Reported 4 months ago
Plumber Charlie Mullins, once the UK's richest plumber owning Pimlico Plumbers Ltd., sold his business to KKR & Co. for £140 million in 2021, which led to regret after sales declined and family members left the company. Private equity firms like KKR are aggressively buying home-services companies, aiming to capitalize on the industry's expansion as millennials purchase homes. Mullins, known for his flashy lifestyle, plans to launch a new plumbing company, WeFix, in London, seeing an opportunity in the market. The trend of PE firms buying such businesses raises concerns about maintaining personal connections with customers as industry consolidates.
Source: YAHOO