ServiceMaster Co. completed the sale of its American Residential Services business to Caxton-Iseman Capital Inc. and Royal Palm Capital Partners Inc. Caxton-Iseman, a New York private equity firm, is the majority investor in the transaction.

ServiceMaster Co. completed the sale of itsAmerican Residential Servicesbusiness to Caxton-Iseman Capital Inc. and Royal Palm Capital Partners Inc. Caxton-Iseman, a New York private equity firm, is the majority investor in the transaction.

Donald KarnesandDavid Slott, former officials with a ServiceMaster subsidiary, are also investors in the venture and will be part of company management.

The cash proceeds of about $100 million were in line with expectations and related book value. ServiceMaster intends to use the proceeds to pay down debt and to finance acquisitions in other service lines.