Skip to main content

LONDON – Dec. 16, 2016 – International law firm Greenberg Traurig, LLP advised Rentokil Initial plc (“Rentokil”) on its joint venture agreement with Haniel & Cie. Holding Company  (“Haniel”), which creates a leading provider of workwear and hygiene services in Europe with combined revenues of c. €1.1bn.

The joint venture, which will be formed through the transfer of the Rentokil Initial businesses into CWS-boco - a company owned by Haniel, brings together Rentokil Initial’s Workwear and Hygiene businesses in 10 countries principally in the Benelux and Central & Eastern Europe regions, together with Haniel’s businesses in 17 countries. In consideration for the transfer, Rentokil Initial will receive around €520m in cash and a c. 18% stake in the joint venture, subject to working capital and other adjustments.

The transaction is conditional on European merger clearance and is due to complete in the first half of next year.

This joint venture is one of a steady stream of transactions in which Greenberg Traurig’s London office has represented Rentokil over the past seven years.

Rentokil Initial is one of the largest business services companies in the world, operating in over 60 countries. The company offers route-based services including Pest Control, Hygiene and Workwear through teams of local experts.

Franz Haniel & Cie. GmbH is a German family equity company which has been headquartered in Duisburg-Ruhrort since it was founded in 1756. Haniel's portfolio currently includes four business divisions which are independently responsible for their own operating business and which hold a leading market position in their respective sectors: BekaertDeslee, CWS-boco and ELG (wholly owned), TAKKT (majority owned). In addition there is the METRO GROUP financial investment.

The team was led by Paul Maher and Fiona Adams with support from Henrietta Walker, Sarah Moyles, Robert Carlon, Amy Moore, Declan Grady, Lauren Mitchell, Cate Sharp, Aonghus Heatley, Emma Menzies, Graham Iversen, Gillian Sproul, Simon Harms, and Luke Dixon in London; Rob van Eldik in Amsterdam; Josef Hofschroer, Stefan Lütje, Georg von Wallis, Natalie Hsiao, Laura Zentner, Niklas Conrad, and Carsten Kociok in Berlin; and Anna Chrabota and Daniel Kaczorowski in Warsaw

About Greenberg Traurig, LLP

Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. One firm worldwide, GTLaw has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and among the Top 20 on the 2016 Am Law Global 100. Web: Twitter: @GT_Law.