MEMPHIS, Tenn. (WMC) - ServiceMaster made some big changes a few weeks ago when ServiceMaster Global Holdings Inc. sold everything but its pest control division.
Terminix Global Holdings Inc. is the new name of what’s left. Brett Ponton was also announced as the company’s new CEO in August, and he begins his tenure Tuesday.
“I am excited to join the Terminix team,” Ponton said in the release. “People are at the heart of this great business and leading brand, and I look forward to working closely with our executive leadership team, field managers, and customer-facing employees, as I learn the operating procedures, culture, and key customer dynamics that are so important to our success. As a pure-play pest control company, we will greatly enhance our customer focus through service excellence, retention improvement, and performance consistency, that will ultimately lead to increased shareholder value.”
The company announced the official change Tuesday. The NYSE ticker symbol will change from SERV to TMX once the sale closes, which is expected in the next 30 days.
ServiceMaster sold its brands segment to Roark Capital Management LLC, an Atlanta-based private equity firm, for $1.553 billion in a deal announced Sept. 2.
The deal made Terminix a pure play pest control entity.
After paying nearly $420 million in taxes, its expected for the company to make around $1.1 billion from the sale, with remaining proceeds going towards debt reduction, investments in its core pest control and termite businesses, accretive acquisitions, and ongoing returns to shareholders.
Despite the changes, the company does not expect to relocate any employees or offices, according to a spokesperson. The ServiceMaster representative said most of its corporate staffers who normally work at the Downtown headquarters are “happily working from their home offices.”