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ServiceMaster Global Files for IPO of About $100 Million

Business Strategy

Terminix's parent company filed with U.S. regulators last week to raise about $100 million in an initial public offering of common stock.

| March 25, 2014

ServiceMaster Global Holdings Inc, which owns Terminix pest control, filed with U.S. regulators on Monday to raise about $100 million in an initial public offering of common stock, Reuters reported.

The company, controlled by private equity firm Clayton, Dubilier & Rice, provides residential and commercial services including lawn care, termite and pest control and home warranties.

Clayton, Dubilier & Rice, which holds about 66 percent stake in ServiceMaster, took the company private in a $4.7 billion deal, excluding debt, in July 2007.

ServiceMaster's businesses include American Home Shield warranties and the Merry Maids cleaning service, as well as drain cleaning and furniture repair operations.

The Memphis, Tennessee-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that JPMorgan, Credit Suisse, Goldman Sachs and Morgan Stanley were underwriting the IPO. (r.reuters.com/xaj87v)

The company said it intends to list its common stock under the symbol "SERV" but did not specify the exchange.
The filing did not reveal how many shares the company planned to sell or their expected price.

Click here to read the entire article.

Source: Reuters

 

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