Building maintenance provider ServiceMaster files for an IPO that could raise $500 million
ServiceMaster, a provider of residential and commercial
building maintenance services, filed on Monday with the SEC to
raise up to $100 million in an initial public
offering, although the deal size is likely just a
placeholder. We estimate it could raise as much as $500 million.
In January, ServiceMaster spun off its lawn care division,
The Memphis, TN-based company, which was founded in 1952 and booked $2.3 billion in sales (pro forma for the TruGreen spinoff) fiscal year ended December 31, 2013, plans to list under the symbol SERV but has yet to announce an exchange. J.P. Morgan, Credit Suisse, Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.