MEMPHIS, Tenn. — Redwood Services, a home services firm focused on investing in residential HVAC, plumbing, and electrical services companies in growing U.S. markets, announced it has invested in Apollo Heating, Cooling & Plumbing.
Apollo was founded in 2004 to serve homeowners in Northeast Ohio. The business has more than 60 employees and 4,500 active customers. Apollo provides heating and cooling, as well as plumbing, sewer, and drain services to residents across Greater Akron.
“Apollo has demonstrated strong revenue growth and they are just getting started,” said Richard Lewis, CEO of Redwood Services. “Across the Redwood family, we have seen Partners’ success built on consistently delivering high-quality, wholistic solutions to the residents in their communities. Nick and his team personify that commitment, which gives us tremendous confidence that they are a fit for the Redwood family and we are a fit for them.”
As part of the investment, Nicholas Leisinger will retain a significant minority ownership stake. The Apollo team will continue to operate and manage the business under the Apollo banner and name, while Redwood offers operational, strategic, and financial support to enhance the company’s growth.
“At Apollo, we feel partnering with Redwood will only expand our growth and people-centric approach to business. They have already begun assisting us in operational areas across the business as well as connecting us with other partners within the Redwood family,” said Nicholas Leisinger, president of Apollo. “In a field that is consistently innovating with technologies to improve service offerings, Redwood’s deep expertise and network can connect us to vendors who have the best products to evolve and grow our business.”
Apollo is Redwood’s eighth platform investment, following investments in Mississippi-based Environment Masters, Arizona-based Plumbing Medic, Indianapolis-based Service Plus, Cincinnati-based Arlinghaus, Fresno-based Allbritten, D.C.-based John C. Flood, and Tucson-based Rite Way.