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This summer has been very active for Kingsway, which has just announced another acquisition with the buyout of Southside Plumbing, a leading provider of commercial and residential plumbing services based in Omaha, Nebraska. The purchase price, including a seller note, was $5.625M, with a potential earn-out of up to $1.125M.
Founded by second-generation master plumber Josh Gruhn, Southside Plumbing combines a legacy of craftsmanship with a strong commitment to safety, comfort, and reliable service. Generating annual revenue of $4M and EBITDA of $0.9M, the company serves a diversified customer base split 70% commercial and 30% residential. Approximately 70% of trailing 12-month revenues are recurring or reoccurring, supported by a service and repair business growing at c. +20% annually.
With Kingsway’s backing, Southside Plumbing is well positioned to accelerate growth through expanded marketing initiatives, new service lines, and continued expansion of its recurring revenue base.
“I am thrilled to welcome Southside Plumbing as the third operating business under the Kingsway Skilled Trades platform,” said JT Fitzgerald, Kingsway’s President and CEO. “The Southside Plumbing team has an exceptional reputation in its market for quality and service, which has led to consistently robust growth in its service and repair business. Kingsway is excited to partner with Josh Gruhn, who will remain with the company as President and maintain an economic interest, and to uphold Southside Plumbing’s legacy of excellence and reliability.”
“Josh and his team at Southside Plumbing have built an outstanding plumbing business in the growing Omaha market,” said Rob Casper, President of Kingsway Skilled Trades. “I am proud to partner with such a quality person and operator to continue growing Southside Plumbing in the years ahead.”
