finnCap Cavendish advises on sale of Pimlico Plumbers
finnCap Cavendish (“Cavendish”), part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of Pimlico Plumbers to Neighborly Inc., the world’s largest franchisor of home service brands.
Pimlico Plumbers which was founded in 1979 by Charlie Mullins is the UK’s largest independent home services company. The business has grown rapidly throughout the UK over recent years and continued to grow throughout the pandemic and lockdown restrictions.
Neighborly is a US based business operating a similar model to Pimlico Plumbers. The company is owned by KKR, one of the world’s largest private equity firms. The acquisition of Pimlico Plumbers expands Neighborly to 29 brands across 19 service verticals and nearly 1,500 associates operating in nine countries.
For Neighborly, the acquisition of Pimlico Plumbers provides them with ownership of a celebrated British brand and access to the UK market. Pimlico’s wide array of trade services as well as its exceptional customer care perfectly align with Neighborly’s purpose.
John Farrugia, managing partner of finnCap Cavendish led on the deal and was supported by Sam Kavanagh, Emily Hill and Rebecca McCredie.
John Farrugia, commented: “Pimlico Plumbers is a fantastic business with a strong track record and growth potential as well as an excellent reputation for customer service. In a relatively short space of time Charlie has built an iconic British business and hands over the reins to Neighborly who are the ideal owners for the business.
I am hugely proud of the work the team has done in positioning the brand, strategically maximizing the valuation and importantly building a rapport and trust with the client.”
Scott Mullins, president and CEO of Pimlico Plumbers, said: “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.”