Plumbing and Mechanical

ServiceMaster Sells ARS

November 15, 2006
ServiceMaster Co. completed the sale of its American Residential Services business to two private equity firms.

Caxton-Iseman Capital Inc. and Royal Palm Capital Partners Inc. Caxton-Iseman, a New York private equity firm, is the majority investor in the transaction.

Donald Karnes and David Slott, former officials with a ServiceMaster subsidiary, are also investors in the venture and will be part of company management.

The cash ServiceMaster Co. completed the sale of its American Residential Services business to proceeds of about $100 million were in line with expectations and related book value. ServiceMaster intends to use the proceeds to pay down debt and to finance acquisitions in other service lines.