Redwood Services Makes First Oklahoma Investment With Hendrick Acquisition
Why It Matters
- Private equity investment continues to grow, signaling ongoing demand for well-run residential service businesses with strong financial performance and customer loyalty.
- Local leadership remains in place, reinforcing the trend that many partnerships allow contractors to retain operational control while gaining access to additional capital and business resources.
- The deal reflects continued consolidation in the HVAC industry, making it increasingly important for independent contractors to evaluate their long-term growth strategy, whether remaining independent, expanding through acquisitions, or considering future partnership opportunities.
MEMPHIS, Tennessee — Redwood Services has expanded into Oklahoma through a partnership with Hendrick Heat, Air & Plumbing, a residential HVAC and plumbing contractor based in Tulsa.
The agreement marks Redwood's first investment in Oklahoma and adds Hendrick to its network of more than 20 essential home services Partner Companies.
Founded in 2020 by Justin and Shelby Hendrick and John and Tori Snyder, Hendrick serves more than 25,000 customers throughout the greater Tulsa area and employs more than 90 full-time team members. According to Redwood Services, the company has been one of Oklahoma's fastest-growing home service businesses.
Justin Hendrick will continue leading Hendrick's day-to-day operations following the transaction, maintaining the company's local leadership and operating culture.
"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," Justin Hendrick, co-founder of Hendrick, said in a statement.
Richard Lewis, founder and chief executive officer of Redwood Services, said Hendrick's customer focus and company culture aligned with Redwood's Partner Company model.
According to Redwood Services, the partnership expands its presence into Oklahoma while continuing its strategy of investing in locally led home service businesses. Clew Partners served as Redwood's buy-side advisor for the transaction.