Target Express Holdings Limited and Shareholders 3i and Gresham - November 2006

Rentokil Initial PLC ("Rentokil") today announced the acquisition of the entire issued and to be issued share capital of Target Express Holdings Limited ("Target") on a cash and debt free basis for a cash consideration of £210m.  Target and City Link, Rentokil's existing parcel delivery business, are highly complementary businesses and the integration of the two businesses is expected to create a leader in the premium overnight parcels market.  Target's management team will stay on to oversee the integration of the two businesses.

Canaccord Genuity acted as sole advisor to the selling shareholders and the management team.