CVC Credit supports the acquisition of Rentokil Workwear France by H.I.G. Capital

CVC Credit is pleased to announce that it has provided a bespoke financing solution to H.I.G. Capital (“H.I.G.”) to support its carveout of the Rentokil Workwear France business (“the Company”), a leading textile rental and cleaning provider, from Rentokil Initial plc. 

Headquartered in France, Rentokil Workwear France is a leading provider of full-cycle textile services, specialising in the design, rental, and laundry/repair of workwear, flat linen and hygiene solutions. It combines scale, service quality and sustainability to deliver mission-critical services across 34 sites and a nationwide logistics network. The Company serves over 21,000 customers across diverse industries through long-term subscription contracts, with high levels of customer retention.

This investment has been made through CVC Credit’s European Direct Lending strategy, which lends to established European medium and large companies, with a focus on the senior secured piece of the capital structure. Earlier this month, CVC Credit announced it had completed the final close of its fourth fund for its European Direct Lending platform, which raised more than €10bn¹ to deploy across the European Direct Lending opportunity. 

Eva Boutillier, Managing Director at CVC Credit, commented: “Rentokil Workwear France is one of the French market leaders in a highly consolidated sector and has delivered consistent financial performance driven by its recurring business model and limited customer churn. We are grateful to our colleagues across the CVC Network who supported our assessment of the opportunity. We look forward to supporting the continued growth of Rentokil Workwear France under the guidance of the team at H.I.G.”

Andrew Davies, Managing Partner and Head of CVC Credit, said: “We are delighted to close this latest transaction for the European Direct Lending strategy, continuing the strong momentum from our recent successful fund close.” 

_{¹Taken together with parallel investment funds and accounts}