Plumber tycoon Charlie Mullins has bought the company he founded 42 years ago to a US housing provider that is expected to bring him around £ 110 million.
Neighbourly’s curiosity last week from the London plumbing and electrical specialist.
On Monday evening it was confirmed that Pimlico Plumbers had been bought by Neighborly – owned by personal fairness agency KKR.
The deal was not announced, but the Financial Times expects sales to rise from £ 125 million to £ 145 million.
Pimlico Plumbers currently employs more than 400 people.
Charlie Marines has sold all of its stake in the company and plans to focus on other investment opportunities
Mullins, a celebrity in the business world after starting a business from scratch with a used van in 1979, owns 90% of the shares and was supposed to expand the business first before interest in a bid emerged. I was looking for an investment.
Scott Malins, who has replaced his father as CEO, will continue to lead the business after the transfer of ownership.
He described the transaction as follows: “Neighborly is recognized worldwide as the driving force behind so many big names in the home service and maintenance industry.
“Even after more than 40 years of independent business from Pimlico, Neighborly’s solid growth record and commitment to its values will help us find like-minded companies that can support our growth. . “I would like to pay tribute to my father Charlie who created the company from scratch,” he added.
Mike Bidwell, President and Chief Executive Officer of Neighborly, said of the deal: The founder of Pimlico Plumbers sold Mullins’nets £ 110m ‘nearby
Summary of the news:
- Pimlico Plumbers founder Mullins receives £ 110m in deal with Neighborly
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