KKR Makes Strategic Growth Investment in Groundworks; Cortec Remains Shareholder
February 1, 2023
Funds managed by KKR have made a significant growth capital investment in Groundworks, a Virginia Beach–headquartered residential foundation and water management services platform. Cortec Group will remain a shareholder and board member; the capital will support Groundworks' continued geographic expansion, service offering growth and add-on M&A.
- Buyers
- KKR
- Targets
- Groundworks, LLC
- Industry
- Construction
- Location
- Virginia, United States
- Transaction Type
- Growth capital
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Related Acquisitions
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Groundworks Acquires Peak Structural
April 5, 2022
Construction
Groundworks, a Cortec-backed national foundation and water management platform, acquired Peak Structural, a Denver-based foundation repair and waterproofing specialist. The deal consolidates Peak with Groundworks' other Colorado businesses to create a larger, unified presence across the state; terms were not disclosed.
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Groundworks Acquires Alpha Foundations
December 16, 2021
Construction
Groundworks, a Virginia Beach-based foundation and water management platform backed by Cortec Group, acquired Alpha Foundations, a Monticello, Florida-based foundation and crawl space repair company, on December 16, 2021. The add-on expands Groundworks' footprint in Florida and Southern Georgia; Alpha will retain its brand while benefiting from Groundworks' investment in employees, marketing and infrastructure.
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Groundworks Acquires BQ Basements & Concrete
November 3, 2021
Construction
Virginia Beach-based Groundworks, a Cortec Group-backed national foundation and water management platform, acquired Philadelphia-based BQ Basements & Concrete. The add-on expands Groundworks' Northeast footprint (greater Philadelphia, New Jersey and Northern Delaware) and brings BQ's team, local brand and basement/foundation services under Groundworks' national platform; terms were not disclosed.
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Groundworks Acquires Baker's Waterproofing
May 18, 2021
Construction
Virginia Beach-based Groundworks, a Cortec Group-backed national foundation services platform, acquired Baker's Waterproofing of Pittsburgh, Pennsylvania on May 14, 2021. The add-on expands Groundworks' footprint into Pennsylvania and West Virginia and brings Baker's team of over 85 employees and its residential basement waterproofing, foundation repair and concrete lifting capabilities onto the Groundworks platform.
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Groundworks Acquires AquaGuard Foundation Solutions
December 15, 2020
Construction
Virginia Beach-based Groundworks, a Cortec Group-backed foundation services platform, acquired Atlanta-headquartered AquaGuard Foundation Solutions on December 10, 2020. The add-on strengthens Groundworks' presence in the Southeast and expands its residential waterproofing and foundation repair capabilities; terms were not disclosed.
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Cortec Group Invests Growth Capital in Groundworks
January 21, 2020
Construction
Cortec Group, through its affiliate Cortec Fund VII, completed a growth recapitalization of Groundworks, partnering with founder Matt Malone and the company’s management team to support accelerated organic growth and acquisitive expansion. Groundworks, a Virginia Beach–based vertically integrated foundation services platform operating under multiple local brands across 22 states, will use the capital to continue consolidating the foundation services industry.
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