Rollins acquires Fox Pest Control: price, structure and what it means for pest control buyers and sellers

Rollins

acquires

Fox Pest Control

Price

$350M incl. earn-out

Contingent

$32M

Cash at close

$302.8M

Fox revenue

$120M+ (2022)

Financing

Cash + credit facility

Published 24 October 2026 · Deal announced 2023-04-05 12:00 UTC · Acquisitions.com Deal Reports

Part of the Pest control guide: buying, selling, valuation and who is buying.

This report is for owners of residential pest control companies and for buyers who want to own one. It covers what Rollins bought when it took over Fox Pest Control, what it paid, how the price was built, and why. By the end you will know what a large buyer paid for, and what part of that applies to a smaller company.

What did Rollins buy?

Rollins bought a young, fast-growing residential pest control company. The release says Fox was founded in 2012 by Mike Romney and Bryant White. By 2022 it had more than 1,300 people and annual revenue above $120 million. It served homes in 13 states.

Fox grew in a particular way. The release says it sold door to door and then added digital marketing to expand fast. It had been on the Inc. 5000 list of fast-growing private companies. Rollins bought it through HomeTeam Pest Defense, one of its own brands.

What did Rollins pay, and how?

Rollins put the value at $350 million. Of that, $32 million was contingent: it would only be paid if Fox hit future growth and profit levels. Rollins paid with cash on hand and its existing credit lines.

Rollins's 2023 annual report gives the accounting view. It records the purchase at $339.5 million. That breaks into $302.8 million paid in cash at closing, $28.0 million of contingent consideration and an $8.7 million holdback. The holdback was kept back to settle any indemnity claims and working capital changes. The contingent part was tied to Fox's results in the twelve months after the deal.

Why two numbers? The $350 million counts the full earn-out. The $339.5 million counts the earn-out at its estimated fair value on the day. Both come from Rollins.

What did the price buy, on Rollins's books?

The annual report shows where the money went. Rollins booked $118.0 million for customer contracts, to be written off over seven years. It booked $38.0 million for trademarks and trade names, and $186.7 million of goodwill. Hard assets were small.

In other words, most of the price was paid for customers and the brand, not for trucks or buildings. From 1 April to 31 December 2023, Fox added $117.8 million of revenue to Rollins, per the same report.

Why did Rollins want Fox?

Rollins wanted new territory. Jerry Gahlhoff Jr., Rollins's chief executive, said the deal "will accelerate our long-term growth strategy in new geographies across the United States". He also said it gave HomeTeam an efficient way into new markets. Rollins expected the deal to add to earnings and cash flow in its first full year.

The founders talked about fit. Mike Romney said HomeTeam "was an obvious fit for Fox." Bryant White said the two firms value people, leadership and vision the same way.

Rollins kept buying after Fox. In April 2025 it bought Saela, another door-to-door residential company from Utah with over $65 million of revenue, and kept it as a standalone brand, per its own release. Its 2025 annual report says it completed 26 acquisitions that year.

What does this mean for a small pest control buyer or seller?

Most owners will never sell for $350 million. But the way this deal was built shows up in deals of every size. Three points carry down to a company with $500K to $50M in revenue.

Earn-outs and holdbacks are normal. In Rollins's books, $28.0 million of the Fox price depended on later results and $8.7 million was held back for claims. A small seller should expect part of the price to wait. Agree how the earn-out is measured before you sign, and talk to a lawyer and a CPA about it.

Customers are what get paid for. Rollins booked more for customer contracts than for anything except goodwill. A seller who can show active plans, renewal rates and cancellations will get a better hearing. See how to sell a pest control business.

Big buyers fill the map. Rollins bought Fox to enter new places. If your company covers a market a large buyer does not, that is worth saying. For who else is active, see who is buying pest control businesses.

If you are buying, start at /buy. If you own a pest control company and want to know your options, book a free call or read our hub on buying or selling a pest control business.

What should you watch next?

Watch Rollins's annual reports. Each one lists the acquisitions it made that year and what it paid in total. They are the best public guide to how active the largest buyer is.

Watch whether door-to-door companies keep selling. Fox and Saela were both Utah companies that grew this way, and Rollins bought both. Owners of similar firms will likely keep getting calls.