Editorial update: October 14, 2026. Original reporting dates are unchanged.

Platform File: Redwood Services

Redwood Services added six brands in the first seven months of 2026. An owner approached by one of its brands should look at when Redwood’s current majority owner took control. Its recent investment and continued purchases point to a platform still being built, but do not establish when the sponsor might sell.

Redwood is an active buyer in the great trades roll-up. Its May 2026 purchase of the Sierra Platform from SE Capital does not make SE Capital an owner of Redwood. This file checks its ownership, partner brands and state licenses separately, then gives an analytical read on its acquisition phase.

Who owns Redwood, and who controls it now

Richard Lewis founded Redwood Services in 2020 and remains its chief executive. Union Main Group was its founding investor and operating partner; Union Main co-founder and chief executive Adam Hanover chairs Redwood’s board. Redwood bought established residential HVAC, plumbing, and electrical businesses while retaining local brands and leadership and offering sellers a continuing stake. Altas Partners, a Toronto-based investment firm, announced a majority investment in May 2025. The transaction closed in the second quarter at a reported valuation near $1.1 billion, about 17 times roughly $65 million of trailing earnings. Piper Sandler advised Redwood. Union Main kept an investment and the board chair, and no further change of control was reported through the first half of 2026.

Redwood acquired the five-company Sierra Platform from SE Capital in May 2026, its largest transaction to that point. SE Capital sold Sierra; it did not buy Redwood. Redwood’s majority owner is Altas Partners. Confusing seller and owner would reverse the direction of the deal and distort the ownership timeline. The Memphis home-services platform is also unrelated to Redwood Materials, Redwood Trust, and Redwood Software.

The brands under the platform

By its own account Redwood supports more than two dozen partner companies across roughly 20 states, led by founder and chief executive Richard Lewis. The Echelon Database tracks 23 named brands, assembled in clear waves that also trace where the platform has aimed its capital over time.

The founding partnerships, in 2021, were Rite Way Heating, Cooling & Plumbing in Tucson and John C. Flood in the Washington, D.C. metro, anchored in Alexandria, Virginia.

Redwood added Allbritten in Fresno, Arlinghaus near Cincinnati, Apollo Heating, Cooling & Plumbing near Akron, and Environment Masters near Jackson during 2022 and 2023. Other additions in that period were Best Care Home Services in Memphis and Huntsville; Keefe’s in New Orleans; Signature Heating, Cooling & Plumbing in Albuquerque; and B and J Plumbing, Heating, and Air Conditioning in Wilson, North Carolina.

The 2024 and 2025 additions included Crisafulli Bros. in Albany, Parks Heating Cooling Plumbing & Electrical near Charlotte, and Dean’s Home Services in Minneapolis. Redwood also added Tony’s Plumbing, Heating & Air in Modesto; Hope Plumbing in Indianapolis; Cardinal Heating, Cooling, Plumbing, & Electric near Madison, Wisconsin; and Guaranteed Service on the New Jersey shore.

Most of Redwood’s 2026 additions came through one purchase. In May it bought the Sierra Platform from SE Capital, adding five businesses: Sierra Air Conditioning & Plumbing in Las Vegas; Brothers Plumbing, Heating & Electric in Denver; Ultimate Heating, Air & Plumbing near Boise; and Russett Southwest and Pioneer Plumbing in Tucson. The deal brought Redwood into Las Vegas, Denver, and Boise and gave it three brands in Tucson. Sierra’s former leader, RJ Magee, became Redwood’s Senior Vice President of Operations. Redwood then bought Hendrick Heat, Air & Plumbing in Tulsa in July, its first Oklahoma investment.

What Redwood holds on the ground

A partner-brand list cannot show the number of contractor licenses held under each name. Echelon matched Redwood’s brands to active state rosters and checked common-name matches against each brand’s home state to exclude unrelated businesses. State rules then determine what can be counted. The table counts matched HVAC license records in Arizona, California, Nevada, Ohio, Virginia, and Wisconsin, using the company associations in the reviewed extracts. Colorado licenses companies but handles HVAC at the local level, beyond the state HVAC roster. Kentucky licenses people rather than companies, so its records describe credentialed workers associated with a brand instead of a company-license count. The sections below handle those states and other Redwood markets separately. Every figure is based on an exact-name match confirmed in the brand’s home state.

