Redwood Services Announces Strategic Partnership with Rite Way Heating, Cooling & Plumbing
- Wall Street rises as big banks kick off earnings season
- JPMorgan (JPM) Reports a Q1 Beat on Revenue and Profit Fueled by Release of $5.2 Billion Reserved for Bad Loans; Shares Slightly Down
- Coinbase (COIN) direct listing IPO reference price set at $250
- Bernie Madoff, disgraced Ponzi schemer, dies at 82
- Goldman Sachs (GS) Q1 EPS Nearly Doubles Wall Street's View as Investment Banking Excels Amid SPAC and IPO Frenzy
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Redwood Services (“Redwood”), a newly established home services firm focused on investing in leading HVAC, plumbing and electrical services companies in growing U.S. markets, today announced it has partnered with Rite Way Heating, Cooling & Plumbing (“Rite Way”).
Rite Way is one of Southern Arizona’s largest and most successful residential HVAC companies and offers a range of cooling, heating, plumbing, water and air quality services to homeowners in the area. For more than 60 years, Rite Way has served the Tucson metro area and has built a reputation of taking care of both customers and employees.
As a recognized leader in the industry, Rick Walter, president of Rite Way, retains a significant ownership stake and he and his team will continue to operate and manage the business under the Rite Way banner and name. Redwood plans to support Rite Way strategically with capital and resources to enhance Rite Way’s growth as the premier employer and provider of essential home services in the Tucson region.
"An investment in Rick Walter’s vision for Rite Way demonstrates Redwood’s mission of partnering with people-focused home services companies. We are honored to have the opportunity to help Rite Way achieve the next chapter of growth, while protecting the company’s rich culture, brand and legacy,” said Richard Lewis, CEO of Redwood Services. “From our first conversations with Rick and his team, we were impressed with the culture, 60+ year track record in the Tucson marketplace, shared passion for people and focus on customer service. We picked a great partner in Rite Way and look forward to supporting the entire team under the leadership of Rick and General Manager Chris Sundin.”
“We’re excited to partner with Redwood Services on a collective vision of growing Rite Way,” said Rick Walter, president of Rite Way. “Redwood’s recognition and support of our people-focused culture is a driving difference that makes this partnership a great fit for us. Our employees, customers and the Tucson community will benefit from an even stronger operational framework which will allow us to continue to provide the best services and equipment.”
With more than 11,000 active customers, Rite Way has an A+ Better Business Bureau rating and 4.9-star rating on Google with over 2,000 reviews. Rite Way, which has a growing team of more than 140 associates, was named a “Tucson Favorite Employer” by the Arizona Daily Star.
This is the first platform investment for Redwood. Burch Porter Johnson LLP served as Redwood’s legal advisor, and Rusing Lopez & Lizardi, P.L.L.C. represented Rite Way and its principal stockholder, Rick Walter.
About Redwood Services
Founded in 2020 by Richard Lewis, Redwood Services is building a family of people-powered home service companies committed to improving the homeowner experience and is actively investing in essential home services companies in the HVAC, plumbing and electrical trades throughout the United States. For more information, visit RedwoodServices.com.
About Rite Way
Founded in 1959, Rite Way Heating, Cooling & Plumbing is a people-focused heating, air-conditioning and plumbing company. Rite Way is one of the largest Residential HVAC service providers in Tucson, currently serving over 11,000 active residential customers with more than 140 team members. For more information, visit RiteWayAC.com.
Source: Redwood Services
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- The Rise of Fractionalized Ownership in the Reg A+ World – The Dalmore Group
- New TCL 20 Pro 5G Powered by AI-based Pixelworks Processor Disrupts Premium Smartphone Market with Affordable Flagship
- RentPath Announces Updated Traffic Metrics; Is The Fastest Growing Major ILS Since June 2020
Create E-mail Alert Related CategoriesBusiness Wire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!