RTTNews | Sep 2, 2020 08:07AM EDT

08:07 Wednesday, September 2, 2020 (RTTNews.com) - ServiceMaster Global Holdings, Inc. (SERV) has agreed to sell its ServiceMaster Brands businesses to an affiliate of Roark Capital, for $1.553 billion. ServiceMaster Brands includes a portfolio of residential and commercial services brands such as ServiceMaster Restore, ServiceMaster Clean, Merry Maids, AmeriSpec, and Furniture Medic. ServiceMaster Global Holdings will change its name to Terminix at closing.

ServiceMaster Chairman and interim CEO Naren Gursahaney stated: "Through this divestiture, Terminix will become a pure-play, global pest control company, better positioned for the future."

ServiceMaster expects net proceeds of over $1.1 billion from the divestiture after paying approximately $420 million in taxes. The remaining proceeds, net of fees, will be earmarked for reduction of debt.

ServiceMaster affirmed third-quarter continuing operations revenue guidance of $495 million to $515 million. The company also affirmed its third-quarter continuing operations adjusted EBITDA guidance of $80 million and $90 million.

Read the original article on RTTNews ( https://www.rttnews.com/3125656/servicemaster-to-sell-servicemaster-brands-businesses-to-affiliate-of-roark-capital.aspx)

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