Kingsway Financial Services has acquired Southside Plumbing, a leading provider of commercial and residential plumbing services in Omaha, Nebraska, for up to $6.75 million. This marks the company’s 12th acquisition and its third addition to the Skilled Trades platform. The deal includes $4 million in cash at close, a $0.5 million seller note due in 2030, and a potential earn-out of up to $1.125 million between 2026 and 2028, along with a 20% retained equity interest.
Southside Plumbing generates $4 million in annual revenue and $0.9 million in adjusted EBITDA, with a customer base that’s 70% commercial and 30% residential. The company’s service and repair segment has been growing about 20% annually, with approximately 70% of its revenues tied to recurring or reoccurring business. Josh Gruhn, the founder of Southside Plumbing, will remain with the company as President and maintain an economic interest in the business.
To support growth, Kingsway Skilled Trades has secured a new credit facility with Newburyport Bank, featuring a 7.5% fixed-rate commercial term loan with a 7-year amortization schedule, plus access to revolving and equipment credit lines. This acquisition is part of Kingsway’s strategy to compound long-term shareholder value through its decentralized management model and tax-advantaged corporate structure.
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