It was announced today (20 December 2013) that Rentokil Initial plc has agreed to acquire the pest control division of Green Compliance plc.
The deal is for a total consideration of £4.0m in cash: £3.25m in initial consideration, with a further £0.75m payable over 12 months in line with normal contractual protections and the achievement of certain operational targets. Green Compliance had audited revenues of £5.0m for the year ended 31 March 2013. The transaction is anticipated to complete on 31 December 2013.
Phil Wood, area managing director, for Rentokil Initial said: “We are really excited about this acquisition as Green Compliance Pest Control complements the existing Rentokil pest control business. We look forward to working with our new colleagues and our number one priority will be ensuring continuity of service for the customers.”
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Commenting, Bob Holt, chairman of Green Compliance, said: “We are pleased to have reached agreement with Rentokil in relation to the disposal of our pest business and believe that they offer a great home for this business to thrive as part of the leading international company in the sector. |
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With the disposal of the fire extinguisher business in July, the financial restructuring of the business in September and now the disposal of the pest division, Green Compliance will enter 2014 as a well-financed and sustainable player in the water and fire detection and suppression markets after a period of significant uncertainty for all of our stakeholders. We are committed to building the best water and fire suppression business in the UK and the last quarter of 2013 has shown great commitment within these divisions and I applaud the efforts of everybody involved. We look forward to the coming year as one where we can concentrate on growing our operations in these sectors.” This acquisition concludes what was a trail of acquisitions in the pest control sector by Green Compliance. In 2010 Green Compliance was on the merger trail. It acquired Enviroguard in December, (click here to read), PestFree Environmental Services in November 2010 (click here to read) and also Envirocare in July 2010 (click here). |
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