Bonney Plumbing, a plumbing service and repair company headquartered in Sacramento, Calif., has been acquired by a wholly owned subsidiary of Skylight Capital, a San Francisco-based private equity group. The value of the transaction was not disclosed.
A family-owned business since 1989, Bonney Plumbing serves residential and commercial customers in the greater Sacramento area. With the merger, newly established Skylight Capital closed its first deal. “Bonney Plumbing represents everything we look for in a partner,” said Collin Hathaway of Skylight Capital. “The company is well run, has a loyal employee base and the sort of sustainable business model we seek. And the Bonney’s are fantastic managers and great people.
We are excited to be their partners.” Mark and Candace Bonney will remain owners in the business and continue to manage the company. “It was very important to us to find the right growth partner for the future of our company,” said Mark Bonney of Bonney Plumbing. “Generational Equity helped us find the right people for our business.” “Bonney Plumbing will now have additional capital to expand its services and market territory to better serve its customers and offer employees greater advancement opportunities, and Skylight Capital will see a lot of reward from the growing company,” said Eric Sanderson, Generational Equity managing director in the transaction.
The deal closed one year after Bonney Plumbing entered the market.
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