Singapore’s sovereign wealth fund GIC has acquired a 9.9 per cent stake in Swedish pest control specialist Anticimex, valuing the EQT Partners-backed company at approximately €3.6 billion ($4 billion), according to a statement.
GIC bought the stake for an undisclosed amount from Sweden-headquartered EQT, which owns Anticimex through its EQT VI fund. The transaction is expected to be completed within this quarter.
EQT said it will remain the majority owner of Anticimex but GIC will hold the same mix of instruments as the Swedish buyout group. In 2017, the buyout firm brought in a small group of partners through a 19 per cent minority stake sale in Anticimex.
Anticimex, founded in 1934, is a global specialist within pest control. It operates 154 branches in 18 countries across Europe, Asia-Pacific, and the US. EQT acquired the company from Ratos in 2012 for about $430 million.
The firm said it was able to almost quadruple Anticimex’s revenues and increase operating earnings by six times during its ownership period. EQT has also backed Anticimex’s over 200 add-on acquisitions worldwide.
Having GIC as a minority partner will internationalise Anticimex’s shareholder base and accelerate its regional expansion in the Asian markets, according to EQT.
“EQT is pleased to welcome GIC as a new investor and business partner that can help strengthen Anticimex’ position in Asia,” said Per Franzen, Partner at EQT Partners and Investment Advisor to EQT VI.
EQT Partners has so far raised around €61 billion ($68 billion) through 29 funds. It has around €40 billion ($44 billion) under management and portfolio companies in Europe, Asia, and the US. In Asia, the firm is reportedly considering raising a larger Asia Pacific fund in 2021 or 2022.
It is also said to be in talks with Singapore state investor Temasek for the launch of a green energy platform in India. The new renewable energy platform, which aims to build and/or acquire wind and solar farms, will have an initial equity commitment of $500 million from the two sponsors as seed capital.