From House of Mouse to mouse control: Billionaire invests in Rentokil


June 12, 2024

Edited 061224, 1:24 p.m., to add comment from the Rentokil Initial team.

Edited 061324, 9:50 a.m., to add comment from PMP financial columnist Dan Gordon, CPA.

Nelson Peltz, the “billionaire activist” who is the non-executive chairman of Wendy’s, Sysco and The Madison Square Garden Co. — among many other business interests — has made headlines in recent months for losing a proxy battle with Disney and consequently sharing his stake in the so-called “House of Mouse.” As of this morning, however, he and his hedge fund, Trian Fund Management, are in the news again because he officially becomes one of the Top 10 shareholders in Rentokil Initial, the London-based parent of Rentokil Terminix.

Rentokil InitialWhat this means long-term for what is currently the highest revenue-generating company in the pest management industry remains to be seen. At press time, the Financial Times reports Rentokil shares surged 15 percent Wednesday morning in light of the news.

Bloomberg, which broke the story, reports that the Trian team has reached out to Rentokil to “discuss ideas and initiatives to improve shareholder value.”

Pest Management Professional’s (PMP’s) financial columnist, Dan Gordon, CPA, predicts that Peltz will seek a position on Rentokil Initial’s board of directors.

“Based on his relationships in the past — with the exception of Disney — he and his firm have been well received, helping to formulate and tweak strategy and direction of companies he seeks to partner with,” Gordon explained. “Given that recently, the Rentokil share price has been severely undervalued compared to its peers, I believe that he and his firm can provide guidance and effect change to help increase that value. Based on the pop in the price of the Rentokil stock price on the announcement, the market looks like they agree.”

When reached for comment Wednesday by PMP, a Rentokil Initial spokesperson said “We don’t comment on any shareholder’s position. We consider and welcome input from all of our shareholders.”

About Trian Fund Management

Based in New York City, Trian Fund Management was founded in 2005 and describes itself as “a multi-billion dollar investment management firm with approximately 50 employees. Trian is a highly engaged shareowner that combines concentrated public equity ownership with operational expertise. Leveraging the 40+ years’ operating experience of our Founding Partners, Nelson Peltz and Peter May, Trian seeks to invest in high quality but undervalued and underperforming public companies and to work collaboratively with management teams and boards to help companies execute operational and strategic initiatives designed to drive long-term sustainable earnings growth for the benefit of all shareholders.”


About the Author

Heather Gooch

Heather Gooch is the editor-in-chief for PMP magazine. She can be reached at or 330-321-9754.

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