As the founder of a London-based plumber, entrepreneur Charlie Mullins, who has become an unlikely business celebrity, is approaching a deal to sell his 42-year-old business.
Sky News has learned that Neighborly, a US-based home service provider owned by the giant private-equity fund KKR, is one of many parties interested in buying Pimlico Plumbers.
Private-equity investors, who showed interest early in the sale process, said Wednesday that the sale of Pimlico Plumbers could be imminent, but whether Neighborly or other suitors would be the ultimate buyer. Warned that it was unknown.
According to a report earlier this year, Mr. Malins is likely to get a price of around £ 100m after hiring an advisor from Cavendish Corporate Finance to identify new investors. ..
Opponent of Brexit’s voice, who became a candid person on various economic issues, founded Pimlico Plumbers in 1979 with a used van.
He has grown it into one of the capital’s most ubiquitous businesses, and its prominent brand has appeared on the fleet of vehicles driven by about 400 staff.
The company is currently run by Scott, the son of Mr. Malins.
Neighbors will be the logical buyer of Pimlico Plumbers as they seek to expand their international reach.
It was purchased by KKR from another investment company, Harvest Partners, just two months ago.
There are a variety of franchise-based home service brands nearby, such as HouseMaster and Mr Appliance.
Pimlico Plumbers and KKR declined to comment, but a Neighborly spokeswoman did not respond to a series of requests for comment.
Pimlico Plumbers tycoon Mullins is approaching a £ 100m deal to sell the company | Business News
Source link Pimlico Plumbers tycoon Mullins is approaching a £ 100m deal to sell the company | Business News