Charlie Mullins’ Pimlico Plumbers sold to US home services group Neighborly
London-based Pimlico Plumbers has today announced that it has been acquired by American home services group, Neighborly.
The company’s Founder Charlie Mullins will sell his 90% stake in Pimlico – in a deal worth up to £145m, however, his son Scott will retain a stake of about 10%. Charlie founded the business in 1979 and has grown it to become one of the capitals most successful plumbing businesses, with annual revenues of over £50m.
Scott will also remain as the company’s President and CEO, and will oversee Pimlico’s 400 employees.
“We are thrilled to be growing our global footprint with the addition of Pimlico as the next subsidiary brand to join our global family of home service professionals,” said Mike Bidwell, President and CEO of Neighborly.
“Pimlico’s wide array of trade services as well as its exceptional customer care perfectly align with Neighborly’s purpose, which is to build an extensive service community known for providing excellent experiences. We are excited for the growth to come for both Pimlico and Neighborly as a result of this acquisition.”
Scott Mullins said: “Neighborly is well-respected across the globe as the driving force behind so many reputable brands in the home service and maintenance industry. Even after Pimlico’s 40-plus years of independent business success, Neighborly’s proven track record for growth and its commitment to its code of values assures that we’ve found a like-minded company that can help us grow. This marks a major international milestone for both organizations, and I am excited about the continued innovation and prosperity that is sure to follow for us all.
“I would like to pay tribute to my father Charlie, for creating the business out of nothing. I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”