Percheron Capital has formed a new residential pest control services platform in partnership with industry veteran Mike St. Clair.
The goal of the firm’s new platform strategy is to build a sizable network of residential pest control service providers through both acquisitions and organic growth within the highly fragmented pest control market.
Mr. St. Clair joined Percheron in January 2022 as an operating advisor. Earlier, from 2015 to 2021, Mr. St. Clair was with Rentokil Initial, where he led sales and marketing for all six of the company’s North American business units including its pest control unit, the world’s largest pest control business. During his tenure at Rentokil, these six units saw double-digit revenue growth each year resulting in 2021 combined revenues of $1.8 billion. From 2002 to 2015, he held several senior management positions with ServiceMaster including as the western sales manager of the company’s Terminix Pest Control division, the third largest pest control business in the United States. Before beginning his professional career, Mr. St. Clair served eight years as a U.S. Army Aviation Officer (Captain).
“I am excited to work with Percheron to form a market-leading pest control services platform,” said Mr. St. Clair. “Percheron is an optimal partner given the team’s significant experience in residential services and consistent history of supporting rapid growth at high-quality essential services businesses. We are committed to building the industry’s employer of choice and investing in our hardworking team members – through training, incentives and state-of-the-art tools and technology – to improve their effectiveness and create rewarding career paths. We look forward to leveraging our deep resources and operational capabilities to partner with premier businesses in the sector and support accelerated growth.”
Percheron was co-founded in June 2020 by Chris Collins and Chris Lawler; both are former professionals of Golden Gate Capital, where they worked together for almost ten years. Percheron targets middle-market services businesses in the animal health, automotive, education, food & beverage, healthcare & wellness, and residential sectors.
“We are thrilled to partner with Mike to build a preeminent pest control services company,” said Mr. Lawler. “Pest control services are non-discretionary and benefit from long-term tailwinds, including increasing pest prevalence and demographic shifts favoring outsourced pest control solutions. These trends, in combination with the industry’s significant scale, recurring revenue profile and substantial level of fragmentation, make pest control a thematic investment priority for Percheron. Mike’s industry expertise, strategic vision, and stellar track record driving organic, de novo and M&A growth make him an ideal partner to build a leading business in this attractive industry.”
In September 2021, Percheron closed its inaugural fund, Percheron Capital Fund I LP, with total capital of $770 million. The firm’s first fund was raised in just eight months, was oversubscribed, and closed at its hard cap.
San Francisco-based Percheron Capital takes its name from a breed of draft horses that originated in the Perche province of western France. Usually gray or black in color, Percherons are well-muscled and known for their intelligence and willingness to work.
© 2022 Private Equity Professional | October 11, 2022
