Caxton-Iseman Capital and Royal Palm Capital Partners Acquire American Residential Services from ServiceMaster.Donald Karnes Named Chief Executive Officer; David Slott Named President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Caxton-Iseman Capital, Inc. and Royal Palm Capital Partners, Inc. today announced that they have acquired American Residential Services L.L.C. (ARS), one of the nation's leading providers of HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free and plumbing services with 2005 revenues of more than $500 million, from The ServiceMaster Company (NYSE NYSE See: New York Stock Exchange : SVM SVM Support Vector Machines SVM School of Veterinary Medicine SVM Solaris Volume Manager SVM Space Vector Modulation SVM Storage Virtualization Manager (StoreAge) SVM Service Module (also abbreviated as S/M) ). Caxton-Iseman is the majority investor in the transaction. Headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. , ARS serves residential and light commercial customers under the ARS Service Express and Rescue Rooter brands. It operates through an extensive network of 57 locations in 24 states. Caxton-Iseman and Royal Palm also announced that Donald K. Karnes has been appointed Chief Executive Officer of ARS and David M. Slott has been named President and Chief Operating Officer. Mr. Karnes is a former Group President of the TruGreen Companies, a division of ServiceMaster, and Mr. Slott was President and Chief Operating Officer of TruGreen Chemlawn, the lawn care division of the business Mr. Karnes headed. Frederick J. Iseman, Managing Partner of Caxton-Iseman Capital, said: "The acquisition of American Residential Services builds on our long history of investing in service businesses in partnership with exceptional managers. Because ARS is one of the few national providers in a fragmented industry, it is well-positioned to grow through acquisitions and other initiatives. Don Karnes and Dave Slott are ideally suited to lead the business given their past career accomplishments and general familiarity with ARS. We and Royal Palm look forward to working with Don and Dave to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. new opportunities to further strengthen ARS's leading market positions." Richard C. Rochon, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Royal Palm, said: "Our acquisition of American Residential Services continues our tradition of matching fragmented service businesses with seasoned industry executives. Royal Palm operating partners Don Karnes and Dave Slott will be very instrumental in building this company into a well respected industry leader." Mr. Karnes began his career with TruGreen in 1979 when the company produced approximately $2 million in revenue. He held various management positions with the company and was appointed President and Chief Operating Officer of TruGreen ChemLawn in 1991. Mr. Karnes later rose to become Group President for The TruGreen Companies. Since 2004 he has served as an operating partner for Royal Palm Capital Partners. Mr. Slott began his career with TruGreen in 1981 when the company produced revenues of approximately $4 million. He progressed through numerous branch, region and division management positions in the company, ultimately being appointed President and Chief Operating Officer in 1996. Under Mr. Slott's leadership, TruGreen Chemlawn grew in size to approximately $1 billion in revenue. Since 2004, Mr. Slott has served as an operating partner for Royal Palm Capital Partners. He is a graduate of Western Michigan University Western Michigan University, at Kalamazoo, Mich.; coeducational; founded in 1903 as Western State Normal School, became accredited in 1927 as a college, gained university status in 1957. . Paul, Weiss, Rifkind, Wharton & Garrison LLP LLP - Lower Layer Protocol and Akerman Senterfitt LLP acted as legal counsel to Caxton-Iseman Capital and Royal Palm Capital Partners in connection with this acquisition. About Caxton-Iseman Capital Caxton-Iseman Capital, Inc. is a New York-based private equity firm. Its portfolio companies include Ply Gem Industries, Inc., a manufacturer of vinyl building products; Buffets, Inc., a leading owner and operator of buffet-style restaurants; Electrograph e·lec·tro·graph n. 1. An electrically produced graph or tracing. 2. Equipment used to produce such a graph or tracing in facsimile transmission. Noun 1. Systems, Inc., a leading national value-added distributor of display technology solutions; and Prodigy Health Group, Inc., a health care services company. Caxton-Iseman's investment vehicles have available capital in excess of $2 billion. About Royal Palm Capital Partners Royal Palm Capital Partners, Inc. is a private equity investment and management firm, and through its affiliates, the owner of controlling interests in publicly held Devcon International Corporation, a leading provider of electronic security services; Sunair Services Corporation, a leading regional provider of pest control and lawn care services; and Coconut Palm Acquisition Corporation, which announced its pending acquisition of Equity Broadcasting Corporation, a broadcast and media services company. RPCP RPCP Reactor Plant Control Panel RPCP Remote Packet Capture Protocol focuses on making investments in companies operating in industries poised for consolidation and growth in the United States and partners with world-class management teams in their respective industries. |
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