The Tulsa contractor brings more than 25,000 customers and 90 employees into Redwood’s growing home-services network

Redwood Services has made its first move into Oklahoma through a partnership with Hendrick Heat, Air & Plumbing, one of the state’s fastest-growing residential service companies.

The deal gives Redwood an established position in the Tulsa market and adds another sizeable HVAC and plumbing contractor to its expanding national network.

Hendrick serves more than 25,000 customers across the greater Tulsa area and employs more than 90 full-time team members.

Financial terms were not disclosed.

A Fast-Growing Tulsa Contractor

Hendrick was founded in 2020 by Justin and Shelby Hendrick and John and Tori Snyder. In a relatively short period, the company has developed into a major residential HVAC and plumbing provider serving Tulsa and the surrounding region.

The business has built its identity around local ownership, customer service and a strong company culture—qualities Redwood repeatedly highlighted when announcing the partnership.

Hendrick’s existing leadership team will remain involved in the business, according to the announcement. That continuity is important. Home-services investment groups increasingly recognize that much of a contractor’s value sits in its local reputation, technicians, leadership and relationships with customers—not simply its trucks and revenue.

Redwood Adds a New State

The transaction marks Redwood’s first investment in Oklahoma.

Redwood was founded in 2020 and partners with residential HVAC, plumbing and electrical companies across the United States. Rather than immediately replacing local identities with a single national brand, its model is built around supporting locally operated partner companies with investment, coaching and operational resources.

Its network now includes more than 20 home-services businesses and supports more than 3,000 employees nationwide.The Hendrick partnership follows another significant expansion by Redwood earlier this year.

In May, Redwood acquired the Sierra Platform from SE Capital, adding five partner companies, approximately 400 employees and businesses serving more than 40,000 customers annually. That transaction also took Redwood into three new markets.

Taken together, the deals show that Redwood is continuing to build geographic density while entering new regions where strong independent contractors have already established trusted local brands.

Why Hendrick Was Attractive

For an investment platform, Hendrick offers several qualities that are difficult to build quickly.

It has a recognizable regional brand, a large existing customer base and operations across both HVAC and plumbing.

That combination creates opportunities to serve the same homeowner across multiple needs while spreading marketing, dispatch and administrative costs across a broader service offering.

The company also appears to have reached meaningful scale without losing its local identity.

That is increasingly attractive to home-services investors. Instead of acquiring a distressed operator that needs to be rebuilt, platforms are often competing for well-run contractors with capable management teams and room to expand.

Redwood CEO Richard Lewis described Hendrick as a business built around strong leadership, culture and commitment to its employees and customers.

What Changes for Hendrick?

Redwood says its partner companies gain access to strategic investment, operational support, coaching and collaboration across its wider network.

For a contractor such as Hendrick, that could mean additional resources for recruiting, technician training, technology, marketing, financial management and future acquisitions.

The local company may also be able to expand into new service areas or surrounding markets more quickly than it could using only internally generated cash.

The trade-off is that the business is now part of a larger investment-backed platform with its own expectations for growth and performance.

Redwood has positioned its model as a partnership rather than a conventional takeover. The success of that model will depend on whether Hendrick can maintain the culture and customer experience that made it attractive in the first place while operating at greater scale.

Consolidation Moves Beyond the Largest Markets

Oklahoma may not attract the same level of attention as Florida, Texas or the major coastal markets, but the Hendrick deal shows that consolidation is pushing deeper into secondary cities.

Tulsa offers a growing metropolitan market, recurring demand for cooling and heating services and a fragmented base of local contractors.

Those characteristics make it well suited to a home-services platform looking for a strong regional operator.

For independent contractors, the message is clear: buyers are no longer looking only at companies in the country’s largest metropolitan areas.

A business with strong margins, a dependable leadership team, recurring customers and a respected local brand can attract interest in almost any market.

More Than an Exit Story

Private-equity and platform investment is often discussed only in terms of company valuations and owner exits.

But these transactions also affect employees, competitors, distributors and customers.

A well-capitalized Hendrick may be able to spend more aggressively on recruiting, advertising, technology and market expansion. That can raise the competitive pressure on smaller contractors operating in the same territory.

It can also increase purchasing volume for distributors and manufacturers serving the company.

At the same time, technicians may gain access to clearer career paths, improved training and more sophisticated operational systems.

Whether those benefits materialize will depend on how the partnership is managed after the announcement.

The Bigger Picture

The Hendrick deal is another sign that investor interest in residential HVAC, plumbing and electrical services remains active.

The industry continues to attract capital because demand is local, essential and difficult to replace with an online alternative.

Equipment still needs to be installed. Systems still need to be maintained. Emergency calls still need to be answered by technicians who live and work in the market.

Redwood’s first Oklahoma investment may be one transaction, but it reflects a broader shift taking place across home services.

The strongest regional contractors are increasingly being asked to choose between remaining independent, becoming buyers themselves or joining a larger platform with the capital to expand faster.

For Hendrick, the choice is now made.

The next question is how quickly Redwood and its new partner intend to grow in Oklahoma.