READING, Pa.— Rentokil today announced it has entered into a definitive agreement to acquire the Steritech Group, based in Charlotte, N.C., for $425 million in cash subject to regulatory approval.
The acquisition will make Rentokil the number three pest control business in the US, a key strategic market for Rentokil that accounts for approximately 50 percent of global pest control services.
On completion, Rentokil will also become the third largest pest control company in Canada, creating a competitive national business, twice the size of its current Canadian operations.
North America will become the largest market in Rentokil Initial’s global footprint.
John Myers, President and CEO of Rentokil North America, said “I am obviously delighted that Steritech has decided to join forces with us, and I am excited about the opportunities for these two fantastic businesses together. The addition of Steritech to our already strong base will build a best of breed capability that will take us to new heights. Steritech has great people, with technical and service capabilities that will blend excellently with ours.”
Rich Ennis, CEO of Steritech, commented: “Steritech’s success has largely been based on great people delivering world class service to customers. Rentokil’s strong culture and focus on people make it the perfect fit for Steritech and its customers. I believe that the future is bright for the new organization and its customers.”
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