CHICAGO - ServiceMaster said on Tuesday that its Terminix business unit had acquired the assets of Safeguard Pest Control.
Terms of the deal were not disclosed, but ServiceMaster said it expected the acquisition would have a "modest but positive impact on fourth-quarter 2006 earnings per share."
The company, based in Downers Grove, Illinois, also announced that it had completed its sale of American Residential Services to Caxton-Iseman Capital Inc. and Royal Palm Capital Partners Inc. for about $100 million. Donald Karnes and David Slott, former officers of a subsidiary of ServiceMaster, are investors in the venture and will participate in the management of the company.
ServiceMaster said it would use the proceeds from the sale of the heating, air-conditioning and plumbing unit to pay down debt and finance acquisitions in other service lines.