MEMPHIS, Tenn., June 01, 2022 (GLOBE NEWSWIRE) -- Redwood Services (“Redwood”), a home services firm focused on investing in leading residential HVAC, plumbing and electrical services companies in growing U.S. markets, today announced it has invested in Service Plus Heating, Cooling and Plumbing (“Service Plus”).
Service Plus was founded by Chris and Emily Cunningham in 2003 and has grown to become a leading provider of residential HVAC and plumbing services across the greater Indianapolis area with 80 employees serving 7,300 customers and 18 communities.
“The Service Plus team has a passion for being a people-centered business and that passion has led to exceptional service and a tenured team of technicians, positioning them well for continued growth,” said Richard Lewis, CEO of Redwood Services. “Their competitive employee incentives and community involvement have created a culture that truly feels like family. We are delighted to welcome them to the Redwood family and excited to support their next stage of growth.”
As part of the investment, Chris and Emily Cunningham, co-founders of Service Plus, will retain a significant minority ownership stake. The Service Plus team, led by Chris and Emily, will continue to operate and manage the business under the Service Plus banner and name, while Redwood offers operational, strategic and financial support to enhance the company’s growth in the greater Indianapolis area.
“Chris and I have always worked together — we share a desk, and even our children work for the business in the summer,” said Emily Cunningham, General Manager of Service Plus. “Service Plus is a true family business. We take care of our people, and pride ourselves on offering 5-star service and 5-star careers.”
“Redwood understands and shares our cultural values of being a people-focused business,” said Chris Cunningham, President of Service Plus. “Our goal is to grow our team by 30% this year and add at least 15 new positions within the company. With Redwood’s support, we will continue to execute our growth initiatives in the pursuit of servicing even more customers and employing even more people.”
Service Plus marks Redwood’s fifth company investment overall, following the company’s investments in Cincinnati-based Arlinghaus, Fresno-based Allbritten, D.C.-based John C. Flood, and Tucson-based Rite Way. With the investment in Service Plus, Redwood expands its reach from the two coasts further into the Midwest as it seeks to build out a national network of premier home services companies.
About Redwood Services:
Founded in 2020, Memphis-based Redwood Services is building a family of people-focused essential home service companies, actively investing in the HVAC, plumbing and electrical trades throughout the United States. Redwood operates brands in the Arizona, D.C., Maryland, Virginia, California, Ohio, Kentucky and Indiana markets as it seeks to build out a national home services platform. For more information, visit RedwoodServices.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b500658d-f1c8-423f-9ca4-915ff2257cc3
