Sunair Completes Acquisition of Middleton Pest Control, Inc.
Sunair Electronics, Inc., announced that, through Sunair Southeast Pest Holdings, Inc. (SPH), one of its wholly owned subsidiaries, it completed the acquisition of Middleton Pest Control, Inc. (Middleton) for $50 million.
Middleton’s pest control and lawn care operation that Sunair acquired extends throughout Central Florida and Florida’s northern east coast and operates through a network of 22 branches, from which Middleton serves more than 68,000 accounts. Middleton was ranked the 20th largest pest control business in the United States, as measured by 2004 revenue, in Pest Control Technology (PCT) magazine’s Top 100 companies list released in May 2005. PCT also ranked Middleton as the third largest company by the same metrics in Florida.
SPH financed this acquisition through available cash, a promissory note, Sunair common stock and a $20 million senior secured revolving credit facility provided by Wachovia Bank, N.A.
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