Deal Creates Global Pest Control and Hygiene Giant | Southeast Deals
Rentokil Initial has entered into a historic agreement creating a pest control company with approximately 4.9 million customers and 57,700 employees worldwide.
Last year, Crawley-headquartered Rentokil struck a deal to buy US-based Terminix Global Holdings for $6.7 billion.
Based in Memphis, Terminix is a provider of residential and commercial pest control services, designed to protect against termites, mosquitoes, rodents and other vermin.
David Frear, non-executive director of Terminix, has joined Rentokil Initial’s board of directors.
Andy Ransom, Managing Director of Rentokil Initial, welcomed new colleagues, customers and shareholders joining the company.
“This marks a significant milestone in Rentokil Initial’s history with the combination adding valuable scale, capabilities and talent as well as the wonderful Terminix brand,” Ransom said.
“After an intense period of successful groundwork to position the businesses for effective integration, we are now focused on delivering the significant benefits of the agreement. Rentokil Initial is well positioned for long-term sustainable and profitable growth. as the new global leader in Pest Control and Health & Wellness.”
Richard Solomons, President of Rentokil Initial, added, “This combination establishes our position as the pest control leader in North America, the largest pest control market in the world.
“We would like to thank the Terminix Board of Directors and all shareholders for their commitment to this process and look forward to delivering the clear strategic and financial benefits of the transaction. I also welcome all of our new colleagues and thank everyone for their hard work keep working and focusing on our customers.
“I am also delighted to welcome David Frear to the Board of Directors, who joins us today. This is a particularly noteworthy appointment as he has served as a Terminix director since January 2021 and brings considerable experience as a US-based CFO and as a board member of North American companies. leading.
Brett Ponton, Managing Director of Terminix, said, “We are thrilled to join a company of Rentokil Initial’s pedigree and see the Terminix business we have built over 95 years begin its next stage of development.
“The cultural similarities between the two organizations are clear – focusing on colleagues with exceptional training and high levels of commitment, who in turn deliver an exceptional level of service to our customers.”
Barclays Bank acted as sole sponsor, joint financial adviser and joint corporate broker, with Goldman Sachs International acting as joint financial adviser and joint corporate broker. Davis Polk & Wardwell LLP and Freshfields Bruckhaus Deringer LLP are acting as US and UK legal advisers to Rentokil, respectively.
Lazard acted as financial advisor to Terminix with Wachtell, Lipton, Rosen & Katz and Macfarlanes LLP acting as US and UK legal advisors to Terminix, respectively.