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ServiceMaster (SERV) Files $100M IPO

25 Mar 2014 11:06 AM | IJCSA - (Administrator)
ServiceMaster (NYSE: SERV) (NASDAQ: SERV) filed a registration statement with theSecurities and Exchange Commission for a proposed initial public offering of its common stock. The proposed maximum offering price is $100 million. The company plans to list under the symbol "SERV" but has not selected an exchange.

The offering is being made via J.P. Morgan, Credit Suisse, Goldman Sachs, and Morgan Stanley.

ServiceMaster is a leading provider of essential residential and commercial services, operating through an extensive service network of more than 7,000 company-owned, franchised and licensed locations. The company's mission is to simplify and improve the quality of our customers' lives by delivering services that help them protect and maintain their homes or businesses, typically their most highly valued assets. They have leading market positions across the majority of the markets they serve, as measured by customer-level revenue. The company's portfolio of well-recognized brands includes Terminix (termite and pest control), American Home Shield (home warranties), ServiceMaster Restore (disaster restoration), ServiceMaster Clean (janitorial), Merry Maids (residential cleaning), Furniture Medic (furniture repair) and AmeriSpec (home inspections). They serve approximately five million residential and commercial customers through anemployee base of approximately 13,000 company associates and a franchise network that independently employs an estimated 33,000 additional people.

For the year ended December 31, 2013, on a pro forma basis for the TruGreen Spin-off, the company had operating revenue, Adjusted EBITDA and income from continuing operations of $2,292.9 million, $449.9 million and $42.4 million, respectively. Terminix, the largest segment, represented approximately 57% of the 2013 operating revenue on a pro forma basis.


More at source: Street Insider


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