What the roster overstates, and the names that fooled the aggregators

Redwood names two brands in Ohio: Arlinghaus in Greater Cincinnati and Apollo near Akron. Neither appears under its own name as an Ohio HVAC license record in the reviewed state file. Arlinghaus is based on the Kentucky side of the Cincinnati area, where the relevant licenses belong to individuals; the Kentucky section covers those workers. The Ohio name match for Apollo is an unrelated Cincinnati company, Apollo Heating and Air Conditioning Inc., about 200 miles from Redwood’s Akron brand. The state roster therefore cannot be used to count those two brands as Ohio HVAC license records. It does not show that either brand has stopped operating.

Nevada carried the same trap in reverse. Two Las Vegas companies share the Sierra Air name, both founded in 1987 by the same family. One, Sierra Air Conditioning and Plumbing, is Redwood’s residential-service brand from the Sierra Platform, and it holds the single Nevada HVAC license counted above. The other, Sierra Air Conditioning Inc, is a new-home installer that a competitor, Airtron, acquired in 2025, and Redwood does not buy new-construction businesses. Counting on the name alone would have handed Redwood a rival’s license. The figure above counts only the exact residential entity, which is why Nevada reads one and not two.

Colorado: state electrical and plumbing records, local HVAC licensing

Colorado licenses electrical and plumbing contracting companies at the state level, but HVAC contracting is licensed locally rather than in the state roster. Redwood’s Denver-area brand, Brothers Plumbing, Heating & Electric, holds two active state credentials: an electrical contractor license registered to its Denver operation and a plumbing contractor license under its incorporated name at a Thornton address. Its HVAC licenses would have to be checked in local licensing files, so they are not included in this state count. Echelon excluded eight unrelated Colorado businesses with Brothers in their names after checking their locations and exact names, including those associated with Wolking, Kemble, and Twin Brothers.

Kentucky: a Cincinnati brand that licenses as a workforce across the river

Arlinghaus illustrates why an Ohio company-license count does not describe its whole Cincinnati-area operation. The brand is based in Northern Kentucky, where the reviewed HVAC records name credentialed people rather than a company license. The records associate one active Master HVAC Contractor license, 31 active Journeyman HVAC Mechanic licenses and 25 active HVAC Apprentice Registrations with Arlinghaus. These are 57 credentials associated with the employer, not 57 company licenses or a count of completed jobs.

Tennessee: a confirmed license, no separate HVAC count

The Tennessee extract reviewed for this file did not provide a separate HVAC count for this brand. Redwood’s Memphis-area Best Care Home Services holds one active Tennessee general contractor license under Best Care Home Services LP. The record confirms a state credential, but it does not measure the brand’s HVAC work.

The rest of the footprint, and what Echelon does not yet count

Minnesota, Mississippi and Louisiana each require a different reading of the Redwood license records. Minnesota records a mechanical contractor bond rather than a state HVAC license record. Dean’s Home Services, licensed as Deans Professional Plumbing LP in Brooklyn Center, had one active mechanical bond plus plumbing and electrical licenses. In Mississippi, Environment Masters in Jackson had two active state board licenses, one commercial and one residential. The retained extract grouped mechanical work, so this file confirms presence without assigning a separate HVAC count. Louisiana did not provide a trade breakdown for Keefe’s. It was registered as Keefe’s Air Conditioning & Heating, LP in Harvey and counted as a confirmed presence, without a per-trade figure.

Beyond the states above, Redwood operates in markets Echelon does not yet refresh weekly, and this file says so plainly rather than imply coverage it does not have: Huntsville in Alabama, Albuquerque in New Mexico, Wilson and the Charlotte area in North Carolina, Albany in New York, Indianapolis in Indiana, the New Jersey shore, the Boise area in Idaho, and Tulsa in Oklahoma. Several of these sit on licensing structures Echelon is actively building toward, and the North Carolina general-contractor board is next in line. A brand roster counts all of these markets the same. The license data is what tells them apart, and cataloging that difference is the entire point of this file.

The license figures above are exact-name matches confirmed in each brand’s home state, using the primary state license records. Separate business-entity files may contain additional records not counted here. Treat the printed figures as a verified floor within the stated source scope, not a ceiling on each brand’s licenses.

The platform in active build

Several national residential-services platforms changed owners or raised capital between late 2024 and mid-2026. Sila moved to Goldman Sachs Alternatives in November 2024. Altas took majority control of Redwood in May 2025. Service Logic went to Bain Capital and Mubadala in December 2025. Champions Group agreed to a Blackstone acquisition in February 2026 at a reported $2.5 billion, near 18.5 times earnings. Apex drew a reported $2 billion Apollo investment at a reported $10 billion valuation in May 2026. These transactions place Redwood’s recent ownership change in context, but they do not establish a common exit timetable or rank the platforms by acquisition speed.

