Redwood Services announced July 7 that it has acquired Hendrick Heat, Air & Plumbing, a residential HVAC and plumbing provider based in Tulsa, Oklahoma. The Redwood Services Hendrick acquisition marks the Memphis, Tennessee-based platform's first investment in Oklahoma and brings a fast-growing regional contractor into Redwood's national network of essential home services companies, according to a release distributed through GlobeNewswire. Financial terms of the transaction, including purchase price, were not disclosed.
Founded in 2020 by Justin and Shelby Hendrick along with John and Tori Snyder, Hendrick has grown into one of Oklahoma's fastest-growing home service brands. The company serves more than 25,000 customers across the greater Tulsa area and employs more than 90 full-time team members. Redwood said Hendrick has posted consistent year-over-year revenue growth since its founding six years ago, building a reputation for customer service in the local market.
Redwood Services Hendrick Acquisition: Deal Terms and Advisors
Clew Partners served as buy-side advisor to Redwood on the transaction. Beyond the advisory role, neither company disclosed additional financial or structural details, including whether the deal involved cash, rollover equity or an earnout component, a common structure in home-services roll-up transactions. The Redwood Services Hendrick acquisition brings Hendrick into what Redwood describes as a network of more than 20 elite essential home services Partner Companies operating under its platform. Justin Hendrick will continue to lead the company's day-to-day operations following the close of the transaction, a structure Redwood has used consistently across its portfolio to preserve local leadership and brand identity after a sale.
"We have spent the last six years proving what this team is capable of, and partnering with Redwood gives us the resources and support to take that to the next level," said Justin Hendrick, co-founder of Hendrick. "Our focus has always been on taking care of our customers, helping our people grow their careers and giving back to our community, and Redwood shares those same values." Richard Lewis, chief executive officer and founder of Redwood Services, said Hendrick fit the profile Redwood looks for in a partner company. "Hendrick has built exactly the kind of business we look for in a Partner Company, a team that shows up for its customers and each other every single day, and a culture that takes real pride in the work," Lewis said. "Hendrick has built something remarkable in Tulsa, and we are proud to stand behind Justin and the team as they write the next chapter."
Redwood Services Hendrick Acquisition Extends National Network
Founded in 2020 and headquartered in Memphis, Redwood Services describes itself as a nationwide, people-focused platform built to support elite contractors in the HVAC, plumbing and electrical trades. The company says it provides coaching, back-office resources and strategic partnerships intended to let owner-operators keep running day-to-day operations while tapping into a larger platform's purchasing power and financial backing. Redwood received a majority investment from Altas Partners in 2025, a recapitalization reported at roughly $1.1 billion that gave the platform additional capital to continue adding partner companies across the country.
The transaction gives Redwood a physical presence in Oklahoma for the first time, extending a partner network that already spans multiple regions across the residential HVAC, plumbing and electrical trades. The deal adds to a broader wave of consolidation among residential home-services contractors that has drawn private equity capital into the trades over the past several years, with platforms including Wrench Group, Apex Service Partners and Southern Home Services each building networks of dozens of local contractors while typically allowing founders to retain day-to-day operational control and brand recognition.
The Hendrick deal follows a run of larger platform-level transactions in residential home services over the past year, including Blackstone's roughly $2.5 billion agreement to acquire Champions Group and Goldman Sachs Alternatives' majority investment in Sila Services at a reported valuation near $1.7 billion. Those transactions occurred at the platform level, while add-on deals such as Redwood's acquisition of Hendrick represent the smaller, more frequent transactions that make up the bulk of the sector's consolidation activity. Oklahoma's HVAC and plumbing market has drawn less national platform investment than states such as Texas, Florida and Georgia, making Redwood's entry into Tulsa notable as roll-up platforms continue searching for markets that have not yet been heavily consolidated.
Neither company disclosed an integration timeline or additional financial detail beyond the terms outlined in the announcement. Hendrick will continue to operate from its existing Tulsa location under its current name and leadership as it transitions into Redwood's portfolio.
