The Anticimex NC platform. Anticimex confirmed a third platform acquisition in North Carolina this week, adding Piedmont Pest Solutions (Greensboro, 34 trucks, ~$6.2M revenue) to a state where they now have meaningful route density across the I-85 corridor.
The thesis is becoming legible: Anticimex is building a Carolina backbone before moving into adjacent Mid-Atlantic markets. The Piedmont deal was at 3.8× revenue — slightly below the NC median of 4.1× — suggesting they got a preferred-buyer price for moving quickly.
Six NC operators with active LOIs. Our database shows six operators in our NC universe receiving inbound LOIs in the past 30 days. Of the six, three have revenue above $10M — which puts them in Anticimex’s target range but also in Rentokil’s. Competitive process likely for at least two.
The two we’re most closely watching:
- Blue Ridge Exterminating (Asheville · $14.2M) — Family-owned for 28 years. Founder Bob Dunlap (67) with no identified successor. SBA refinancing in 2024 suggests a 3–5 year exit timeline.
- Old North State Pest (Raleigh · $11.8M) — PE-backed since 2022. Sponsor is approaching end of fund life. Process likely to open Q3 2026.
What the Carolinas surge means for Texas. Buyer capital isn’t unlimited. When Anticimex commits to building a NC platform, they’re directing diligence bandwidth, integration resources, and capital toward the Southeast — not Texas. For acquirers focused on the TX market, this is actually a signal: you have a window where your primary competitor is occupied elsewhere.
Multiple watch. No significant multiple movement this week. Trailing-12 median holds at 4.4× for $20M+ operators, 3.6× for $5–20M. Watch for Q2 deal compression if rate environment shifts.
Next brief: Monday, May 24 at 7:00 AM ET.