Groundworks Adds New Growth Capital Partner to Accelerate Industry Evolution
Nation’s Leading Foundation Services Company Selects the Cortec Group as Partner
VIRGINIA BEACH, Va. (Jan. 1, 2020) – Groundworks®, the nation’s largest foundation services company, today announced a partnership with the Cortec Group (“Cortec”), a multi-billion-dollar private equity firm focused on investing in and growing entrepreneur-led middle-market specialty consumer services and products companies.
Groundworks continues to disrupt the foundation services industry, ushering in 2020 with the announcement of a new growth capital partner to accelerate Groundworks’ organic and acquisitive expansion.
“In late 2019, we began a search for the best partner to assist us in accelerating our mission of evolving the foundation services industry. We wanted a partner who valued our company culture, business model and aligned with our mindset,” said Matt Malone, Chief Executive Officer and Founder of Groundworks. “For over 35 years, Cortec has built a track record of helping founders and entrepreneurial management teams build their high-growth companies. They grind just like the men and women of Groundworks, and, most importantly, they value people. We did diligence on numerous potential growth capital partners, but, after speaking with the CEO of the Cortec portfolio company, YETI, I was sold,” concluded Malone. “Cortec understands consumer, growth-oriented businesses and entrepreneurial Founders. They will bring massive resources to help us evolve the industry.”
David Schnadig, Co-President of Cortec, stated: “Since their first acquisition in 2016, Matt Malone and his team have successfully executed their laser-focused strategy to lead the foundation services industry by delivering consistent excellence to the customer throughout the nation. Our meaningful experience working with entrepreneurs, particularly in the consumer services space, helped us quickly understand the uniqueness of Groundworks’ transformational business model and drove our excitement to partner with Matt and his team to facilitate even more rapid future expansion.” Michael Najjar, a Managing Partner at Cortec, added, “In addition to fostering organic growth, Cortec looks forward to supporting Groundworks as it continues to consolidate the industry by executing on its robust pipeline of acquisitions of regional and local foundation services providers.”
Groundworks®, headquartered in Virginia Beach, Va., is the nation’s leading and fastest-growing foundation and water management solutions company. Groundworks Companies provide residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutters installation, and concrete lifting services. Since inception, our combined brands have helped nearly 1.5 million homeowners protect and repair their most valuable asset, their home. Groundworks operates more than 50 offices across the country and has been named numerous times to the Inc. 5000 Fastest Growing Companies, Qualified Remodeler Top 500, BBB integrity award, and Best Places to Work. For more information, please visit www.Groundworks.com, and connect with us on Facebook, Twitter, LinkedIn and Instagram.