Deal to privatize ServiceMaster now complete

By Lisa Kerner

Charlotte, N.C., July 24 - Clayton, Dubilier & Rice, Inc. said it completed the $5.5 billion cash acquisition of the ServiceMaster Co. through its holding company ServiceMaster Global Holdings, Inc.

ServiceMaster shareholders are entitled to receive $15.625 per share held.

Clayton, Dubilier & Rice operating partner George W. Tamke is now chairman of the ServiceMaster Global Holdings board of directors. J. Patrick Spainhour will continue to be ServiceMaster's chief executive officer in addition to his role as CEO of ServiceMaster Global Holdings.

"We believe ServiceMaster's market leadership in outsourcing services provides a strong foundation to build an even more valuable company," Tamke stated in a company news release.

"As a private enterprise, our focus will remain on building superior customer relationships, while maintaining the core values that have been the foundation of our company," Spainhour added. "We are ready to take full advantage of the new ownership structure that will allow us to move faster in developing and delivering industry leading products and customer service."

As previously reported, about 67% of ServiceMaster's outstanding shares entitled to vote, representing some 99% of votes cast for this proposal, were voted in favor of the March 19 merger agreement.

Clayton, Dubilier & Rice is a private equity investment firm based in New York and London.

Memphis-based ServiceMaster provides cleaning, landscaping and other services to residential and commercial customers through more than 5,500 company-owned and franchised locations.

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