Norvestor invests in Pelias and Terminix UK to create a new Northern European pest control group
Norvestor VIII SCSp (“Norvestor VIII”), has signed an agreement to acquire Pelias Norsk Skadedyrkontroll AS (“Pelias”) and Terminix UK Limited (“Terminix UK”) from Terminix Global Holdings, Inc. (NYSE: TMX) (“Terminix”), together forming a new Northern European pest control group. Pelias and Terminix UK are divested as a condition to the closing of the pending merger between Terminix and Rentokil Initial plc.
Pelias is a leading nationwide Norwegian pest control company, providing a wide range of pest control, hygiene and building decontamination services to commercial, residential, and public customers. Pelias had revenues of c. NOK 240 million in 2021, has c. 210 employees and is headquartered in Elverum, Norway. Pelias was part of the pest control company Nomor Holding AB (“Nomor”), which was owned by Norvestor VI L.P. between 2014 and 2019, and subsequently sold to Terminix.
Terminix UK is the third largest pest control company in the UK, a full-service pest control provider with nationwide coverage across the UK with a primary focus on commercial customers and the public sector. Terminix UK had revenues of c. GBP 19 million in 2021, has c. 370 employees and is headquartered in Gloucester, England.
“We look forward to working with Norvestor again and believe that we together with Terminix UK can build a leading pest control group, sharing best-practice across and collaborate in developing the pest control offering of the future, driving even more value for our customers and employees”, says Trond Kristiansen, CEO of Pelias.
“We are excited to see Norvestor as our new growth partner and believe that they provide an excellent match in our continuous effort to be the preferred pest control service provider for both commercial companies and the public sector in the UK. Norvestor’s strong track-record within business services in general, and pest control in specific, will help us in developing the business and in improving our offering towards customers. We also look forward to working with Pelias, sharing experiences and service solutions to meet the sector challenges today and in the future” says James Gilding, Managing Director at Terminix UK.
“Following Norvestor VI L.P.’s sale of Nomor in 2019 to Terminix, we have continued to monitor the market. We remain enthusiastic about the prospects of the pest control industry, with market tailwinds, and are delighted to get the opportunity to invest in the industry again. The combination of Pelias and Terminix UK creates a new platform in the Northern European pest control industry, with significant opportunities to drive digitalization in the industry, and promote environmentally friendly solutions. We also expect to leverage consolidation opportunities, building on the driven management teams with strong customer focus”, says Karl Svozilik, Partner at Norvestor Advisory.
Following the acquisition Norvestor VIII will become the largest shareholder in the new group, followed by the co-investor and previous Nomor CEO Svein Olav Stølen, the respective management teams and key employees.
The transaction is expected to close in June 2022, subject to limited closing conditions.
For further information:
Karl Svozilik, Partner, Norvestor
Telephone: +47 984 00 063
Trond Kristiansen, CEO, Pelias
James Gilding, Managing Director, Terminix UK
Pelias is a nationwide Norwegian pest control company, providing a wide range of pest control, hygiene and building decontamination services. Read more at https://pelias.no/
Terminix UK is a full-service pest control provider with nationwide coverage across the UK. Read more at https://www.terminixuk.com/
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, Copenhagen and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 81 investments with more than 300 follow-on M&A transactions, in addition to executing 53 exits including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com