In a deal that has significant implications for the pest control industry, especially in Florida, Harvey L. Massey, chairman and CEO of Massey Services, announced the company has reached a definitive agreement to purchase Sunair Services Corporation including its subsidiary, Middleton Lawn & Pest Control. Massey Services is a privately held company.
According to a press release from Sunair Services, the agreement is pursuant to Massey acquiring all of the outstanding common stock of Sunair in an all-cash transaction valued at $2.75 per share, which represents a premium of approximately 47 percent over the stock’s closing price on Sept. 25, 2009.
Assuming the deal receives FTC approval, Middleton’s operations will integrate with those of Massey Services, representing one of the pest control industry’s largest mergers in recent years.