Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that they have partnered with management to acquire Len the Plumber (LTP), a leading full-service residential plumbing contractor in the Baltimore-Washington metro area and the surrounding regions. League Park Advisors advised LTP and Jefferies LLC advised TSCP through the transaction. Terms of the transaction were not disclosed.
Founded in 1996 by Len Bush, LTP (www.lentheplumber.com) has grown organically into the largest pure-play residential plumbing repair and service platform in the mid-Atlantic region across four branches in Baltimore, Washington, DC, Northern Virginia, and Pennsylvania/Delaware.
"We chose TSCP because they differentiated themselves in their approach to deal origination," said Jeff Cooper, CEO, LTP. "It was very important to us that we chose an equity partner that could help us execute an aggressive M&A 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 Len Bush, Founder and Board Member, LTP. "Our employees' focus of delivering a great customer experience has LTP continuously ranking in the top 1% of plumbing services providers nationally. 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."
Jim Cooper, Managing Partner, TSCP said, "LTP is an extremely attractive company that checks all of the boxes for us. It is rare to find a business with such an impressive performance track record and robust management systems in place." Mr. Cooper added, "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."