MEMPHIS, Tenn., Nov. 25, 2024 (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 Tony's Plumbing (Tony's).
Tony Molica founded Tony's Plumbing in 1994 and has proudly served the Modesto, Calif., area for over 30 years. In 2022, Tony's sons Alex and Andrew took over the family business, working steadfastly to continue the tradition of providing exceptional service to Tony's loyal customers.
"Tony's is a prime example of who we want to work with at Redwood. Alex and Andrew are extremely motivated and have taken a strong, family-run business and demonstrated tremendous business growth over the last few years," said Richard Lewis, CEO of Redwood Services. "Our team looks forward to working with Tony's to help accelerate the growth."
Owners Andrew, who serves as President and General Manager, and Alex, who serves as Vice President, will retain a significant minority ownership stake as part of the investment. The Tony's team will continue to operate and manage the business under the Tony's banner and name, while Redwood will offer operational, strategic and financial support to enhance the company's growth.
"At Tony's, we believe in being the best we can be every day. As long as we remain authentic and focused on our values, we believe we'll be successful. In Redwood, we have a Partner and team that will help us better serve our customers, and help our employees reach their full potential," said Andrew Molica. “This enormous opportunity is a culmination of our father’s vision and our team’s tireless dedication. Alex and I are endlessly grateful and dedicated to taking Tony’s to the next level.”
Tony's is Redwood's sixteenth platform investment, following investments in leading HVAC, plumbing and electrical trades throughout the United States.
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 16 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.
From left to right: Shaun Hardick, John Conway, Andrew Molica, Alex Molica, Richard Lewis, Sandra Koblas, David Katz
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abc3f4b6-3e65-420d-8af0-25902296f870
