Redwood Services Announces Strategic Investment from Altas Partners
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 hours ago
- Yahoo
International Paper to exit molded fiber market, sell select Mexico sites
This story was originally published on Packaging Dive. To receive daily news and insights, subscribe to our free daily Packaging Dive newsletter. International Paper on Thursday announced a slew of changes to its North American operations, including exiting the molded fiber market entirely and closing or selling multiple facilities. This is all part of IP's 'ongoing transformation' to sharpen its focus, according to the announcement. IP is making changes at the following U.S. sites, collectively impacting some 110 hourly and 24 salaried workers: Closing a packaging facility in Marion, Ohio, come Sept. 1, which an IP spokesperson said will affect 107 employees. IP's website lists its Marion site as a container plant. This capacity will be absorbed elsewhere in IP's network. Closing its recycling facility in Wichita, Kansas, come July 31, affecting 16 employees. This capacity will be eliminated. Converting a Reno, Nevada, facility that had been supporting its molded fiber business to instead support its packaging business. This change, happening on or before July 31, will affect 11 employees. This was IP's sole production site for its 'relatively small product line' in molded fiber, which included wine packaging systems, according to Amy Simpson, head of corporate communications and corporate marketing. 'Given the small market for this product, the decision was made to streamline our operations and focus investments on products and facilities that best meet our customers' needs,' she said in an email. The company is also immediately selling some assets in Mexico to Mexican packaging and materials company Acabados de Papeles Satinados y Absorbentes, or APSA. This includes one containerboard mill and one recycling plant in Xalapa, east of Mexico City near the shore, along with another recycling plant in Apodaca, near Monterrey, closer to Texas. RBC Capital Markets highlighted in a note to investors that International Paper acquired the Xalapa mill from forest products company Weyerhaeuser in 2008, estimating its capacity as 'relatively small,' between 25,000 and 30,000 metric tons per year. IP reported that APSA intends to retain current on-site staff. Following these sales, International Paper will still have numerous other facilities in Mexico. With all of these changes, IP said that it's 'committed to minimizing the impact through job placement in existing vacancies, retirements and other internal opportunities,' and that affected employees will receive severance and outplacement support where possible. 'While difficult, these decisions will help enable IP to prioritize the right geographies, customers and products and make investments in resources to support our growth in sustainable packaging,' said Tom Hamic, president of North American packaging solutions, in a statement. In a note to investors, Michael Roxland, Truist Securities senior paper and packaging analyst, called these decisions 'consistent with IP's 80/20 strategy to streamline its North American operations and optimize its box plant and mill footprint.' The 80/20 strategy, championed by CEO Andy Silvernail, embraces the idea that 80% of results come from 20% of efforts, inspiring a more focused approach. The company is aligning investments and resources to prioritize key customers and reduce complexity and cost. Other recent changes that IP has announced include restructuring its footprint along the U.S.-Mexico border, namely closing a box plant and sheet plant in Edinburg, Texas, and shifting some operations to Reynosa, Mexico. Earlier this year, the company also announced facility closures in Arizona, Louisiana, Missouri and Pennsylvania. Recommended Reading International Paper to restructure footprint along US-Mexico border Sign in to access your portfolio
CNBC
a day ago
- CNBC
North American airlines targeted by cyberattacks
At least two North American airlines have been victims of criminal hackers recently as cybersecurity companies warn that a notorious cybercriminal group has been targeting the aviation industry. Westjet and Hawaii Airlines both said in June statements that they are responding to cyberattacks. American Airlines also experienced a tech issue on Friday, though it's unclear if it was related or caused in any way by hackers. "A technology issue is affecting connectivity for some of our systems and we are working with our partners to fully resolve the issue," an American Airlines spokesperson said in a statement. "Though we are experiencing delays as a result, we have not canceled any flights at this time." Cybersecurity companies that work directly with companies hit by hackers usually refrain from talking about specific victims, citing nondisclosure agreements. But both Google and Palo Alto Networks said Friday that they have observed a particularly effective cybercriminal group, nicknamed Scattered Spider by the cybersecurity industry, that tries to hack companies involved in aviation. Scattered Spider is a loosely affiliated group of young, mostly English-speaking men who are extremely adept at sweet-talking their way into sensitive computer access at large companies. From there, they often hand that access to outside cybercriminals who install ransomware — malicious software that locks up computers, rendering them inoperable — and then demand an extortion payment. The group has been tied to attacks on Las Vegas casinos in 2023 and British department stores earlier this year. After Google warned that Scattered Spider was targeting American retailers, a cyberattack hobbled a top Whole Foods supplier, leading to empty shelves across the country. Charles Carmakal, the chief technology officer of Mandiant, Google's cloud security company, said in an emailed statement that it was tracking "multiple incidents in the airline and transportation sector" where Scattered Spider had broken in. "We are still working on attribution and analysis, but given the habit of this actor to focus on a single sector we suggest that the industry take steps immediately to harden systems," he said. Details on the effects of the attacks on airlines are still sparse. A WestJet spokesperson told NBC News in an email that the company first noticed it had been hacked on June 13 and has made "significant progress" to resolve it. Hawaiian Airlines said in a Friday filing with the Securities and Exchange Commission that it discovered on Monday that it had been hacked and that "Flights are currently operating safely and as scheduled." Neither company responded to questions about whether any flights had been canceled or delayed because of the attacks.
