- The current senior team will continue to lead Palmetto following CenterOak’s investment
- Palmetto was founded in 1960
- CenterOak Partners invests in middle market companies
CenterOak Partners has closed a majority recapitalization of Charleston, South Carolina-based Palmetto Exterminators, a pest control company. As part of the transaction, the selling family will continue to have an equity interest in Palmetto and the current senior team will continue to lead Palmetto following CenterOak’s investment. No financial terms were disclosed.
Founded in 1960, Palmetto provides pest control services to residential and commercial customers in the Carolinas and Georgia.
“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, in a statement. “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.”
CenterOak Partners invests in middle market companies. CenterOak and its partners have managed over $2.4 billion of equity capital commitments and have completed more than 100 transactions, representing over $7.6 billion in value.