Plumbing magnate Charlie Mullins has bought the business he was based in 42 years ago to a US-based supplier of housing services in a deal expected to net him around £110 million.
Curiosity from Neighbourly within the last week of the plumbing and electrical specialist in London.
On Monday evening, it was confirmed that Pimlico Plumbers had been bought by Neighbourly, owned by the personal honesty agency KKR.
The deal has not been disclosed, but the Financial Times expects sales to go from £125m to £145m.
Currently, Pimlico Plumbing has more than 400 employees.
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, has a 90% stake and was initially intended to expand the business before interest in bids arose. I was looking for an investment.
Scott Malins, who replaced his father as CEO, will continue to direct after the transfer of ownership.
He described the transaction as follows: “Neighbourly is recognized around the world as the driving force behind so many renowned brands in the home service and maintenance industry.
“Even after Pimlico’s more than 40 years of independent business success, Neighborly’s solid track record of growth 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 started the company from scratch,” he added.
Mike Bidwell, President and Chief Executive Officer of Neighborly, said of the deal: Pimlico Plumbers Founder Mullins’nets £110m’ Sold nearby
- Pimlico Plumbers founder Mullins gets £110m in deal with Neighbourly
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