The deal
Frost & Flow, a Westminster, Colo., holding company led by founder and CEO Elias Youssef, has acquired Hot Water Now! and its Warm Welcome Heating, Cooling & Plumbing brand in Denver. The price was not disclosed.
Hot Water Now! was founded in 2006 by Keith Bohall, the seller. Frost & Flow had been running the business since February 2025 under a management agreement that included an option to buy it at a predetermined price.
The purchase was financed with a $1.3 million SBA 7(a) loan. Both brands continue under their own names, from the same building, with the same crews.
Not every buyer is a private equity platform. Individual buyers using SBA loans are active in the trades, especially for smaller companies. This deal used an unusual structure: run the company first, then buy it. That can lower risk for both sides, but owners should understand exactly who carries the risk during the trial period, and how the price was set.
What this means if you own a smaller trades business
- SBA buyers are real. Individual buyers with SBA financing can be a fit for smaller companies.
- Creative structures exist. Management agreements and purchase options can bridge a gap. Get advice first.
- Continuity sells. Same names, same crews, same building keeps customers comfortable.
Source: Frost & Flow announcement, June 30, 2026. Summary and analysis by V2 Strategy Advisors.