Palmetto Exterminators acquired by CenterOak Partners
Palmetto Exterminators (“Palmetto” or the “Company”) has been acquired by CenterOak Partners LLC (“CenterOak”). The transaction closed on September 30.
Palmetto, previously owned by Lance and Bert Snyder, is one of the largest independent pest control operators in the Southeast United States, and was founded in 1960. Headquartered in Charleston, South Carolina, the Company provides general pest, recurring termite and mosquito control services to residential and commercial customers in the Carolinas and Georgia. Palmetto differentiates itself through its long history of high-quality customer care and commitment to technician training across its eight branches. As part of the transaction, the Snyder family will continue to have an equity interest in the Company and the current management team will continue to lead the business.
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. Based in Dallas, Texas, the CenterOak team has a strong history of creating significant value through operational improvements.
“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.”
“Palmetto has established a reputation as a leading independent provider in the highly fragmented pest control industry,” said Eric Holter, Managing Director of CenterOak. “We are eager to support the team to expand the Company’s footprint and service offerings while building upon Palmetto’s impressive culture of providing best-in-class services to a loyal customer base.”
Lance Snyder quoted, “Working with Lance Tullius and David Shankar was an exceptional experience. They are true professionals and we could not have made it to the finish line without them. LR Tullius is a tremendous asset to the pest control industry.”
LR Tullius represented and acted as exclusive financial advisor to Palmetto Exterminators on the transaction.