Rollins, Inc. (NYSE: ROL), the parent company of Orkin Pest and Termite Control has signed a definitive agreement to acquire PermaTreat Pest Control Company, Inc. through a tax-free reorganization of PermaTreat’s parent, Wilco Enterprises, Inc. The all-stock merger, which is expected to close on August 1, is the first in Rollins’ recent history and carries significant potential tax benefits for Wilco’s stockholders.
PermaTreat is a leading pest control company located in Central and Northern Virginia and was founded in 1967 and purchased in 1982 by Joe Wilson. Joe started his career in pest control nearly fifty years ago with Orkin. Having grown from one office and six employees when acquired, PermaTreat currently has nine branches and over 100 employees. The Company has established itself as a leader in general pest and termite control, real estate inspections, new construction pretreatment, outdoor pest control, and services to industrial, commercial and residential customers.
“Merging with Rollins is a good cultural fit for both companies,” said Joe Wilson, President and CEO of PermaTreat. We are now aligned with the premier pest management company in North America, and look forward to a successful partnership with the Rollins team. It was a pleasure dealing with Rollins.”
Paul Giannamore, Managing Director at The Potomac Company commented, “There was no better home for PermaTreat than Rollins. Rollins’s ability to use it’s high-yielding, stable stock as currency, allowing Joe to postpone paying capital gains taxes, provided Rollins an unrivaled advantage in the pest control industry. Notwithstanding, due to his very close, longstanding relationship with the Rollins and Wilson families, I couldn’t imagine Joe selling to any other firm than Orkin.”
John F. Wilson, President and Chief Operating Officer of Rollins, Inc. commented, “We are extremely pleased to welcome PermaTreat to our company and family of pest control brands. The acquisition provides ideal expansion of our presence in Virginia. Joe and his associates share our culture of continuous improvement and regards customer service as their number one priority. We look forward to working with this team of highly trained professionals, as they continue to operate under the well-recognized PermaTreat brand name.”