M&A Deal Summary

Rentokil Initial Acquires HiCare

On April 2, 2024, Rentokil Initial acquired consumer services company HiCare from True North Co.

Acquisition Highlights
  • This is Rentokil Initial’s 17th transaction in the Consumer Services sector.
  • This is Rentokil Initial’s 1st transaction in India.

M&A Deal Summary

Date 2024-04-02
Target HiCare
Sector Consumer Services
Buyer(s) Rentokil Initial
Sellers(s) True North Co.
Deal Type Add-on Acquisition

Target

HiCare

Mumbai, India
Hicare is a pest control services provider, operating across the country through 52 branches in 27 cities. It serves over one lakh residential customers and 10,000 commercial customers with major network of franchise partners. HiCare was founded in 1993 and is based in Mumbai, Maharashtra.

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Buyer(S) 1

Buyer

Rentokil Initial

Crawley, United Kingdom

Category Company
Founded 1903
Sector Business Services
Employees68,485
Revenue 5.4B GBP (2024)
DESCRIPTION

Rentokil Initial is a provider of facilities management and related services, including catering, cleaning, security, building mechanical and electrical engineering, and statutory compliance to commercial and government sector organizations; pest control services. Rentokil Initial was founded in 1903 and is based in Crawley, England.


DEAL STATS #
Overall 29 of 29
Sector: Consumer Services M&A 17 of 17
Type: Add-on Acquisition M&A Deals 24 of 24
Country: India M&A 1 of 1
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-14 Terminix

Memphis, Tennessee, United States

Terminix is a provider of residential and commercial pest management. The Company provides pest management services and protection against termites, mosquitoes, rodents and other pests. Terminix is based in Memphis, Tennessee.

Buy $6.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-30 Rentokil Initial s France Workwear business

France

Rentokil Initial's France Workwear business specialises in the supply and maintenance of garments, such as workwear and personal protective equipment. Rentokil Initial's France Workwear business is based in France.

Sell €410M

Seller(S) 1

SELLER

True North Co.

Mumbai, India

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

True North Co. is a private equity firm focused on making investments in growing middle-market companies operating in India. The Firm looks to invest a minimum of $50 million per transaction. Sectors of interest include consumer, healthcare, financial services, infrastructure services, and IT. True North does not invest in start-ups or early-stage companies. True North Co. was formed in 1999 and is headquartered in Mumbai.


DEAL STATS #
Overall 22 of 22
Sector: Consumer Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 13 of 13
Country: India M&A 19 of 19
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-30 Fedbank Financial Services

Mumbai, India

Fedbank Financial Services is a non-banking finance company (NBFC), provides financing services to individuals and businesses in India. It operates through three segments: Distribution, Retail Finance, and Wholesale Finance. Fedbank Financial Services was founded in 1995 and is based in Mumbai, Maharashtra.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 PurposeMed

Calgary, Alberta, Canada

PurposeMed is a high-growth telehealth company that provides accessible and specialized healthcare services, focusing on underserved populations across Canada and the United States. PurposeMed was founded in 2019 and is based in Calgary, Alberta.

Buy -