News
Cavendish advise on the sale of Envirofresh Ltd
2 January 2007Cavendish Corporate Finance is delighted to announce the sale of Enviro-Fresh Ltd to Rentokil Initial plc for a total consideration of £9 million, which represented a valuation multiple of 9x historic revenue.
Enviro-Fresh was established in 2000 and is an innovative UK company which specialises in the provision of effective, environmentally-friendly washroom products. It has developed and patented a product for men's urinals called the Sani-sleeve, which together with its Enviro-Flush system, deals comprehensively with all common urinal problems, reducing operating and maintenance costs and improving hygiene. In particular, the system reduces flush water usage for business customers by up to 90%.
Rentokil Initial, one of the world's leading providers of business support services, will look to expand the use of the Sani-sleeve product and Enviro-Flush system across its businesses, while at the same time continuing to develop the business using a wide range of routes to market including distributors and other third parties.
Cavendish conducted a widespread marketing exercise and assisted by its international partner network, M&A International, approached the leading domestic and international market operators generating interest from several potential buyers. Cavendish competitively managed the resulting auction process and added significant value for the shareholders.
Mark Duffin, Chief Executive of Enviro-Fresh commented: "Cavendish made full use of their very strong international network to create competitive tension throughout the process and drive the sale to completion. The significant multiple of revenue achieved for an early stage, pre-profits business is testament to the ability of the Cavendish team to manage negotiations and maximise value. Overall, I was delighted by the service we received and the result achieved."
Cavendish contacts for further information:
[Peter Gray], Director
[Michael Jewell], Executive