EQT Buys Majority Stake in Chinese Pest Control Group

By Dominic Chopping

STOCKHOLM--Swedish private-equity company EQT AB said Tuesday that it has bought a majority stake in Guardian Shanghai Hygiene Service Ltd., a Chinese domestic pest control operator with a strong presence in the country's eastern and southern provinces.

EQT Mid Market Asia III fund completed the acquisition on Thursday, with Guardian's founders, Chuck Jiang, Charlie Peng and Steven Gan, all retaining a minority stake in the company and remaining in the management team, it said.

Guardian's underlying market is supported by favorable demographic trends, such as increasing urbanization, a growing middle class, and a shift toward more healthy and environmentally friendly lifestyles, while from an ESG perspective, Guardian continues to improve living conditions in cities through efficient pest control, EQT said.

Financial details weren't disclosed.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

03-22-22 0317ET