In something of a surprise announcement, it was revealed today (22 July) that facilities management group, Connaught, has acquired Suffolk-based Igrox, a leading pest control and fumigation company.
Connaught claims to be the UK’s leading integrated services provider, operating in the social housing, public sector and compliance markets. It employs over 8,500 people but obviously wished to strengthen its pest control portfolio.
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Connaught has acquired the entire share capital of Igrox for an initial consideration of £3.9 million, with additional earn-out payments in 2011 and 2012 subject to significant performance conditions. For the year ended 31 December 2008, Igrox generated turnover of £7.0 million. Net assets acquired comprise £1.8 million. Igrox, who claims to be the third largest pest control company in the UK, provides a fully comprehensive pest management service including rodent, insect and bird control as well as fumigation solutions to over 4,500 private and public sector customers. In their press statement Connaught said: “When combined with Connaught”s existing pest business, Igrox will create a significant nationwide pest control capability, further enhancing the Group”s portfolio of integrated compliance services.” Igrox was founded in 1976 by Chris Watson, and his wife Stella, providing methyl bromide fumigation services. In 1989 Mark Braithwaite joined the company to oversee sales and business development activities. This led to a management buy-out in 2000 when Mark acquired a controlling interest in the company. In 2001 Igrox acquired the Dyno-Kil pest control business which doubled both their turnover and employees. |
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