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09/2025100%

Rentokil Initial Workwear France acquired by HIG Capital

FRANCE Facility Management / Maintenance / Industrial Cleaning EV €300–700M

Context

H.I.G. Capital has acquired Rentokil Initial’s Workwear business in France. The strategic rationale for the divestment is to streamline Rentokil Initial's portfolio, allowing the group to focus exclusively on its core market-leading Pest Control and Hygiene & Wellbeing segments. For H.I.G. Capital, the acquisition represents a strategic entry into the French textile services market, providing a high-quality platform with recurring revenues and mission-critical services. The deal was supported by bespoke financing from CVC Credit. This carve-out significantly improves Rentokil’s capital efficiency by reducing annual CapEx requirements and is expected to boost the group's free cash conversion margin by approximately 100 basis points.

The acquisition of Rentokil Initial Workwear France is part of the growth strategy of HIG Capital, which already has several external growth operations under its belt, notably Timetoact Group in 2025.

Rentokil Initial Workwear France, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

-> Deep-dive in Business Services market trends

Target

Rentokil Initial's France Workwear division is a market leader in the French textile rental and hygiene services sector. Its business model is based on a recurring subscription framework, providing full-cycle textile services including the design, rental, laundry, and repair of workwear, flat linen, and specialized cleanroom garments. The unit's value proposition is anchored in mission-critical reliability and sustainability, serving over 21,000 customers across diverse industries through a nationwide logistics network. Strategically, the company maintains high customer retention (approx. 88%) and operates 34 specialized sites. Following the carve-out, the business will be rebranded to operate as an independent entity, focusing on scaling its leadership in the highly consolidated French textile services market.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
[members only]
€25–50M
[members only]
2024
[members only]
€25–50M
[members only]

Other operations with HIG Capital

Other operations with HIG Capital
DateAcquirerTargetCountrySector
05/2026HIG CAPITALINTERNATIONAL AEROSPACE COATINGS IACUNITED STATESMRO (Maintenance, Repair & Overhaul)
10/2025HIG CAPITALADVANCED LOGISTICS FOR AEROSPACE (ALA)ITALYIndustrial & Technical Distribution
03/2025HIG CAPITALTIMETOACT GROUPGERMANYConsulting & Integration
02/2025HIG CAPITALCONVERGE TECHNOLOGY SOLUTIONSCANADAConsulting & Integration
03/2024HIG CAPITALSTRADAUNITED STATESHR & Capital
01/2024HIG CAPITALDX GROUPUNITED KINGDOMRoad Freight
03/2023HIG CAPITALANDWIS GROUPUNITED KINGDOMMaintenance
02/2022HIG CAPITALBERARDI BULLONERIEITALYIndustrial & Technical Distribution
04/2021HIG CAPITALINTERPATHUNITED KINGDOMAccounting & Audit
07/2020HIG CAPITALPROJECT INFORMATICAITALYConsulting & Integration

Similar deals in Facility Management

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08/2025TOTAL ACCESS ELEVATORLA ELEVATORUNITED STATESMaintenance
06/2025TRITON PARTNERSPRENAX GROUPSWEDENBPO & Outsourcing
05/2025ARDIANMASTERGRIDFRANCEElectrical
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03/2025CHARTERHOUSEESTYAFRANCESecurity & Guarding
02/2025HPS INVESTMENT PARTNERS / OAK HILL ADVISORS / ONE INVESTMENT MANAGEMENT / BC PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
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REFERENCES

Valuation range: EV €300–700M

EBITDA range: €25–50M

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Rentokil Initial Workwear France by HIG Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers HIG Capital’s acquisition of 100% of Rentokil Initial Workwear France, a French company specialised in Maintenance, in 2025.

How was the acquisition of Rentokil Initial Workwear France by HIG Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/EBITDA multiple within the 5x - 12x range. Exact figures are available to members.

What was Rentokil Initial Workwear France’s EBITDA at the time of the deal?

At the time of the transaction, Rentokil Initial Workwear France’s EBITDA was estimated within the €25–50M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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