Royal London Private Equity has completed the £26m (€38m) buy-out of Emprise, the UK pest control-to-waste management company, in its first deal since Royal London, the life insurer, established it two years ago.

The buy-out firm, which has raised £71m so far for its initial fund, has invested £8m in Emprise. Other investors include the company's chairman and chief executive. Royal Bank of Scotland provided debt for the transaction.