Cortec’s Groundworks Makes it an Even Dozen
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Cortec’s Groundworks Makes it an Even Dozen

The acquisition of FSS is the 12th acquisition completed by Groundworks since it was acquired by Cortec in January 2020

Groundworks' services including repair, basement waterproofing, crawl space repair and encapsulation, gutter installation, and concrete lifting

SOURCE: Groundworks

Groundworks, a portfolio company of Cortec Group, has completed the add-on acquisition of Foundation Support Specialists (FSS).

The acquisition of FSS is the 12th acquisition completed by Groundworks since Cortec acquired the company through its seventh fund in January 2020 and is the company’s 26th acquisition since its founding in 2016.

Groundworks is a provider of single-family residential foundation services including repair, basement waterproofing, crawl space repair and encapsulation, gutter installation, and concrete lifting.

[Source: Groundworks]
The Virginia Beach, Virginia-based company, led by CEO and founder Matt Malone, operates through 51 offices in 33 states – primarily in the Mid-Atlantic, Southeast, Midwest, and Mountain West regions of the United States.

Like Groundworks, FSS provides foundation repair, crawlspace encapsulation, concrete lifting, and waterproofing services in the metro areas of Austin and San Antonio, Texas. FSS was founded in 2017 by Brian Holt and Richard Reed and is headquartered in San Antonio.

“With this acquisition, Groundworks enters the attractive Texas market,” said Mr. Malone. “For years, Texans have been underserved with cheap, low-quality concrete foundation solutions. Despite being only five years old, FSS has been delivering high-quality steel pier solutions for consumers in San Antonio and Austin. We look forward to quickly expanding FSS across the state to deliver a new standard of excellence.”

Prior to acquiring FSS, three earlier add-ons completed by Groundworks include Basement Systems of West Virginia (July 2022), Colorado-based Peak Structural (April 2022), and Florida-based Alpha Foundations (December 2021).

“We are excited to welcome FSS to Groundworks and expand into Texas, a key market for our future growth plans,” said Bill Tucker, a partner at Cortec.

Cortec invests in United States and Canadian companies with revenues of $40 million to $300 million and EBITDA of $7 million to $35 million. Sectors of interest include specialty consumer, distribution, healthcare, and specialty services and products. The firm was founded in 1984 and is headquartered in New York City.

© 2022 Private Equity Professional | August 4, 2022

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