PLUMBING tycoon Charlie Mullins has sold the plumbing business he founded 42 years ago for £110m.
Mullins, who lives in Mijas on the Costa del Sol, has agreed to sell his company Pimlico Plumbers a private equity firm owned by KKR, Neighborly.
Britain’s richest plumber, Mullins counts Dame Helen Mirren and Joanna Lumley among his loyal customers.
He has an estimated worth of £70million and selling London-based Pimlico Plumbers will dramatically enhance his fortune – he stands to reap more than £110m from the sale as he owns 90% of the company.
Founded by Mullins in 1979 from second-hand van, Pimlico Plumbers is now the capital’s largest independent plumbing and electrical company with more than 350 employees.
Mullins’ son Scott, who succeeded his father as president and CEO of Pimlico, will maintain his role as Pimlico’s leading executive following the acquisition. Mullins has stepped down as the owner of Pimlico.
“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.
“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 us 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.”