ServiceMaster's AMS Business Sold To Management Team
ServiceMaster announced it sold its American Mechanical Services business - the HVAC portion of the business (13 locations across seven states) was sold to members of the senior management team on July 19, and the electrical portion (three locations) was sold to electrical management on July 31.
Both the HVAC and Electric Services business will be headquartered in Maryland. Terms of the transactions have not been disclosed.
The company is currently engaged in negotiations to sell the American Residential Services business in a single transaction. Revenues from the combined AMS/ARS business decreased 2 percent the second quarter and increased 4 percent for the first six months of the year.
In other news, ServiceMaster announced that J. Patrick Spainhour has been appointed as the new chairman and chief executive officer. Spainhour, the former chairman and CEO of Ann Taylor Stores Corp., accepted the CEO position on an interim basis on May 15.