The Potomac Pest Control Group is pleased to announce the sale of its client, LR Pest Elimination, to Rentokil North America.
Founded in 1983 by Ron Hier, LR Pest Elimination is one of the largest pest control service providers in the state of Vermont and enhances Rentokil North America’s footprint in New England.
LR Pest Elimination engaged Potomac to value the firm and provide advice regarding strategic alternatives, including a potential sale. After completing a preliminary valuation and operational review of the business, the shareholders decided to take the business to market.
The sale process was competitive and the ultimate terms of the transaction resulted in a purchase price over 40% higher than indicated by the preliminary valuation that was performed the prior year.
Brandon Hier, who will continue on as president of LR Pest Elimination under Rentokil said: “Paul Giannamore of Potomac was excellent. I would highly recommend Paul and his team to anyone looking to sell their pest control company. Paul is a true professional who handled every aspect of our sale, addressing the financial, business and personal details. He understood that when selling something you have invested so much time into building, the bottom line is important, but so is the way it is handled. Paul was extremely professional and extraordinarily effective in leveraging a purchase price above my expectations with a buyer that fit with my company; he listened and delivered.”
Paul Giannamore said, “The Hier family went out of their way to find the right home for their loyal employees and customers. The sale process was competitive and the Heir family was fortunate to exit their business as the pest control M&A market peaks yielding a purchase almost double that of what they would have received a year earlier. Further, the president, a family member, who intended to leave at the time of the sale was so delighted with Erhlich / Rentokil that he’s decided to pursue a career with the Rentokil and we wish him and his family the absolute best for the future.”
