Rentokil Initial is to sell its workwear, flat linen and clean room business in France to H.I.G. Capital in a deal that values the business at around £342 million.
The sale positions the company “more clearly as a streamlined pest and hygiene & wellbeing business”, it said in a statement.
Rentokil’s $6.7 billion acquisition of Terminix in 2021 made it the largest player in the U.S. pest control market.
Rentokil said it expects net cash proceeds of about £312m from the sale, which it will use to pay down debt and invest in bolt-on mergers and acquisitions.
The French workwear business made up about 6% of the company’s total revenue last year.
