Rentokil Initial, the FTSE 100 pest control and hygiene group, has agreed to sell its US lake and pond management business to the private equity firm Bain Capital for $230 million.
The disposal of SOLitude Lake Management, along with its Vertex Aquatic Solutions division, is the latest step in a simplification drive as Rentokil focuses on its biggest markets.
The deal is struck on a cash-free, debt-free basis, with net cash proceeds after tax expected to be around $180 million.
SOLitude provides services including lake and pond management, shoreline restoration and water quality control across the United States.
The business generated revenue of $112 million and adjusted operating profit of $16 million in 2025.
Mike Duffy, Rentokil's chief executive, said the sale would strengthen the balance sheet and support efforts to accelerate growth and improve margins and free cash flow.
The company said the proceeds would cut leverage further within its target range, freeing up capital for organic growth, bolt-on acquisitions, a progressive dividend and returns to shareholders.
The agreement is subject to US antitrust clearance and is expected to complete by early in the fourth quarter of 2026.
