Gresham Private Equity 1 made its first investment in 1999. The investment was in Eurogestion, an international pest control and hygiene services business with operations across Australia and Europe. The Fund invested A$5.2 million as part of the A$125 million management buyout. In Australia, the principal operating subsidiaries were Flick, the leading provider of domestic pest control services and Ladysan Washroom Services.
Private equity ownership
After the initial acquisition, several bolt-on acquisitions were made and in May 2001 Eurogestion acquired LIBCO, the leading Italian pest control business.
Exit
Eurogestion was sold to international services group, ISS, in April 2002. Our investment achieved an IRR of 45.6 per cent per annum and a 2.5 times money multiple.