Redwood Services enters Oklahoma with Tulsa’s Hendrick Heat, Air & Plumbing — its first investment in the state

On July 7, 2026, Redwood Services announced a partnership with Hendrick Heat, Air & Plumbing, a residential HVAC and plumbing provider based in Tulsa, Oklahoma. Founded in 2020 by Justin and Shelby Hendrick and John and Tori Snyder, Hendrick has grown into one of the fastest-growing home services brands in the state — serving more than 25,000 customers across the greater Tulsa area with a team of over 90 full-time employees. Justin Hendrick will continue leading day-to-day operations following the close, and Clew Partners served as buy-side advisor to Redwood.

The transaction is Redwood’s first investment in the Oklahoma market and brings the Memphis-based platform’s network to more than 20 Partner Companies across the country.

A platform still compounding after its recapitalization

Redwood was recapitalized by Altas Partners in May 2025 in a transaction valued at roughly $1.1 billion — and its acquisition cadence since then illustrates a pattern we’ve written about before: a recapitalization with a new institutional capital provider tends to re-accelerate buy-and-build, not pause it. Fresh equity earmarked for acquisitions, an expanded debt facility for tuck-ins, and founders and management re-invested around the next chapter all point the same direction — more deals.

Redwood’s activity since the recap bears that out. In 2025 the platform added Hope Plumbing (Indianapolis), Cardinal Heating, Cooling, Plumbing & Electric (Madison), and Guaranteed Service (New Jersey). In May 2026, it acquired the entire Sierra Platform from SE Capital — five brands across Las Vegas, Denver, Tucson, and Boise in a single transaction — a deal we covered at the time. Hendrick now extends the map into Oklahoma.

What Redwood saw in a six-year-old company

What makes this deal notable isn’t its size — it’s the profile of the target. Most of the businesses residential platforms acquire are decades-old brands; Redwood’s own portfolio includes companies with histories stretching back generations. Hendrick was founded in 2020 — the same year as Redwood itself — and in roughly six years built a 90-person team serving 25,000+ customers, with what the parties describe as significant and consistent year-over-year revenue growth since inception.

That growth curve is almost certainly what put Hendrick on Redwood’s radar. A young company that takes meaningful market share that quickly is demonstrating the things a platform buyer actually underwrites: lead generation that works, a service culture that retains customers, and an ability to recruit and keep technicians in a tight labor market. Longevity is a proxy for durability; a steep, sustained organic growth curve is direct evidence of it.

What it means for owners

For owners of independent trades businesses, Hendrick is a useful data point: you don’t need a 50-year-old brand to command serious attention from the consolidators. Demonstrated organic growth and the ability to take market share — proven with clean financials and a real team underneath the owner — can attract significant interest from private equity-backed platforms and garner an outsized outcome, regardless of the age of the business. The buyers are underwriting trajectory, not tenure.