Shanghai, 23 February 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced that it has invested in LBS Group (“LBS”), a leading pest control operation (PCO) and hygiene solutions provider in Greater China.

LBS Group offers a wide range of pest control and hygiene management products and services in Asia. It has grown its offering since it was established in 1998 to include integrated pest control management, hygiene services, Sani-Mist germicidal treatment and grease remedial services for global F&B customers, retailers, offices, hotels, and industrial and household customers. The company is a major player in the PCO industry and operates in more than 30 cities across Greater China and southeast Asia.

The PCO market in China is expected to see rapid growth at a mid-teen CAGR over the next five years thanks to increasingly stringent hygiene standards and pest control requirements as well as improving food safety regulations. Advent’s investment in LBS Group will support the company’s continuing growth initiatives and its leading position in China’s PCO industry.

Irene Liu, Principal of Advent, commented, “Riding on China’s steadily increasing urbanization rate and improved hygiene standards, we believe the PCO sector has strong growth prospects. We are impressed by LBS’ superior service quality and very pleased to partner with its experienced and highly motivated team. We plan to contribute our global resources and relevant industry expertise to support the business.”

Franco Lam, Chairman of LBS Group, said, “I am excited to work with Advent during our next stage of growth in Greater China. I believe we will be great partners and LBS Group will continue to deliver excellent customer services.”

Andrew Li, Managing Director, Head of Greater China of Advent, said, “This deal reflects Advent’s continued commitment to invest in the Greater China region and our confidence in building successful businesses with the support of our global network. LBS has a strong track record in providing pest control and hygiene solutions and quality services to customers. We look forward to helping it grow and expand its footprint in the region.”

Advent has made multiple investments across Greater China, including Wagas Group, a major lifestyle F&B group in China; AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a global life sciences contract research and development organization with major operations in Shanghai, Beijing and San Diego; and GS capsule, the largest domestic capsule provider in China.