Plumbing tycoon Charlie Mullins has sold the company he founded 42 years ago to a US-based home services provider in a deal that is expected to net him around £110m.
It was confirmed on Monday evening that Pimlico Plumbers had been bought by Neighborly – owned by the private equity firm KKR.
Sky News revealed Neighborly’s interest in the London-focused plumbing and electricals specialist last week.
The value of the transaction was not disclosed but, according to the Financial Times, the sale is expected to be worth between £125m and £145m.
Mr Mullins, something of a celebrity in the business world after starting the firm from scratch with a second-hand van in 1979, had a 90% stake and had originally been seeking investment to expand the business before the bid interest emerged.
Today, Pimlico Plumbers has more than 400 employees.
Scott Mullins, who succeeded his father as chief executive, will remain at the helm following the transfer of ownership.
He said of the deal: “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.”
He added: “I would like to pay tribute to my father Charlie, for creating the business out of nothing.”
Mike Bidwell, Neighborly’s president and CEO said of the deal: “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.”