CenterOak Partners acquires Palmetto Exterminators

CenterOak Partners, a Dallas, Texas-based private equity firm, announced that it completed a majority recapitalization of Palmetto Exterminators. The transaction closed on Sept. 30.

Palmetto Exterminators is an independent pest control company providing general pest, recurring termite and mosquito control services.

As part of the transaction, the selling family will continue to have an equity interest in the company and the current senior team will continue to lead Palmetto following CenterOak’s investment. Terms of the transaction were not disclosed.

Founded in 1960, Palmetto is headquartered in Charleston, S.C., and provides pest control services to residential and commercial customers in the Carolinas and Georgia. Palmetto differentiates itself through its 60-year history of high-quality customer care and commitment to technician training. The company currently operates eight branches and plans to grow organically and through add-on acquisitions.

CenterOak Partners is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States.  The firm specializes in three key industry sectors: industrial growth, consumer and business services.

“Palmetto is a great fit with CenterOak’s focus on investing in family-owned businesses in growing, non-discretionary end markets,” said Jason Sutherland, co-managing partner of CenterOak. “As the first institutional investor of a second-generation family-owned and -operated business, we were attracted by the opportunity to leverage CenterOak’s recent relevant investment experience in the residential services sector. Palmetto has a long track record of growth, and we look forward to supporting the company’s next stage of expansion, both organically and through acquisitions.”

LR Tullius represented and acted as exclusive financial advisor to Palmetto Exterminators on the transaction.