Anticimex is a leading global specialist within pest control. The company currently has operations in 19 countries across Europe, Asia-Pacific and the US and serves almost three million customers.
Anticimex's business model is built on service contracts, and different types of insurance contracts, bringing predictable and recurring revenues.
The mission is to provide preventive pest control solutions to both companies and consumers. This translates into providing consumers and businesses with "peace of mind' and a pest free indoor environment and safeguarding industries' food production.
Anticimex was founded in Sweden in 1934 as a family business and the company name is Latin for "against bedbugs". In 1973, the company ventured into Norway and in the 1990s, hygiene solutions for food shops, restaurants and industries were developed. In the 2000s, Anticimex expanded into Denmark, Finland, Germany, and the Netherlands.
During EQT's ownership Anticimex have completed 220 add-on acquisitions and expanded the geographical presence from being in five countries in northern Europe to being in 19 countries across Europe, Asia-Pacific and the US. In addition, Anticimex has established its position as the frontrunner in digital pest control and has more than 150,000 SMART devices installed globally. In 2019, the combined sales amounted to approximately SEK 8.0bn (EUR 800m).
Market trends and drivers
The global pest control market is growing at a rate above GDP driven by increased frequency of pest – which in turn is fuelled by increased travelling, urbanization, and warmer climate – as well as new and stricter regulation for hygiene standards. The market is characterized by its mission critical nature.
When acquired by EQT, Anticimex had been growing steadily for 77 consecutive years. The business is solutions oriented with a scalable business model, and the market provides good opportunities for growth both organically and through acquisitions. The European pest control market is highly fragmented with the top two players representing less than one fifth of the market. The sector is supported by solid fundamentals where contracts are subscription-based and the services/solutions are often mission critical for the customer. In addition to the above, the value creation plan also includes a further expansion of the service offering and cross-selling initiatives as well as a continued extension of partnerships.
The icons illustrate the portfolio companies' positive societal contributions based on their solutions i.e. how their products and/or services solve key challenges expressed as the Sustainable Development Goals (SDGs)
Key events since EQT investment
- 2013 - signed acquisition of the ISS Pest Control operations in 12 countries and closed the acquisition of ISS Pest Control, almost doubling the size of the company
- 2015 - Anticimex acquires Enviropest and becomes market leader in pest control in Australia. Jarl Dahlfors was appointed new CEO
- 2016 - Anticimex acquires Bug Doctor and enters the US. Also, Anticimex acquires another leading Australian pest control company, Amalgamated Pest Control
- 2017 - Anticimex acquires DC Hygiene and enters the Malaysian market. Also, Anticimex acquires remaining 80% in Wisecon and establishes an Innovation Center for Digital Pest Control
- 2017 - EQT VI brings in blue chip investors such as AMF, AP6, Volito and Cubera in a 19% minority stake sale in Anticimex to accelerate growth, valuing the Company at an enterprise value of approximately EUR 2.3 billion
- June 2018 - Anticimex enters France
- Nov 2019 - EQT brings in GIC, a large institutional investor, in a 9.9% minority stake sale in Anticimex to internationalize the shareholder base and accelerate further growth and expansion in Asia. The transaction valued the Company at an enterprise value of approximately EUR 3.6 billion
- Jan 2020 - EQT brings in Melker Schörling AB, a large Swedish investment company, in an indirect minority stake sale (similar size as acquired by GIC in November and at the same valuation) in Anticimex to further diversify the shareholder base and add another long-term committed anchor investor