Business Upturn
a day ago
- Business Upturn
Vilmorin & Cie and KWS to sell North American Joint Venture AgReliant Genetics to GDM
Paris (France), June 27th, 2025 Vilmorin & Cie and KWS to sell North American Joint Venture AgReliant Genetics to GDM Vilmorin & Cie and KWS today announced that they have signed a binding agreement with GDM, a global leader in soybean, to both sell their entire respective 50% stake and exit the AgReliant Genetics ('AgReliant') joint venture. Founded in 2000 as a joint venture between Vilmorin & Cie (Field Seeds Business – 'Limagrain Field Seeds') and KWS, AgReliant has grown to become a leading agricultural company in North America, focused on the research, production, and sale of seeds, primarily corn and soybean. At the time of its creation, the partners joined forces to strengthen their presence in North America. Going forward, AgReliant will continue to pursue its mission of providing innovative seed products, benefiting from GDM's global reach and proven genetic expertise. GDM's cutting-edge assets and deep expertise will further strengthen AgReliant's corn and soy seeds offering for North American farmers. This transaction marks an important milestone for Vilmorin & Cie, enabling to further focus on its strategic priorities and to reinforce its other territories as it continues advancing on its Ambition 2030 roadmap. Vilmorin & Cie through its Field Seeds business – Limagrain Field Seeds will retain the know-how, and all corn genetic materials co-developed with KWS over the last 25 years. This transaction does not impact Vilmorin & Cie's other seeds activities in the U.S. and Canada. In addition, Vilmorin & Cie remains committed to its global ambition, with corn as one of our core crops. Its development strategy will continue to rely on a strong global footprint, sustained investment across all innovative breeding tools and methods and robust research partnerships. Collectively, these will support the continuous improvement of field seeds varieties to better serve farmers worldwide. The transaction is subject to customary regulatory approvals and closing conditions. The transaction is expected to close during the third quarter of 2025. The total transaction amount for the Vilmorin & Cie shares in AgReliant and related germplasm is in the low three-digit range, in millions of US dollars. Further details remain confidential. After the transaction is finalized, GDM will become the sole owner of AgReliant. ABOUT VILMORIN & CIE The 4 th largest seed company in the world, pure play in its sector, Vilmorin & Cie creates, produces and distributes seeds for vegetable and field seeds with high added value, contributing to meeting global food requirements in a context of accelerating climatic, environmental and demographic challenges. Vilmorin & Cie is a historical expert in plant breeding, with around 6,000 varieties in its portfolio and several hundred new varieties marketed each year. It has become an international leader, offering all forms of agriculture, on all continents, the capacity to produce more and to produce better, while preserving the independence and freedom of choice of farmers and vegetable growers with regard to their other production factors. Vilmorin & Cie relies on research & development for its ongoing growth, and on the controlled internationalization of its business activities, in order to durably strengthen its competitive positions in the long term on structurally buoyant world markets. True to its long-term vision of development, Vilmorin & Cie's strategy and performance are based on respect for the values shared with its shareholder, the agricultural cooperative Limagrain: boldness, progress, perseverance and cooperation. PRESS CONTACTS Image 7 Anne-France Malrieu – +33 (0)6 89 87 61 18 Sergio de la Calle – +33 (0)6 69 58 42 34 [email protected]
