Pimlico Plumbers sold to the American company Neighbourly
Pimlico Plumbers has been sold to the American home services group Neighborly.
The deal will see founder Charlie Mullins sell his 90% stake in the group and is expected to be worth between £ 125 million and £ 145million, according to the Financial Times.
The entrepreneur’s son, Scott Mullins, will retain a stake of around 10% and retain his role as chief executive.
The London-based company currently makes nearly $ 70 million (£ 50.7 million) in revenue per year and employs more than 400 workers.
Founded in 1979, Pimlico’s services include heating, plumbing, bathrooms, drainage and electricity. It averages over 100,000 service jobs for owners and businesses in central London each year.
Since starting his plumbing business with a used pickup truck and toolbox, Mullins said he has received approaches from a number of buyers after hiring advisors from Cavendish Corporate Finance.
“We had several people who wanted to buy the business and interests from all over the world, including from France, America and somewhere in the Middle East,” Mullins told the BBC.
The businessman often spoke publicly on economic issues and was an opponent of Brexit.
He said the company had had a solid year despite the coronavirus pandemic, with an increase in inbound and outbound calls, as well as emergency calls.
“Covid has helped elevate the business to another level,” he said, pointing to an increase of 2,000 to 3,000 jobs per week. “He must now internationalize.
He added: “The company will always be something I will cherish. It has been a lifetime of work, and what she has accomplished is remarkable. Neighbourly will take this to the next level.”
Mr. Mullins plans to use a portion of the proceeds from the sale to support other music promotion and overseas ownership projects.
Neighborly, founded in 1981, is a home service provider, serving over 10 million residential and business customers. In addition to plumbing, she provides pest control, cleaning and home inspection services.
The acquisition allows Neighborly to expand its international reach. Neighbourly was acquired by KKR from investment firm Harvest Partners just two months ago.
Mike Bidwell, President of Neighborly, said, “We are excited to expand our global footprint with the addition of Pimlico as the next affiliate brand to join our global family of home service professionals.
“Pimlico’s wide range of business services along with exceptional customer service aligns perfectly with Neighborly’s goal of creating a large service community known for delivering great experiences. “