MEMPHIS, Tenn. (WMC) - One big business that calls the Bluff City home is about to go through some major changes.
ServiceMaster Global Holdings will sell its ServiceMaster Brands business for $1.5 billion.
The Memphis Business Journal reports Roark Capital, an Atlanta‐based private equity firm, made the purchase.
“They’re a really big company. They own significant stakes in a lot of franchise companies that we’re familiar with including Cheesecake Factory, Jimmy John’s, Sonic, Meineke... So, ServiceMaster kind of fits,“ said Greg Akers, Editor-in-Chief of the Memphis Business Journal.
Roark Capital will take ownership of the “ServiceMaster” name.
ServiceMaster Global Holdings will now be called Terminix, as it seeks to become a pure play pest control company.
“Terminix is about seven times bigger than ServiceMaster brands, in terms of revenue last year,” said Akers.
A spokesperson says Roark has no plans to relocate any offices or staffers. Nor does it intend to reduce the workforce.
You can find these stories and more online at MemphisBusinessJournal.com.