Rentokil Initial (RTO) said Tuesday that it has agreed to sell SOLitude Lake Management and its Vertex Aquatic Solutions division to Bain Capital for $230 million on a cash-free, debt-free basis.

The company said it estimates net cash proceeds from the sale of $180 million after tax.

The sale reduces leverage, supports investments in organic growth and bolt-on mergers and acquisitions, the company said, adding that the deal also enables a progressive dividend and shareholder returns.

Rentokil expects the sale to close by early Q4.