance is affirmed between $63 million and $68million. Third-quarter 2020 ServiceMaster Brands Adjusted EBITDAguidance is affirmed between $23 million and $27 million.
Lazard served as financial advisor to ServiceMaster, andWachtell, Lipton, Rosen & Katz served as ServiceMaster’s legaladvisor on the transaction.
J.P. Morgan served as financial advisor to Roark Capital, Paul,Weiss, Rifkind, Wharton & Garrison LLP served as legal advisoron the transaction, and Barclays provided financing for thetransaction.
About ServiceMaster
ServiceMaster Global Holdings, Inc. is a leading provider oftermite and pest control, cleaning and restoration services in boththe residential and commercial markets, operating through anextensive service network of more than 8,000 company-ownedlocations and franchise and license agreements. The Company’sportfolio of well-recognized brands includes AmeriSpec (homeinspections), Copesan (commercial national accounts pestmanagement), Furniture Medic (cabinet and furniture repair), MerryMaids (residential cleaning), Nomor (European pest control),ServiceMaster Clean (health-based commercial cleaning),ServiceMaster Restore (restoration and reconstruction), Terminix(termite and pest control), and Terminix Commercial (commercialtermite and pest control). The Company is headquartered in Memphis,Tenn. Go to servicemaster.com for more information aboutServiceMaster or follow the Company atLinkedIn.com/Company/ServiceMaster, Twitter.com/ServiceMaster orFacebook.com/ServiceMaster.
About Roark Capital
Roark focuses on franchised and multi-unit business models inthe retail, restaurant, consumer and business services sectors.Since inception, affiliates of Roark have invested in 78franchise/multi-unit brands which generate approximately $41billion in annual system revenues from 39,000 locations in 50states and 81 countries. For more information, please visitwww.roarkcapital.com.
Information Regarding Forward-Looking Statements
This press release contains forward-looking statements andcautionary statements. Forward-looking statements can be identifiedby the use of forward-looking terms such as “believes,” “expects,”“may,” “will,” “shall,” “should,” “would,” “could,” “seeks,”“aims,” “projects,” “is optimistic,” “intends,” “plans,”“estimates,” “anticipates” or other comparable terms.Forward-looking statements are subject to known and unknown risksand uncertainties, many of which may be beyond our control,including, without limitation, the risks and uncertaintiesdiscussed in the “Risk Factors” and “Information RegardingForward-Looking Statements” sections in the Company’s reports filedwith the U.S. Securities and Exchange Commission. Such risks,uncertainties and changes in circumstances include, but are notlimited to: the possibility that regulatory and other conditions tothe sale of our ServiceMaster Brands businesses are not received orsatisfied on a timely basis or at all, and the possibility ofchanges in the anticipated timing for closing the sale; thepossibility that we may not fully realize the projected benefits ofthe sale; business disruption during the pendency of or followingthe sale; the impact of reserves attributable to pending Litigatedand Non-Litigated Claims for terminate damages; the impact ofCOVID-19 on our operations; lawsuits, enforcement actions and otherclaims by third parties or governmental authorities; compliancewith, or violation of environmental health and safety laws andregulations; weakening general economic conditions; weatherconditions and seasonality; the success of our business strategies,and costs associated with restructuring initiatives. We caution youthat forward-looking statements are not guarantees of futureperformance or outcomes and that actual performance and outcomes,including, without limitation, our actual results of operations,financial condition and liquidity, and the development of themarket segments in which we operate, may differ materially fromthose made in or suggested by the forward-looking statementscontained in this press release. The Company assumes no obligationto update the information contained herein, which speaks only as ofthe date hereof.
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