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Neighborly, one of the world's largest franchisor of home service brands, today announced the acquisition of Pimlico Plumbers, central London's leading independent residential and commercial service and maintenance company. The acquisition of Pimlico, which is a corporate-owned subsidiary, expands Neighborly to 29 brands across 19 service verticals and nearly 1,500 associates operating in nine countries.
"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."
Founded in 1979 by Charlie Mullins, Pimlico operates based on its vision as a service and maintenance company that provides "More Than Just Plumbers." While Mullins started the company by working from home with nothing more than a second-hand van and a bag of tools, today the organization brings in annual revenue of nearly $70 million and is recognized as the UK's first branded plumbing company, as well as one of the best-known building services firms in the world.
Pimlico's services include heating, plumbing, bathrooms, drainage, electrics and more. With the support of more than 400 associates, the company prides itself on completing an average of more than 100,000 service jobs for central London homeowners and businesses each year.
"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."
Scott Mullins will maintain his role as Pimlico's leading executive following the acquisition; his father Charlie Mullins has stepped down as the owner of Pimlico.
"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," Mullins added.
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