Builders’ Merchants News – Pimlico Plumbers sold to American company Neighborly
Company founder Charlie Mullins has given up his 90% stake in the group in a deal estimated at between £ 125m and £ 145m, according to the Financial Times.
Scott Mullins, the entrepreneur’s son, will retain a stake of around 10% and remain chief executive.
Rumors of the deal were recently reported by Sky News. Neighborly, a US home service provider, itself owned by private equity firm KKR, was seen as one of many potential buyers who would be interested in buying the 42-year-old company.
Earlier this year, it was suggested that Pimlico Plumbers founder and CEO Charlie Mullins had hired Cavendish Corporate Finance to help identify new investors and was likely to receive around £ 100million for his company.
Neighborly, who went from being one stock company owner to another just two months ago, owns several home service franchises, including Mr Appliance and HouseMaster.
Pimlico Plumbers currently has over 300 tradespeople operating in central and greater London, as well as a support team based at its campus of buildings in Lambeth, south London. It also has around 70 apprentices in trade and office positions.
“We had several people who wanted to buy the business and interests from all over the world including France, America and somewhere in the Middle East,” Mullins told the BBC. “Covid has helped take the business to another level, it must now go international.”
“The company will always be something I will cherish. It has been a lifetime of work, and what it has accomplished is remarkable. Neighbourly will take this to the next level.”
Mullins plans to use a portion of the proceeds from the sale to invest in promoting the music and overseas ownership.
Mike Bidwell, President of Neighbourly, 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. “