Frost & Flow Buys Hot Water Now! After 16 Months Running It

What happened

Frost & Flow, a Westminster, Colorado holding company led by founder and CEO Elias Youssef, has acquired Hot Water Now! and Warm Welcome Heating, Cooling & Plumbing, the two Denver home services brands it had operated since February 2025. The purchase was financed with a $1.3 million SBA 7(a) loan, which ACHR News reported came through Truliant Federal Credit Union.

The ownership change was the second step of a two-step deal. In February 2025, Youssef signed a management services agreement with the owner of Hot Water Now!, along with an option to buy the business at a predetermined price. ACHR News described the company as "distressed" at that point. The owner kept title while Frost & Flow ran hiring, pricing, dispatching and marketing, and in June 2025 it introduced the Warm Welcome name to carry heating and air conditioning work. Both brands continue under their own names, from the same building, with the same crews. The purchase price was not disclosed.

The seller

Keith Bohall opened Hot Water Now! in 2006, starting out with his daughter in tankless water heater repair and maintenance. The company now designs, installs and services hot water and plumbing systems for homes and commercial properties across the Denver metro and Colorado's mountain communities, and carries a general residential plumbing book alongside that work.

Water heating remains the core: tank, tankless and hybrid electric units, recirculation, leak protection and water treatment, designed around Colorado's altitude and low groundwater temperatures. Among service and replacement plumbers, it is the highest-volume Rinnai tankless contractor in Colorado, and it was the first company in the state certified as a Navien Service Specialist. Its customers run from homeowners to apartments, restaurants, breweries, hotels and museums.

Warm Welcome sells heating, cooling, plumbing, water heater and water treatment work to Denver-metro homeowners, including a maintenance membership called the Family Plan, from locations in Westminster and Evergreen.

The buyer

Frost & Flow buys residential HVAC, plumbing and electrical companies and runs them under their existing names. It describes itself as not a private equity fund, with no fund life or scheduled exit. Hot Water Now! was the first company the group took on, and the group now lists three companies operating in four states. Its board is chaired by Jim Probst, former owner and president of George Brazil, and includes Ann Lowe, George Brazil's former EVP of field operations.

Youssef bought his first company at 23 and has since acquired and operated businesses in residential real estate, senior housing and home services. He was 24 when he came into HVAC. "I did not have the capital to buy a company outright, and I had no operating history in the trades that would get me financed," he told ACHR News. Of the arrangement with Hot Water Now!'s owner, he said: "He got someone running the company immediately, and I got to learn the business on his dime instead of mine, and 16 months to prove I could operate it."

Frost & Flow's announcement gives its reason for the sequence: "A buyer who has already operated a company is not paying for a set of assumptions, and an owner who is not ready to sell gets a way to step back without deciding everything on one morning."

What this means for plumbing owners

The price for Hot Water Now! was fixed when the option was signed in February 2025. Warm Welcome's heating and cooling line was added four months later, while the owner still held the company, and the June 2026 acquisition bought both brands. An owner who signs this structure is selling, at a price set in advance, whatever the operator builds on his business before closing.

What the owner got in return was a hand-off that started immediately rather than at closing, and a buyer who could show his lender 16 months of results under his own management. For a plumbing owner who wants to step back before deciding to sell, that is the trade this deal puts on the record. Owners comparing paths can see how OffDeal works with home and facility services businesses.

OffDeal is an advisory firm that helps lower-middle-market business owners sell with confidence. Reach out to learn more about our expertise with plumbing businesses in Colorado.

Own a plumbing business with $5M–$100M in revenue? We’re glad to give you an honest read on what it’s worth and who would buy it — no pitch, no pressure. Get a free valuation.

Source: Frost & Flow - https://frostandflow.com/news/frost-and-flow-acquires-hot-water-now-and-warm-welcome