New partnership marks next chapter for Redwood’s long-term growth
MEMPHIS, Tenn.–(BUSINESS WIRE)–Redwood Services (“Redwood”), a leading national platform in the essential home services sector, today announced a significant equity investment from Altas Partners (“Altas”), a North American investment firm. The transaction, expected to close in the second quarter of 2025 pending regulatory approvals, marks the expansion of Redwood’s investor group alongside founding backer Union Main Group. Terms of the transaction were not disclosed.
Today, Redwood supports over 2,500 employees and generates more than $500 million in annual revenue. Over the years, Redwood has built a proven partnership model and a robust national platform—with an emphasis on scaling with discipline, preserving culture, and driving and supporting consistent performance across its family of brands.
“Altas is the ideal partner as we embark on our next phase of growth,” said Richard Lewis, Founder and CEO of Redwood Services. “We’ve built a nationwide, people-first platform that empowers elite contractors through local alignment and world-class support. Our Partner Support Center helps our Partners unlock their full potential, enabling them to deliver exceptional service and build lasting customer relationships. We’re proud of what we’ve built, and we’re just getting started.”
The investment will enable Redwood to further strengthen its infrastructure, expand strategic partnerships, accelerate tuck-in acquisitions across the U.S., and continue to help its local brands operate at the highest level.
“Altas shares our vision and deeply values what we’ve built,” said Adam Hanover, Co-Founder and CEO of Union Main Group and Chairman of Redwood’s Board. “Their experience scaling businesses from our size to several times larger—combined with their genuine respect for Redwood’s culture, partnership model, and Partner Support Center team—makes them an ideal partner for this next chapter. We’re excited to welcome them to the team.”
Altas brings a distinct approach to partnerships given its focus on completing only one or two significant investments each year, allowing for deep engagement and meaningful collaboration. Altas has a strong track record of helping leading services businesses like Redwood grow significantly larger and more valuable—by enhancing capabilities while preserving each company’s unique culture. In recent years, this approach has led to the development of the leading commercial roofing service provider and the leading independent fire and life safety provider in the U.S.
“We’ve spent several years studying the home services and residential HVAC space, and Redwood stands out as one of the premier platforms in the industry,” said Michael Korzinstone, Partner at Altas. “Redwood’s impressive team, disciplined approach to growth, strong local alignment, and mission-driven culture set it apart from others in the industry. Given our track record of helping scale leading services businesses in other sectors, we are confident we can provide the support and capabilities to help Redwood accelerate its growth while preserving what makes it exceptional.”
Advisors
Piper Sandler & Co. served as Redwood’s financial advisor. Debevoise & Plimpton LLP and Burch, Porter & Johnson, PLLC served as legal counsel to Redwood. Baird and Deutsche Bank served as Altas’ financial advisors. Kirkland & Ellis LLP served as legal counsel to Altas.
About Redwood Services
Founded in 2020 and headquartered in Memphis, Redwood Services is a nationwide people-focused platform dedicated to empowering elite contractors in the essential home services industry. Redwood provides world-class resources, coaching, and strategic partnerships to 19 leading companies across the United States, enabling its Partners to deliver exceptional HVAC, plumbing, and electrical services to residential customers. Redwood’s mission is to unleash the full potential of its Partners, supporting them in providing high-quality service and building lasting relationships with customers. For more information, visit www.redwoodservices.com.
About Altas Partners
Altas Partners is a North American investment firm focused on selectively acquiring significant interests in high-quality businesses with meaningful growth potential. Altas focuses on sub-sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm’s patient investment philosophy and engaged approach to ownership distinguish Altas as a buyer of choice for many management teams and founders. The Firm was founded in 2012 and operates from offices in Toronto and New York. Altas manages more than $10 billion on behalf of leading institutional and family office investors from around the world. For more information, visit www.altas.com.
About Union Main Group
Union Main Group is a long-term holding company that owns and operates a concentrated portfolio of essential business services companies. Founded and led by Marc and Adam Hanover, Union Main is backed by a close-knit group of entrepreneurial investors, including Bill Conway (Co-Founder, The Carlyle Group), Pitt Hyde (Founder, AutoZone), and Mitchell Blutt and Kevin Livingston (Founders, Consonance Capital). Union Main builds and scales businesses in partnership with exceptional operators, and has selectively partnered with large-cap investment firms—while continuing to hold significant stakes as its companies enter new chapters of growth. For more information, visit www.unionmain.us.
Contacts
Media Contacts
For Redwood Services and Union Main Group
Charles V. Zehren
Rubenstein
212-843-8590
[email protected]
For Altas Partners
Julie Rudnick / Kevin Siegel
FGS Global
[email protected] / [email protected]
