Rentokil Agrees to Sell France Workwear Ops to H.I.G. Capital

Rentokil agrees to sell its Workwear business in France to H.I.G. Capital, valuing the unit at gross enterprise value of about €410m on a cash-free debt-free basis, according to a statement.

• Total net cash proceeds are expected to be about €370m
• Transaction should reduce capital expenditure requirements and improve cash flow
• Goldman Sachs is acting as sole financial advisor and joint corporate broker to Rentokil

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