President and CEO of Pimlico Plumbers, Scott Mullins, cited the move as a “major international milestone” for the company
Charlie Mullins started Pimlico Plumbers in 1979 as a one-man plumbing job. With just a second-hand van and a box of tools, Charlie built his customer base from scratch in the Pimlico area. 40 years later, Pimlico Plumbers has expanded to offer a wide range of services, with an annual revenue of nearly $70 million. Now, the Pimlico Plumbers has sold to US firm Neighborly in a major step for the London-based family business.
President and CEO of Pimlico Plumbers, Scott Mullins, cited the move as a “major international milestone” for the company, with plans to continue innovating and growing the business on a wider scale. “Neighborly is well-respected across the globe as the driving force behind so many reputable brands in the home service and maintenance industry,” said Scott Mullins, President and CEO of Pimlico.
“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.”
Charlie Mullins, founder of Pimlico Plumbers, will offload his 90% stake in the group, expected to be worth £125 million and £145 million, according to the Financial Times. His son, Scott Mullins, will retain a stake of about 10% and continue his role as chief executive. The acquisition of Pimlico will see Neighborly expand to 29 brands across 19 service verticals with nearly 1,500 associates operating in nine countries.
Pimlico Plumbers employs more than 400 workers, completing over 100,000 jobs a year with services including heating, plumbing, bathrooms, drainage, electrics and more.
Neighborly was founded in 1981 as a home services provider, serving more than 10 million residential and commercial customers across 29 brands and more than 4800 franchise locations. The company focuses on repairing, maintaining and enhancing homes and businesses. The acquisition of Pimlico Plumbers will see Neighborly extend its international reach. Neighborly was bought by KKR from investment firm Harvest Partners just two months ago.
“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.”
