Rentokil Initial International (RTO, RTO.L) recently announced its purchase of HiCare Services Private Limited, positioned as India's second largest pest control business. HiCare, with its 30 branches, offers a wide range of pest control services for both residential and commercial properties and specializes in termite control. Since 2014, HiCare has been under the ownership of True North, a Private Equity Fund.
Andy Ransom, the Chief Executive Officer of Rentokil Initial International, shared his vision for the company's future in India. He cited the country's growing urban population, expanding middle-class demographic, and predominant tropical climate as primary motivations for the acquisition. He noted the existence of over 6,000 small pest control businesses in India, signaling abundant opportunities for further mergers and acquisitions.
