Thompson Street Capital Partners (TSCP) has acquired Len the Plumber, a full-service residential plumbing contractor.
Len the Plumber (LTP) offers a full line of services including installation, repair and replacement of water lines, water heaters, well systems, heating systems, sewer lines and gas lines. The company, with more than 100 certified plumbers, has four branches in Baltimore (headquarters); Washington DC; Lorton, Virginia; and Boothwyn, Pennsylvania.
LTP was founded in 1996 by Len Bush and is led by CEO Jeff Cooper. “We chose TSCP because they differentiated themselves in their approach to deal origination,” said Mr. Cooper. “It was very important to us that we chose an equity partner that could help us execute an aggressive add-on strategy right away. After evaluating multiple options, it was clear that TSCP was the right choice for us to take LTP to the next level, because of their work ethic, culture, and systematic approach to managing a large funnel of deal opportunities.”
“LTP has always been about quality service, earning customers’ trust and delivering results,” said Mr. Bush. “Over the past couple of years, Jeff Cooper and his management team have been preparing the company for its next level of growth. Combining these foundations and our organic green-fielding strategy with TSCP’s expertise and success in add-on acquisitions will provide an accelerated growth strategy. I’m truly excited to continue investing in the business alongside the TSCP team.”
“LTP is an extremely attractive company that checks all of the boxes for us,” said Jim Cooper, managing partner of TSCP. “It is rare to find a business with such an impressive performance track record and robust management systems in place. We are excited to work with Len on the board of directors and support Jeff Cooper and his team to grow the business over the coming years.”
Potential add-on acquisitions for LTP include other residential plumbing companies, water-based residential services such as water damage restoration and hydro jetting, sewer service providers, and providers of HVAC services.
St. Louis-headquartered Thompson Street invests in companies with EBITDA between $5 million and $25 million. Sectors of interest include healthcare and life science services, software and technology services, business services, and engineered products. In July 2018, the firm held a final closing of its fifth fund, Thompson Street Capital Partners V LP, at the hard cap of $1.15 billion.
Cleveland-based League Park Advisors was the financial adviser to LTP, and Jefferies was the advisor to TSCP.
© 2020 Private Equity Professional | February 21, 2020