Roughly fourteen months after Altas took a majority stake, Redwood had added six brands in 2026 and entered four new states. Most of that growth came through the May Sierra Platform purchase and a July addition. Those purchases support an accumulation-phase reading rather than a current exit process. That is analysis, not a predicted sale date; the length of the hold sets no minimum.

Altas held the majority while Redwood continued buying. Local brands kept their names, and the Tucson cluster expanded. The record supports an accumulation-phase reading, not a date for a future sale.

Frequently asked questions

Who owns Redwood Services in 2026?

Toronto-based Altas Partners holds the majority, in a transaction that closed in the second quarter of 2025. Union Main Group, the founding backer, remains an investor, and its co-founder Adam Hanover chairs Redwood’s board. The reviewed sources reported no later change of control by this file’s observation date.

Did SE Capital sell Redwood Services?

No. The direction runs the other way. In May 2026 Redwood acquired the five-company Sierra Platform from SE Capital, so SE Capital was the seller in that deal, not an owner of Redwood. Redwood’s majority owner is Altas Partners. This is also not Redwood Materials, Redwood Trust, or Redwood Software, which are unrelated companies that share the name.

How large is Redwood Services?

The Echelon Database tracks 23 named partner brands across roughly 20 states in residential HVAC, plumbing, and electrical. At the May 2025 Altas investment, when Redwood had 19 partners, it reported more than 500 million dollars in revenue and over 2,500 employees. The Sierra Platform added roughly 100 million dollars in residential revenue and about 400 employees in May 2026.

How many contractor licenses does Redwood Services hold?

In the six reviewed states with statewide HVAC company records, Redwood brands held 11 active licenses: Arizona, California, Nevada, Ohio, Virginia and Wisconsin. Denver brand Brothers held two state electrical and plumbing licenses in Colorado, where HVAC is handled locally. Arlinghaus in the Cincinnati area was associated with 57 active individual HVAC credentials in Kentucky: one Master, 31 journeyman and 25 apprentice. These are different kinds of records, not a combined company-license total. No Ohio HVAC license record under either reviewed brand name appeared in the state file; that does not establish that either lacks licensing authority or has stopped operating. Counts come from primary state license records within the stated scope.

Is Redwood Services still acquiring companies?

Yes. Redwood added the five-company Sierra Platform in May 2026 and Hendrick Heat, Air & Plumbing in Tulsa in July. Those purchases followed Altas Partners’ majority investment, which closed roughly fourteen months earlier. The activity supports an interpretation that Redwood was still buying at the time of this file. It does not establish a future sale date.

Methodology and sources. The corporate snapshot and partner roster are drawn from Redwood Services’ own materials and partner listings. The ownership timeline is assembled from sponsor and company announcements and M&A trade press, and the direction of the Sierra Platform transaction, Redwood as buyer and SE Capital as seller, was confirmed against the deal announcements after the two names travel together in coverage. The license footprint is produced by the Echelon Database, which cross-references a maintained platform-ownership map against active state license rosters in the states Echelon currently tracks, then resolves each brand to its exact licensed entity by hand. For Arizona, California, Nevada, Ohio, Virginia, and Wisconsin, the table counts active HVAC records matched to the brands through the reviewed extracts; the credential holder and associated company are not interchangeable. Colorado licenses the company but licenses HVAC at the local level, so only its state-level electrical and plumbing licenses are counted. Kentucky licenses individuals rather than companies, so a brand there is counted as its active HVAC credential bench, master, journeyman, and apprentice, rolled up to the employer of record. The reviewed Tennessee extract did not provide a separate HVAC count; this file reports the brand’s general contractor license instead. The retained Mississippi extract grouped mechanical work; this file confirms the brand’s presence without assigning a separate HVAC count. Common-name collisions are removed through home-state, county, and exact-name verification, which in this file meant excluding, among others, a Cincinnati company sharing the Apollo name, a Las Vegas new-construction installer sharing the Sierra Air name and now owned by a competitor, and eight Colorado companies carrying the Brothers name. Printed figures reflect primary state license records and are presented as a verified floor. Peer transaction values and multiples are from public announcements and M&A trade press and are presented as reported figures. The platform-phase read is labeled analysis, not prediction. Echelon takes no position on the merits of any transaction referenced.